Micro Combined Heat and Power Market worth $4.8 Billion | MarketsandMarkets™

Micro Combined Heat and Power Market worth $4.8 Billion | MarketsandMarkets™  PR Newswire

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May 13, 2024 - 10:30
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Micro Combined Heat and Power Market worth $4.8 Billion | MarketsandMarkets™

Micro Combined Heat and Power Market worth $4.8 Billion | MarketsandMarkets™

The Growing Demand for Micro Combined Heat and Power (MCHP)

The demand for Micro combined heat and power (MCHP) is growing due to its efficiency in generating electricity and capturing waste heat for heating or cooling purposes, reducing energy costs and emissions. It offers benefits like increased energy efficiency, lower operational costs, and enhanced grid resilience. MCHP systems are used in various sectors like commercial, and residential complexes to meet energy needs sustainably.

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Browse in-depth TOC on “Micro Combined Heat and Power Market”

203 – Tables

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215 – Pages

Micro Combined Heat and Power Market Scope:

  • Market Revenue in 2024: $3.1 billion
  • Estimated Value by 2029: $4.8 billion
  • Growth Rate: Poised to grow at a CAGR of 9.4%
  • Market Size Available for 2021–2029
  • Forecast Period: 2024–2029
  • Forecast Units: Value (USD Million/Billion)
  • Report Coverage: Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Capacity, type, technology, Application, and region
  • Geographies Covered: Asia Pacific, North America, Europe, Rest of the World
  • Report Highlights: Updated financial information / product portfolio of players
  • Key Market Opportunities: Replacement of boiler with Micro CHP system
  • Key Market Drivers: Government programs and incentives to promote Micro CHP

Residential, by Application, is expected to grow by the largest segment during the forecast period.

Based on application, the Micro Combined Heat and Power Market has been segmented into residential and commercial. The residential segment of Micro CHP market is expected to grow the largest due to rising environmental awareness among homeowners, promoting sustainable and energy-efficient solutions. Micro CHP systems, by generating heat and electricity simultaneously, enhance energy efficiency and reduce reliance on traditional power sources, appealing to environmentally conscious consumers. Technological advancements have made these systems more accessible and affordable, further driving their adoption. Moreover, government incentives and regulatory support aimed at clean energy adoption provide additional impetus for homeowners to invest in Micro CHP systems.

The < 5 kW segment by Capacity is expected to grow fastest during the forecast period.

This report segments the Micro Combined Heat and Power Market based on capacity into <5Kw, 5-10kW, 10-50kW. The <5kW segment is expected to grow as the fastest in the Micro Combined Heat and Power Market due to advancements in technology that have resulted in more efficient and cost-effective smaller-scale units. These systems are tailored to meet the energy demands of residential and small commercial buildings, catering to a growing trend towards decentralized energy generation. Government incentives and policies further support this growth by promoting small-scale renewable and efficient energy technologies. Additionally, the flexibility and on-site energy generation capabilities of <5kW Micro CHP systems make them highly appealing to users seeking to reduce transmission losses and improve overall energy efficiency, driving their accelerated adoption.

Europe is expected to be the second largest growing region in the Micro Combined Heat and Power Market.

Europe is expected to be the second largest growing region in Micro Combined Heat and Power Market during the forecast period. The Europe region has been subdivided into five key countries: Germany, UK, Italy, Netherlands and Rest of Europe. Rest of Europe includes Belgium, Denmark, and Spain.

The Micro Combined Heat and Power Market is flourishing in Europe due to strong emphasis on sustainability and energy efficiency, promoting the adoption of Micro CHP systems. The region’s well-established market infrastructure for renewable energy technologies, coupled with supportive government policies, incentives, and subsidies, further fuels market growth.

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Key Market Players of Micro Combined Heat and Power Industry:

Some of the major players in the Micro Combined Heat and Power Market are AISIN CORPORATION (Japan), 2G Energy (Germany), BOSCH INDUSTRIEKESSEL GMBH (Germany), KyungDong Navien (South Korea), and YANMAR HOLDINGS CO., LTD. (Japan). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

Recent Developments of Micro Combined Heat and Power Industry:

  • In September 2023, BDR Thermea Group acquired 25 percent stake to strengthen its strategic partnerships with G.I. Holding, expanding its offering of energy transition solutions for commercial and industrial customers.
  • In June 2021, Toyota City and AISIN are partnering to promote household co-generation systems (ENE-FARM) with IoT technology. This Japan-first project uses IoT to measure CO2 reduction and sell credits to local companies, creating a green economic cycle.
  • In August 2023, 2G Energy expands its core cogeneration business by acquiring Dutch heat pump manufacturer NRGTEQ, adding an innovative division to its portfolio. This move aligns with the growing political emphasis on electrifying the heating sector, showcasing 2G Energy’s commitment to diverse and sustainable energy solutions.
  • In October 2018, Bosch acquired ADS-TEC Energy for pooling its activities in the electric storage market. Bosch Thermotechnology acquires a 39% stake in ADS-TEC Energy. One of the drivers that facilitated this acquisition is the development of new products & solutions in integrating renewable energy & electromobility with the heat sector.

The primary interviews conducted for this report can be categorized as follows:

  • By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
  • By Designation: C-Level- 30

    SDGs, Targets, and Indicators

    1. Which SDGs are addressed or connected to the issues highlighted in the article?

    • SDG 7: Affordable and Clean Energy
    • SDG 9: Industry, Innovation, and Infrastructure
    • SDG 11: Sustainable Cities and Communities
    • SDG 13: Climate Action

    The article discusses the growing demand for Micro Combined Heat and Power (MCHP) systems, which contribute to affordable and clean energy (SDG 7). These systems also promote industry innovation and infrastructure (SDG 9) by providing efficient energy generation and reducing emissions. Additionally, MCHP systems contribute to sustainable cities and communities (SDG 11) by enhancing energy efficiency and reducing reliance on traditional power sources. Finally, by capturing waste heat and reducing emissions, MCHP systems support climate action (SDG 13).

    2. What specific targets under those SDGs can be identified based on the article’s content?

    • Target 7.2: Increase substantially the share of renewable energy in the global energy mix
    • Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
    • Target 11.6: Reduce the adverse per capita environmental impact of cities
    • Target 13.2: Integrate climate change measures into national policies, strategies, and planning

    Based on the article’s content, the specific targets identified include increasing the share of renewable energy in the global energy mix (Target 7.2), upgrading infrastructure and retrofitting industries to make them sustainable (Target 9.4), reducing the adverse per capita environmental impact of cities (Target 11.6), and integrating climate change measures into national policies, strategies, and planning (Target 13.2).

    3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

    • Indicator 7.2.1: Renewable energy share in the total final energy consumption
    • Indicator 9.4.1: CO2 emissions per unit of value added
    • Indicator 11.6.1: Proportion of urban solid waste regularly collected and with adequate final discharge out of total urban solid waste generated
    • Indicator 13.2.1: Number of countries that have communicated the establishment or operationalization of an integrated policy/strategy/plan which increases their ability to adapt to the adverse impacts of climate change, and foster climate resilience and low greenhouse gas emissions development in a manner that does not threaten food production

    The article does not explicitly mention indicators, but based on the identified targets, relevant indicators can be used to measure progress. These indicators include the renewable energy share in the total final energy consumption (Indicator 7.2.1), CO2 emissions per unit of value added (Indicator 9.4.1), proportion of urban solid waste regularly collected and with adequate final discharge out of total urban solid waste generated (Indicator 11.6.1), and the number of countries that have communicated the establishment or operationalization of an integrated policy/strategy/plan for climate change adaptation and low greenhouse gas emissions development (Indicator 13.2.1).

    Table: SDGs, Targets, and Indicators

    SDGs Targets Indicators
    SDG 7: Affordable and Clean Energy Target 7.2: Increase substantially the share of renewable energy in the global energy mix Indicator 7.2.1: Renewable energy share in the total final energy consumption
    SDG 9: Industry, Innovation, and Infrastructure Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable Indicator 9.4.1: CO2 emissions per unit of value added
    SDG 11: Sustainable Cities and Communities Target 11.6: Reduce the adverse per capita environmental impact of cities Indicator 11.6.1: Proportion of urban solid waste regularly collected and with adequate final discharge out of total urban solid waste generated
    SDG 13: Climate Action Target 13.2: Integrate climate change measures into national policies, strategies, and planning Indicator 13.2.1: Number of countries that have communicated the establishment or operationalization of an integrated policy/strategy/plan which increases their ability to adapt to the adverse impacts of climate change, and foster climate resilience and low greenhouse gas emissions development in a manner that does not threaten food production

    Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.

    Fuente: prnewswire.com

     

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