Micro CHP Market Value to hit $3 Billion by 2026, Says Global Market Insights, Inc.

SELBYVILLE, Delaware, Feb. 17, 2020 /PRNewswire/ -- Global Micro CHP Market revenue is projected to cross USD 3 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Growing inclination toward captive power generation coupled with increasing smart renewable infrastructure demand across developed and developing economies will augment the business outlook.

Oil based micro CHP market is anticipated to witness an upsurge on account of its applicability across domestic and residential establishments. Favorable regulatory norms & subsidies toward the deployment of micro-CHP plants along with ongoing adoption of oil-fired combined heat & power technology will strengthen the market growth. For instance, in 2019 The U.S. government, launched a modified program 'Self-Generation Incentive Program (SGIP)' to enhance renewable fuels (natural gas and biofuel) adoption by 50% in fuel blend ratio.

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Fuel cell based micro combined heat and power market is projected to exceed by USD 1.4 billion by 2026. High energy efficiency, reliability and improved product lifecycle are some of the prominent parameters which will strengthen the product portfolio. Furthermore, ongoing technological enhancement to reduce operational & maintenance cost and enhance product efficiency & flexibility will positively influence the product deployment. For instance, BDR Thermea Group introduced fuel cell micro cogeneration system 'InnoGen' in 2018, based on the Proton Exchange Membrane Fuel Cell (PEM) technology, extending the range of CHP plants to curb the demand of district energy systems.

Some key finding of micro CHP market report includes:

• The demand for micro cogeneration systems is surging across energy generation plants on account of high energy efficiency and reliability.
• Increasing investments toward smart infrastructure and renewable technologies will further boost the industry growth.
• Key players operating across the micro CHP market are General Electric, 2G Energy AG, ENER-G Rudox, and BDR Thermea, etc.
• Favorable government policies towards adoption of GHG free micro CHP systems will positively influence the product adoption.
• Ongoing technological advancements across CHP prime mover to enhance operational performance and reducing installation & maintenance cost will boost the product penetration.

Browse key industry insights spread across 296 pages with 500 market data tables & 34 figures & charts from the report, "Micro Combined Heat and Power Market Statistics By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Coal), Capacity (< 2kW, 2 ≤ 10kW, > 10 ≤ 50kW), Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By Application (Residential {Space Heating/Cooling, Water Heating, Cooking, Lighting}, Commercial {Educational Institute, Office Building, Healthcare Building}) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/micro-combined-heat-and-power-market

Asia Pacific region in 2019 held over 70% of micro CHP market share. Growing government inclination toward cogeneration programs to promote the implementation of residential and commercial natural gas micro CHP systems will positively influence the industry landscape. For instance, in 2017 'Ene-Farm program' was introduced by Japanese government to enhance the penetration of micro cogeneration plants with an aim of over 5 million units' installation by 2030 across the residential & commercial sector.

Rising demand for decentralized energy generation coupled with adoption of district power distribution networks will complement the industry outlook. Moreover, growing applicability of cogeneration plants across commercial, residential and domestic infrastructure along with refurbishment of conventional boilers to reduce carbon footprint will strengthen the 10kW micro CHP market. For instance, in 2019 BDR Thermea Group launched hydrogen powered boiler utilizing solar & wind power to burn hydrogen fuel, minimizing carbon footprint up to 100% extent.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights, Inc.