Micro CHP Market Size - Share, Growth, Trends, Competitive, Regional Analysis With Global Industry Forecast To 2026

By Ronak Bora

The micro CHP market is projected to witness immense growth over the forthcoming years majorly due to the rising adoption of captive power generation across the globe. Additionally, an upsurge in the investments towards the development of renewable infrastructure throughout developing nations should majorly foster the market outlook. 
In addition, some of the key benefits associated with the use of micro CHP units are further increasing their deployment across the globe. The use of micro CHP offers energy security; these units decrease the amount of total energy required, and have the potential to support the electricity grid. Furthermore, these units also cut energy bills by about 25% to 34%, which is promoting their adoption further. 
According to a research report by Global Market Insights, the micro CHP market would likely exceed a valuation of $1.5 billion by the end of 2026. 
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Mentioned below is a brief overview of the top 3 trends influencing the micro CHP market through the forecast timespan:
Growing adoption of fuel cell based micro CHP units
In terms of prime mover, the micro CHP market is slated to witness significant revenue growth from the fuel cells segment. In fact, the segment is projected to exceed a tremendous $900 million valuation by the end of 2026. Increased energy efficiency, high reliability, and improved product lifecycle are some of the major features augmenting the segment size. Furthermore, ongoing technological advancements to reduce operational and maintenance costs as well as enhance product applicability in extreme weather conditions are likely to complement the segment share. Taking 2018 for instance, BDR Thermea Group unveiled its fuel cell micro-cogeneration system ‘InnoGen’. This system is based on the PEM (Proton Exchange Membrane) tech. This new system increased the range of CHP units to fulfill the district energy requirements.
Rising product demand from Europe 
Geographically, ongoing refurbishment and replacement of conventional cogeneration technologies with cost-effective and advanced units is likely to propel the Europe micro CHP market share. Taking 2017 for instance, European Union unveiled a private and public project namely, ‘PACE’ to deploy more than 2500 FC micro CHP units throughout European nations by 2021. Moreover, an upsurge in the investments by major market players for the deployment of cogeneration plants in the residential sector of Europe should complement the regional market outlook.
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Increasing introduction of favorable regulatory initiatives
The growing inclination towards renewable energy generation along with a rapidly rising power demand throughout the high-end commercial sector is likely to propel the > 10 kW to ≤ 50kW capacity segment growth. Suitable regulatory CHP and net metering policies that offer tax reduction, subsidies, incentives, and financial assistance should further compliment segment trends. Taking 2019 for instance, the United States government unveiled the New Jersey Clean Program. This new program would offer incentive from $1/W net metering particularly for micro CHP units having a capacity of less than 50 kW. 
Considering the growing product demand, several industry players are increasingly unveiling new products to better accommodate customer requirements. Taking March 2019 for instance, Lochinvar, a commercial water heating solutions and products provider, along with its European partner EC POWER, unveiled a new CHP system, ‘XRGI25’. This new CHP system was specifically launched for the North American market.
The competitive landscape of the micro CHP market is inclusive of players such as 2G Energy AG, Marathon Engine Systems, Yanmar, General Electric, and BDR Thermea among others. 
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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