Micro Combined Heat and Power (CHP) Market Analysis and Forecast to 2032: By Technology (Micro Turbines, Fuel Cells, Others), End-Use (Commercial, Residential), and Region
The Micro Combined Heat and Power (CHP) Market size was USD 24.5 Billion in 2022 and is anticipated to reach USD 36.4 Billion in 2032, growing at a rate of 4.0% from 2023 to 2032.
Micro Combined Heat and Power (CHP) systems are small-scale versions of the CHP systems used in large-scale power plants. CHP systems generate both electricity and heat from a single fuel source, typically natural gas. The electricity is used to power homes and businesses, while the heat is used to heat water or space.
Key Trends
Micro Combined Heat and Power (CHP) technology is an efficient and clean way to generate electricity and heat simultaneously. CHP can be used in a variety of settings, including homes, businesses, and district energy systems.
There are several key trends in micro CHP technology:
1. Increasing Efficiency: Micro CHP systems are becoming more efficient, with some units achieving efficiencies of up to 95%. This is due to advances in technology, such as the use of more efficient engines and the use of waste heat recovery systems.
2. Declining Costs: Micro CHP systems are becoming more affordable as the costs of components continue to decline. In addition, government incentives and rebates can further reduce the upfront cost of a micro CHP system.
Key Drivers
The key drivers of the Micro Combined Heat and Power (CHP) market are the rising costs of energy and the need for energy efficiency.
Micro CHP systems offer a way to reduce energy costs and improve energy efficiency by using waste heat from the generation of electricity to provide space heating and hot water.
Restraints & Challenges
The key restraints and challenges in the Micro Combined Heat and Power (CHP) market are the high cost of installation and the lack of awareness among consumers.
Micro CHP systems are more expensive to install than traditional heating and cooling systems, and they require a higher level of maintenance.
Additionally, many consumers are not aware of the benefits of micro CHP systems, and as a result, the market for these systems is relatively small.
Market Segments
The micro-combined heat and power market is segmented by technology, application, and region. By technology, the market is classified into micro turbines, fuel cells, and others. Based on end-use, it is bifurcated into commercial, and residential. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global micro-combined heat and power market includes players such as Cogen Microsystems, Climate Energy LLC, Ceres Power Holding PLC, BDR Thermea Group, Clearedge Power, Yanmar Co Ltd, Valliant Group, Siemens Energy, Veolia, Mitsubishi Heavy Industries, and others.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Micro Combined Heat and Power Market Outlook
3.1. Micro Combined Heat and Power Market Segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Global Micro Combined Heat and Power Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Global Micro Combined Heat and Power Market
4.3. Economic Impact Analysis
Chapter 5. Micro Combined Heat and Power Market by Application
5.1. Market Overview
5.2. Commercial
5.2.1. Market Size and Forecast, 2022-2032 ($Million)
5.2.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
5.3. Residential
5.3.1. Market Size and Forecast, 2022-2032 ($Million)
5.3.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
Chapter 6. Micro Combined Heat and Power Market by Technology
6.1. Market Overview
6.2. Micro Turbine
6.2.1. Market Size and Forecast, 2022-2032 ($Million)
6.2.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
6.3. Fuel Cells
6.3.1. Market Size and Forecast, 2022-2032 ($Million)
6.3.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
6.4. Others
6.4.1. Market Size and Forecast, 2022-2032 ($Million)
6.4.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
Chapter 7. Micro Combined Heat and Power Market, by Region
7.1. Overview
7.2. North America
7.2.1. Key Market Trends and Opportunities
7.2.2. North America Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.2.3. North America Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.2.4. North America Micro Combined Heat and Power Market Size and Forecast by Country, 2022-2032, ($Million)
7.2.5. The U.S.
7.2.5.1. The U.S. Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.2.5.2. The U.S. Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.2.6. Canada
7.2.6.1. Canada Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.2.6.2. Canada Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.2.7. Mexico
7.2.7.1. Mexico Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.2.7.2. Mexico Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3. Europe
7.3.1. Key Market Trends and Opportunities
7.3.2. Europe Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.3. Europe Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.4. Europe Micro Combined Heat and Power Market Size and Forecast by Country, 2022-2032, ($Million)
7.3.5. Germany
7.3.5.1. Germany Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.5.2. Germany Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.6. France
7.3.6.1. France Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.6.2. France Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.7. U.K.
7.3.7.1. U.K. Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.7.2. U.K. Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.8. Spain
7.3.8.1. Spain Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.8.2. Spain Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.9. Italy
7.3.9.1. Italy Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.9.2. Italy Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.3.10. Rest of Europe
7.3.10.1. Rest of Europe Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.3.10.2. Rest of Europe Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4. Asia-Pacific
7.4.1. Key Market Trends and Opportunities
7.4.2. Asia-Pacific Micro Combined Heat and Power Market Size and Forecast by Country, 2022-2032, ($Million)
7.4.3. Asia-Pacific Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.4. Asia-Pacific Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4.5. China
7.4.5.1. China Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.5.2. China Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4.6. India
7.4.6.1. India Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.6.2. India Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4.7. Japan
7.4.7.1. Japan Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.7.2. Japan Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4.8. South Korea
7.4.8.1. South Korea Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.8.2. South Korea Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.4.9. Rest of APAC
7.4.9.1. Rest of APAC Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.4.9.2. Rest of APAC Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.5. Rest of the World
7.5.1. Key Market Trends and Opportunities
7.5.2. Rest of the World Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.5.3. Rest of the World Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.5.4. Rest of the World Micro Combined Heat and Power Market Size and Forecast by Country, 2022-2032, ($Million)
7.5.5. Latin America
7.5.5.1. Latin America Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.5.5.2. Latin America Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.5.6. Middle East
7.5.6.1. Middle East Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.5.6.2. Middle East Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
7.5.7. Africa
7.5.7.1. Africa Micro Combined Heat and Power Market Size and Forecast by Application, 2022-2032, ($Million)
7.5.7.2. Africa Micro Combined Heat and Power Market Size and Forecast by Technology, 2022-2032, ($Million)
Chapter 8. Competitive Landscape
8.1. Market Overview
8.2. Market Share Analysis/Key Player Positioning
8.3. Developmental Strategy Benchmarking
8.3.1. New Product Development
8.3.2. Product Launches
8.3.3. Business Expansions
8.3.4. Partnerships, Joint Ventures, and Collaborations
8.3.5. Mergers and Acquisitions
Chapter 9. Company Profiles
9.1. Cogen Microsystems
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Offerings
9.1.4. Key Strategic Initiatives
9.1.5. SWOT Analysis
9.2. Climate Energy LLC
9.2.1. Company Snapshot
9.2.2. Financial Performance
9.2.3. Product Offerings
9.2.4. Key Strategic Initiatives
9.2.5. SWOT Analysis
9.3. Ceres Power Holding PLC
9.3.1. Company Snapshot
9.3.2. Financial Performance
9.3.3. Product Offerings
9.3.4. Key Strategic Initiatives
9.3.5. SWOT Analysis
9.4. BDR Thermea Group
9.4.1. Company Snapshot
9.4.2. Financial Performance
9.4.3. Product Offerings
9.4.4. Key Strategic Initiatives
9.4.5. SWOT Analysis
9.5. Clearedge Power
9.5.1. Company Snapshot
9.5.2. Financial Performance
9.5.3. Product Offerings
9.5.4. Key Strategic Initiatives
9.5.5. SWOT Analysis
9.6. Yanmar Co Ltd
9.6.1. Company Snapshot
9.6.2. Financial Performance
9.6.3. Product Offerings
9.6.4. Key Strategic Initiatives
9.6.5. SWOT Analysis
9.7. Valliant Group
9.7.1. Company Snapshot
9.7.2. Financial Performance
9.7.3. Product Offerings
9.7.4. Key Strategic Initiatives
9.7.5. SWOT Analysis
9.8. Siemens Energy
9.8.1. Company Snapshot
9.8.2. Financial Performance
9.8.3. Product Offerings
9.8.4. Key Strategic Initiatives
9.8.5. SWOT Analysis
9.9. Veolia
9.9.1. Company Snapshot
9.9.2. Financial Performance
9.9.3. Product Offerings
9.9.4. Key Strategic Initiatives
9.9.5. SWOT Analysis
9.10. Mitsubishi Heavy Industries
9.10.1. Company Snapshot
9.10.2. Financial Performance
9.10.3. Product Offerings
9.10.4. Key Strategic Initiatives
9.10.5. SWOT Analysis
*The list of companies is subject to change during the final compilation of the report
Key Players
Market Segmentation
By Technology
- Micro Turbine
- Fuel Cells
- Others
By Application
- Commercial
- Residential
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Spain
- Italy
- Netherlands
- Sweden
- Switzerland
- Denmark
- Finland
- Russia
- Rest of Europe
- The Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Indonesia
- Taiwan
- Malaysia
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Africa