Micro Combined Heat and Power Market

Global Micro Combined Heat and Power Market: Overview

The rising demand as well as consumer preference of combined heat and power systems or CHP systems that operate on biogas is anticipated to bolster the overall demand in the global micro combined heat and power market in coming years. Furthermore, rising number of government initiatives as well as the rising awareness and consciousness amongst population about benefits of using biogas based CHP systems is anticipated to boost the adoption of these novel solutions in the global micro combined heat and power market in coming years. Additionally, easy availability and affordability of these resources is also expected to have a positive impact on the demand dynamics within the global micro combined heat and power market in near future.

Global Micro Combined Heat and Power Market: Major Trends and Drivers

Some of the most prominent and notable driving factors fuelling the demand within the global micro combined heat and power market include the low prices of natural gases as well as the rising concerns pertaining to the harmful impacts of dangerous carbon emissions. Furthermore, the increase in the number of supportive government regulations regarding emission standards and policies and initiatives encouraging the adoption of CHP systems are also likely to aid in the expansion of the global micro combined heat and power market in coming years. On the other and, high cost of installation associated with the CHP systems that surpasses the cost of installing conventional heating systems may restrict the growth within the global micro combined heat and power market in coming years. Certain other regulatory as well as technical barriers faced while installing CHP systems may also negatively affect the development within the global micro combined heat and power market in near future.

Global Micro Combined Heat and Power Market: Key Players and Manufacturers

Some of the leading and most significant manufacturers and players operational within the global micro combined heat and power market include Viessmann Group, M Trigen Inc., TEDOM A. S., BDR Thermea Group, SOLID Power Group, Valliant Group, Yanmar Holdings Co. Ltd., EC Power A/S, 2G Energy Inc., and Marathon Engine Systems, among others. The global micro combined heat and power market is considered to be moderately fragmented, owing to the presence of several leading local as well as multinational players in the industry.

Some of the major strategies employed by the manufacturers and players in the global micro combined heat and power market include strategic collaborations as well as agreements. These moves aid the players in the global micro combined heat and power market to enhance their product portfolios and expand their consumer base. For example, Elcogen and Magnex signed a LOI commercial agreement intended for commercialization of SOFC in April of 2020. This will help the player Magnex Co. Ltd., in the global micro combined heat and power market to target Korean and Japanese markets for their portable systems, cell stacks, and CHP systems.

Global Micro Combined Heat and Power Market: Regional Assessment

Regionally, the global micro combined heat and power market in Asia Pacific is likely to observe significant growth in the coming years. Some of the major drivers influencing the development of the global micro combined heat and power market in Asia Pacific region include rising demand from regional economies such as South Korea, China, and Japan, as well as the rising usage of CHP systems as primary source of electricity and heat generation in commercial as well as residential segments in regional economies such as Japan. Furthermore, the increasing utilization of CP systems for electricity and heat generation in public facilities, institutions, hotels, and hospitals to facilitate power savings and gain reliable supply of energy is also motivating the growth within the global micro combined heat and power market in Asia Pacific region in coming years.