Global Micro Combined Heat & Power Market Opportunity will Rise to US$ 6.89 Billion by 2023

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Ozone Market Reports projects that the Micro Combined Heat & Power (Micro CHP) market size will grow from USD 3.01 Billion in 2017 to USD 6.89 Billion by 2023, at an estimated CAGR of 14.8%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.

This growth is attributed to high energy efficiency, which is achieved by converting primary energy to heat and electricity at the end-user level. Micro CHP units have the potential to reduce CO2 emissions that reduces energy consumption as compared to the conventional boiler, which draws electricity from the grid. Hence, since the last few decades, these units are considered as a boiler replacement technology.The report segments the micro CHP market on the basis of type, major technologies, and applications. Since micro CHP refers to units in the electrical output range of 0 kW to 5 kW, its applications are restricted to smaller sized buildings. As a result, the main application of micro CHP is in residential and commercial areas. Residential application of micro CHP units is in single family and multi-family homes, which tend to buy 1 kW to 5 kW units. Residential application holds largest share in micro CHP market, however, in recent months more attention is being paid to the commercial establishments with low power consumption, such as retail stores, laundries, and offices among others, which are expected to grow at the fastest rate during the forecast period.

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By Market Players:
Honda Power , BDR Thermea Group , Viessmann Group , Yanmar Holdings Co. Ltd. , Vaillant Group , Ener-G Cogen International , Ceres Power Holdings PLC , Qnergy , Topsoe Fuel Cell , Whisper Tech Limited , Dantherm Power , Solid Power , Aisin Group, , , , , , ,

By Type:
Engine-Based , Fuel Cell-Based, , ,

By Technology:
Internal Combustion Engine , PEMFC , Rankine Cycle Engine , Stirling Engine , SOFC

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By Application:
Residential , Commercial, , ,

The prime objective of this report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing. Deep researches and analysis were done during the preparation of the report. The readers will find this report very helpful in understanding the market in depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations. This enhances the visual representation and also helps in understanding the facts much better.

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