Dublin, Sept. 23, 2022 (GLOBE NEWSWIRE) -- The "Global Micro CHP Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global micro CHP market is growing at a CAGR of 15.1% during the forecast period. The major factors that are augmenting the growth of the market are high heat electricity generation capacity. Furthermore, increasing concern related to the environment, rising demand for fuel cell-based systems, government support, and initiative that includes feed-in tariffs (fits) and tax incentives for the generation of renewable energy, is also acting as the major factors that are contributing significantly toward the growth of the market.
However, higher prices maintenance costs and complex infrastructural problems are the major factors and constraints that are hindering the growth of the global micro CHP market. Moreover, the emerging focus on the growing contribution of micro CHP towards smart energy is also one of the key factors that are creating opportunities in the market.
The market is segmented based on technology, type, and end-user. By technology, the market is segmented into the internal combustion engine, stirling engine technology, organic Rankine cycle, and others. Based on the type segment, the market is segmented into the engine-based and fuel cell-based. Further, based on end-user, the market is segmented into residential and commercial.
By technology, the internal combustion engine holds a significant share in the micro CHP market. The segment is driven by its high compatibility with liquid and gas fuels to generate stationary electricity. Internal combustion engine technology is the usual way for offering standby power. Additionally, the internal combustion engine has also enhanced the combustion control systems resulting in increasing the efficiencies along with a reduction in emissions.
The global micro CHP market is analyzed based on the geographical regions that are contributing significantly to the growth of the market. Based on the geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global micro CHP market. Some factors that are boosting the market growth in North America include increasing demand for captive generation of energy. Further, growing inclination toward smart renewable infrastructure across the region, supporting government rules and norms along with providing subsidies towards the usage of micro-CHP are some other factors boosting the growth of the market in the region. Whereas in Europe the initiative for promoting the usage of sustainable energy sources is enhancing the growth of the market in the region. For instance, the European Union evolved a cogeneration directive to promote and develop high-efficiency CHP.
The Asia-Pacific region is expected to witness significant growth opportunities for the market. The rules and regulations of the government to enhance efficiency in the generation of power along with reduction of carbon emissions in countries that include India, China, and Japan are expected to drive the market in the region. Additionally, key market companies expanding their reach with their new bringing are some other factors that are supporting the growth of the market in the region.
Key Topics Covered:
1. Current Industry Analysis and Growth Potential Outlook
2. Market Overview and Insights
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
Axiom Energy Group, LLC
BDR Thermea Group
Ceres Power Holdings plc
Evo Energy Technologies
Honda Motor Co., Ltd.
Micro Turbine Technology BV (MTT)
NSC USA Inc.
Origen Energy Ltd.
Viessmann Manufacturing Co. Inc.
Yankee Scientific, Inc.
Yanmar America Corp. LTD.
For more information about this report visit https://www.researchandmarkets.com/r/2snam1
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