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Europe Micro CHP Market Value to Grow Rapidly by 2026
Published Date: 2020-10-02
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According to the Graphical Research new growth forecast report titled “Europe Micro CHP Market Growth By Capacity (< 2kW, 2 ≤ 10kW, > 10 ≤ 50kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), By Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By Application (Residential, Commercial), Industry Analysis Report, Country Outlook (Germany, UK, Italy, Ireland, Netherlands), Competitive Market Share & Forecast, 2020 – 2026”, to Grow Rapidly by 2026.
Europe Micro CHP Market Share is anticipated to witness growth owing to increasing demand for cogeneration power systems coupled with growing consumer focus toward renewable powered units. Ongoing technological advancements to improve the reliability & efficiency of CHP plants will further drive the industry landscape. Moreover, stringent efficiency norms along with favourable regulatory policies to reduce dependency on coal fired engines will fuel the industry landscape.
Natural gas-based micro CHP market will witness a significant growth owing to its low GHG emission ability followed by cost effectiveness and high energy production. Stringent government norms and policies to decrease the reliance of CHP units on conventional fuels will further thrust the product demand. Additionally, increasing installation of gas fired cogeneration systems along with ongoing technological advancement to introduce efficient and cost-effective energy generation engines will propel the business scenario.
Increasing awareness toward waste management and incinerator programs in line with growing applicability of sustainable energy sources including solar & wind energy across the cogeneration systems will boost the renewable based micro combined heat and power demand. In addition, introduction of government norms and subsidies to enhance the consumption of biofuels will stimulate the business dynamics.
Increasing applicability and operability of CHP units across residential establishments including water heating, space heating and lighting will further propel the < 2 kW capacity Europe micro combined heat & power market outlook. For instance, in 2018, SolidPower introduced BlueGen BG-15 fuel cell technology equipped with enhanced efficiency to fulfil the commercial and residential decentralized energy production. Moreover, replacement & retrofitting of small sized conventional boilers to minimize carbon emissions followed by ongoing installation of efficient energy generation systems will drive the product penetration.
Commercial application of micro CHP units is anticipated to surge on account of rising energy demand along with increasing investments toward renewable power generation sources. Growing integration of reliable and efficient power & heat generation systems across the energy supply network will strengthen the industry scenario. In addition, stringent building emissions norms and policies followed by ongoing technological advancement to minimize the power losses will positively stimulate the product demand.
Germany micro combined heat and power market demand is anticipated to grow on account of increasing CHP inclined programs followed by rising investment by eminent players toward integration of commercial fuel cell units. Rising residential power generation system deployment along with growing customer inclination toward enhanced heating distribution networks will further fuel the industry landscape. In addition, favourable government norms toward installation of advanced CHP units will drive the industry landscape.
Impact of COVID - 19 on the Europe micro CHP industry may affect the rising installation of cogeneration units owing to minimal manufacturing operations as well as delay in the commissioning programs. However, increasing manufacturing operations as well as improving the supply chain logistic management will further strengthen the business landscape.
Leading players operational across the Europe Micro CHP Market includes 2G Energy AG, Marathon Engine Systems, Yanmar, Micro Turbine Technology, General Electric, Vaillant, AISIN SEIKI, Siemens, Viessmann, Veolia, TEDOM, Samad Power, BDR Thermea and Ballard Power System.