Micro CHP Market Projected to Reach $3,506.2 Million by 2019 at CAGR Value of 20.2% - New Report by MarketsandMarkets
(PRWEB) September 26, 2014 -- The report "Micro Combined Heat & Power (M-CHP) (Microgeneration) Market by Technology (Stirling Engine, Organic Rankine Cycle Engine, Internal Combustion engine, PEMFC and SOFC), by Application (Residential and Commercial) & by Geography - Market Trends & Forecasts (2014 - 2019)", published by MarketsandMarkets, defines and segments the global Micro CHP Market with an analysis and revenue forecast. The Micro CHP Market is expected to grow from $902.9 Million in 2012 to $3,506.2 Million by 2019, at a CAGR of 20.2% from 2014 to 2019.
Browse 84 market data tables with 23 figures spread through 160 pages and in-depth TOC on "Micro Combined Heat & Power (M-CHP) Market - Market Trends & Forecasts (2014 - 2019)".
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Asia-Pacific: The Largest Market for Micro CHP Market
Asia-Pacific currently holds 74.2% of the market share globally in 2013, and is expected to account for the significant size of the market during 2014 to 2019 which is expected to grow at a CAGR of 18.0%. Continuously increasing demand for energy and rising electricity prices are driving the market for increased implementation of Micro CHP. Japan, being the market leader in this domain, is already implementing a leading fuel cell technology (developed by Ene-Farm); it has provision of subsidies in place towards the development of this green technology. Fuel-cell based micro CHP sales accounts for 64.0% of the total market in 2013, in which Japan contributes more than 80.0% of the total micro CHP market.
Fuel Cell: Biggest Market by Technology
Fuel Cell is the single largest micro CHP technology being used worldwide. PEMFC-based (Proton Exchange Membrane Fuel Cell), which are mostly used in residential application, held share of 54.0% of the global market in 2013. These systems have the advantage of low heat-to-power ratio and avoidance of thermal cycling which increase their level of user acceptance. Fuel cell-based micro CHP systems are preferred for continuous operation purposes mostly required in commercial applications.
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The micro CHP industry witnessed a technology shift with the introduction of SOFCs (Solid Oxide Fuel Cells) in 2012, which took over the market for conventional micro CHP technology, i.e. Internal Combustion Engine. Fuel cells have taken a leap in the market, as there are no moving parts, less maintenance, quieter operation, and require less space. Fuel cells are strongly supported through the Japanese Ene-Farm scheme. Germany is the second largest market after Japan for micro-CHP systems, which also has established a highly-supportive policy and subsidy structure for fuel cell micro-CHP.
Residential micro-CHP: Energy at Home
Residential micro-CHP systems generate heat and power simultaneously for detached houses. Micro CHP uses 60% lesser fuel than larger power plants which substantially reduces the fuel use, along with reduction in greenhouse gas emissions. In residential micro-CHP, the waste heat is used to heat water through hydronic heating systems. Residential micro-CHP held a market share of 73.9% in 2013, which shows the acceptance level of this type of decentralized power station. Residential micro cogeneration hails an opportunity for the gas distribution companies to offer an application that defends the grid connection of single-family houses when heating demand decreases due to better houses and higher appliance efficiency.
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