Stirling engine micro combined heat and power market is anticipated to grow at over 20% by 2024
Sellbyville, DE -- (SBWIRE) -- 05/10/2019 -- Over the past few years, the global micro combined heat and power (CHP) market space has depicted remarkable growth owing to the outcomes of government mandates aimed at decarbonization of the economy and tackling climate change. The adverse impact of fossil fuel-based transport systems coupled with industrial pollution are the most significant factors to have compelled governments across the globe to rely on renewables. Numerous countries have come up with a strict regulatory framework along with incentive programs to support alternative and more efficient energy sources, essentially fueling the micro CHP industry share expansion.
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While elaborating on the measures currently being undertaken by major economies around the world, it would be prudent to take note of the recently modified Combined Heat and Power (CHP) Act of Germany. In line with the stricter regulations, the new CHP act supersedes the Renewable Energy Sources Act of 2000 and focuses on revamping the highly-efficient CHP facilities across the country. Through this act, the owners of CHP systems would receive incentives for the electricity generated via their co-generation facilities. Moreover, the new act intends to push electricity generation from CHP facilities to a commendable 100-terawatt hour (TWh) per annum by 2020 and 120 TWh by 2025, indicating the humongous growth potential of micro CHP market in the nation.
Besides government initiatives and mandates, the increasing demand for improved CHP systems across commercial and residential sectors has also pushed the micro CHP industry revenue which stood at USD 2 billion in 2017. Speaking along similar lines, several well-known market players have been unveiling advanced CHP systems incorporated with reliable technologies that are cost effective and environment friendly. Enumerated below are a few prominent instances that depict how the launch of new CHP systems has been shaping the growth outlook of micro CHP market
YANMAR America introduced a new EPA certified 35 kW micro CHP systems in 2016. Powered by natural gas, the CP35D1 and CP35D1Z models are 88% more efficient than the conventional power facilities. Especially, the CP35D1 has a built-in inverter instead of external inverters which makes it a true plug-and-play unit. With decreased carbon footprint, the new micro CHP system also operates like the previous 5- and 10-kW CHP systems from YANMAR. Improvements in installation, simplification of exhaust system, higher heat recovery efficiency, and reduction in the overall package size are amongst the many pathbreaking features of the newly launched micro CHP systems.
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The leading manufacturer of micro combined cooling, heating and power generation equipment M-TriGen Inc., recently unveiled three new models of its trigeneration product range. Apparently, the new models have received authorization by Intertek and an ETL label which is a testimony to its higher performance and compliance with recognized safety standards. The new CHP systems have been specifically designed for government, military, light industrial, commercial, and residential applications. Moreover, the new models are equipped with gas heat pumps that enable customers to reduce peak load power requirements and save significantly on their electric bills.
The indoor CHP systems installed 10 to 20 years ago are being replaced with new systems in the recent past. Therefore, the demand for co-generation systems that have better energy saving performance and are easy to transport has witnessed a remarkable rise. Needless to mention, the launch of the aforementioned high-grade and enhanced micro CHP systems that are well-suited for healthcare facilities, restaurants, hotels, offices or multi-unit housing has been instrumental in impelling the growth prospects of micro CHP industry.
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Owing to the proactive measures and initiatives being rolled out by various governments across the globe, the micro CHP market is slated to witness an annual installation of more than 3 GW by 2024. In addition to this, the growing deployment of sustainable energy technologies along with improvements in micro cogeneration systems would boost the commercialization scale of micro CHP industry in the forthcoming years.
Fuel cell micro CHP market is anticipated to reach over 1 GW by 2024 Ability to minimize carbon dioxide emissions and reduce energy cost in residential sector are certain indispensable parameters driving the product demand. High electrical efficiency and low heat to power ratio are some of the features make its adoption preferable over others. Several programs including PACE have been introduced to promote the adoption of fuel cell across residential establishments.
Limited land availability for incinerators and landfills coupled with growing awareness toward waste management will augment the renewable resource micro combined heat and power product adoption. Favourable government incentives and initiatives to enhance the utilization of biomass will further propel the industry growth.