Micro Combined Heat & Power (CHP) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Due to the smaller size of micro-CHP systems, they provide an effective solution for sectors with relatively lower energy demands, such as domestic households. These systems also can reduce fuel usage, which leads to lower emissions and reduced costs. Smaller micro-CHP systems have high capacity factors (less than or equal to 95%). They can be powered by traditional fuels such as natural gas, liquified petroleum gas (LPG), or oil. They can also be integrated with low-carbon fuels like biogas, renewable natural gas (RNG), hydrogen, or biodiesel.

Moreover, residential micro-CHP provides a local energy source, which provides an additional layer of resiliency for remote households and communities susceptible to power loss due to grid outages or severe natural disasters.

One of the main advantages of micro-CHP systems for residential applications is the low space requirement, as these systems are of a similar size and shape to a standard residential boiler system, they can be wall-mounted or placed on the floor. Moreover, though the initial capital outlay for a residential micro-CHP system is greater than that of a similarly-sized steam boiler system, the process and costs of micro-CHP installation are similar. Additionally, maintenance and service costs are equivalent to standard boilers, although the maintenance of micro-CHP systems requires skilled specialists. 

The micro combined heat & power (CHP) market was valued at USD 541.15 million in 2020, and it is expected to reach USD 1,708 million by 2027, registering a CAGR of about 18.14% during the forecast period of 2022-2027. In 2020, few manufacturers/installers of the micro-CHP experienced a significant fall in H1 2020 compared to the previous year in 2019, which stalled the market growth of the global micro-CHP industry in H1 2020 due to the COVID-19 outbreak. For instance, 2G energy, one of the leading manufacturers of micro combined heat and power (CHP), witnessed a sharp decline in CHP system sales by more than 25% in H1 2020 compared to H1 2019.

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