HOME Top Market Reports Micro Combined Heat & Power (Micro CHP) Market by Type (Engine, Fuel Cell), Technology (Internal Combustion Engine, Rankine Cycle Engine, Stirling Engine, PEMFC, SOFC), Application (Residential, Commercial), & Region - Global Forecast to 2020

Micro Combined Heat & Power (Micro CHP) Market by Type (Engine, Fuel Cell), Technology (Internal Combustion Engine, Rankine Cycle Engine, Stirling Engine, PEMFC, SOFC), Application (Residential, Commercial), & Region - Global Forecast to 2020

By: marketsandmarkets.com
Publishing Date: February 2016
Report Code: EP 2749

 

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The energy scenario is changing throughout the world and governments, globally, are making an attempt to make cost-effective use of existing resources along with, enabling the emergence of a low carbon economy. The global micro CHP market is projected to reach USD 4.44 Billion by 2020, and is expected to grow at a CAGR of 14.2% from 2015 to 2020. The major factors driving the micro CHP market include the need for low carbon emission technologies, easy installation, and cost-effective performance over other low carbon emission technologies, and reducing electricity expenses along with being an ideal product for boiler replacement. The demand is mainly driven in the Asia-Pacific region, owing to energy demand and the depletion of conventional sources of energy. Governments are allocating funds to various leading micro CHP companies to incentivize the development of new technologies. Fuel cell-based micro CHPs account for more than 70% of the Asia-Pacific micro CHP market, mainly due to the Eni-Farm scheme.

The Micro CHP market is segmented on the basis of type, technology, application, and region. The years considered for the study are:

  • Base Year – 2014
  • Estimated Year – 2015
  • Projected Year – 2020
  • Forecast Period – 2015 to 2020

For company profiles in the report, 2014 has been considered as the base year. However, where information is unavailable for base year, the previous year has been considered.

Research Methodology:

Extensive secondary sources, directories, and databases, such as IEA papers, COSPP (Cogeneration & On-Site Power Production), EIA websites, Ene.field, Callux, Ene-farm, other regional micro CHP projects, micro CHP associations, company annual reports, Bloomberg BusinessWeek, and Factiva, have been used to identify and collect information for this technical, market-oriented, and commercial study of the global micro CHP market. The research methodology has been explained below:

  • Key players in micro CHP market were identified
  • The percentage shares, splits, current market size and sales per company, have been estimated using annual sales data taken from press releases of micro CHP companies and associations, and subsequently confirmed with primary respondents
  • Selling prices were taken for representative products of Honda Power, BDR Thermea Group, Vaillant Group, and other micro CHP companies
  • Historic data has been collected from different energy associations and company websites
  • Estimation of total micro CHP units sold, based on specific technology (Internal combustion engine, Stirling engine, Organic rankine cycle engine, SOFC and PEMFC) on regional level
  • This fraction was multiplied with regional average cost of specific micro CHP technology
  • Total micro CHP market size was arrived at by summing up the total units sold as per the cost obtained, at regional level using market engineering process
  • Analyzing market trends in various regions/countries supported by the field projects on micro CHP in respective regions/countries
  • Overall market size values are finalized by triangulation with the supply side data, which include product developments, supply chain, and annual contracts for micro CHP across the globe

The figure below shows the break-down of the primaries on the basis of company, designation, and region, conducted during the research study.

Micro Combined Heat & Power (Micro CHP) Market

Market Ecosystem:

The micro CHP ecosystem starts with the component manufacturer. There could be a single manufacturer who produces both micro CHP unit and components (such as Hexis AG) or two manufacturers, which collaborate to manufacture together (such as components from Plug Power and Valliant micro CHP assembly).

Taking the ecosystem ahead, it is comprised of micro CHP unit distributors, installers/ assemblers, fuel suppliers, and after sales service providers. This segment provides the micro CHP unit from manufacturer to the end consumer. The entities involved post production of micro CHP, plays a key role in ecosystem, as installation of micro CHP requires specialized training. Micro CHP being a niche market product, poses significant effect on how these services are being provided to the end consumer.

Micro Combined Heat & Power (Micro CHP) Market

Stakeholders:

The stakeholders of the report include:

  • Raw material suppliers – manufacturers of a number of integral parts such as an exhaust heat exchanger, insulated exhaust collector, engine, air filter, water cooled alternator, coolant, thermal and acoustic insulation, vibration absorbers, primary circuit pump, exhaust silencer, and chassis
  • Manufacturers – these include Honda Power (Japan), Vaillant Group (Germany), and BDR Thermea (Netherlands) among others
  • Distributor/Marketer – utilities distributing residential systems such as British Gas (U.K.), E.ON (Germany), Tokyo Gas (Japan) among others, and marketers such as iPower Ltd. (U.K.) for BlueGen micro CHP, and ENER-G for Japan-based micro CHP unit manufacturer, Yanmar Co. Ltd., for the distribution of micro CHP units in Europe

Scope of the Report:

This study estimates the global market of micro CHP, in terms of dollar value, till 2020

  • On the basis of Type
    • Engine-based
    • Fuel Cell-based
  • On the basis of Technology
    • Internal Combustion Engine
    • Rankine Cycle Engine
    • Stirling Engine
    • PEMFC (Proton Exchange Membrane Fuel Cell)
    • SOFC (Solid Oxide Fuel Cell)
  • On the basis of Application
    • Residential
    • Commercial
    • Region
    • Asia-Pacific
    • North America
    • Europe

Available Customization

With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:

Regional Analysis

Further analysis of the others countries of regions such as Europe, Asia-Pacific

Company Information

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Market Opportunities for Micro CHP
    4.2 SOFC Technology Segment Led the Market in 2014
    4.3 Asia-Pacific Accounted for the Largest Market for Micro CHP in 2014
    4.4 Asia-Pacific Dominated the Micro CHP Market in 2014
    4.5 Fuel Cell-Based Micro CHP Dominated the Global Micro CHP Market
    4.6 Micro CHP Market Trend, By Application
    4.7 Life Cycle Analysis, By Region

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Classification of Combined Heat & Power
           5.2.1 on the Basis of End-User
                    5.2.1.1 Industrial CHP
                    5.2.1.2 CHP With District Heating (Tele Heating)
                    5.2.1.3 Combined Cooling , Heating, & Power (CCHP Or TRI-Generation)
                    5.2.1.4 Packaged & Mini CHP
                    5.2.1.5 Micro CHP
    5.3 Market Segmentation
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 Autonomous Heat & Electricity Generation
                    5.4.1.2 Progressive Government Support (Subsidies & Policies)
                    5.4.1.3 Reduction in Carbon Footprint
           5.4.2 Restraints
                    5.4.2.1 High Price of Micro CHP Units
                    5.4.2.2 Consumer Utility and Assistance
                    5.4.2.3 Infrastructural Hurdles
           5.4.3 Opportunities
                    5.4.3.1 Absolute Substitute of Heating Boilers
                    5.4.3.2 Residential/Commercial Construction Market
           5.4.4 Challenges
                    5.4.4.1 Low Price of Natural Gas in Europe and Other Regions

6 Value Chain Analysis (Page No. - 46)
    6.1 Introduction
           6.1.1 Component Manufacturer
           6.1.2 Micro CHP Unit Manufacturer
           6.1.3 Micro CHP Unit Distributor/Marketer
           6.1.4 Micro CHP Unit Installer
           6.1.5 Residential/Commercial Customer
           6.1.6 Fuel Supplier
           6.1.7 After-Sales Service
           6.1.8 Possible Sale of Electricity to the Grid
    6.2 Porter’s Five Forces Analysis
           6.2.1 Threat of Substitutes
           6.2.2 Bargaining Power of Buyers
           6.2.3 Bargaining Power of Suppliers
           6.2.4 Threat of New Entrants
           6.2.5 Intensity of Competitive Rivalry

7 Micro CHP Market, By Type (Page No. - 52)
    7.1 Introduction
    7.2 Engine-Based
    7.3 Fuel Cell-Based

8 Micro CHP Market, By Technology (Page No. - 56)
    8.1 Introduction
    8.2 Internal Combustion Engine
    8.3 PEMFC
    8.4 Rankine Cycle Engine
    8.5 Stirling Engine
    8.6 SOFC

9 Micro CHP Market, By Application (Page No. - 66)
    9.1 Introduction
    9.2 Residential
    9.3 Commercial

10 Micro CHP Market, By Region (Page No. - 71)
     10.1 Introduction
     10.2 Asia-Pacific
             10.2.1 By Type
             10.2.2 By Technology
             10.2.3 By Application
     10.3 Europe
             10.3.1 By Type
             10.3.2 By Technology
             10.3.3 By Application
     10.4 North America
             10.4.1 By Type
             10.4.2 By Technology
             10.4.3 By Application

11 Competitive Landscape (Page No. - 92)
     11.1 Overview
     11.2 Competitive Situation & Trends
             11.2.1 Contracts & Agreements
             11.2.2 New Product/Service/Technology Launch
             11.2.3 Expansions
             11.2.4 Mergers & Acquisitions

12 Company Profiles (Page No. - 99)
(Company at A Glance, Business Overview, Products Portfolio, Key Strategy, Recent Developments, SWOT Analysis & MnM View)*
     12.1 Introduction
     12.2 Honda Power
     12.3 BDR Thermea Group
     12.4 Viessmann Group
     12.5 Yanmar Holdings Co. Ltd.
     12.6 Vaillant Group
     12.7 Ener-G Cogen International
     12.8 Ceres Power Holdings PLC
     12.9 Qnergy
     12.10 Topsoe Fuel Cell
     12.11 Whisper Tech Limited
     12.12 Dantherm Power
     12.13 Solid Power
     12.14 Aisin Group

*Details on Company at A Glance, Recent Financials, Products Offered, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 127)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Introducing RT: Real Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports

List of Tables (68 Tables)

Table 1 Advantages of Combined Heat and Power
Table 2 Micro CHP Market Size, By Type, 2013-2020 (Units)
Table 3 Micro CHP Market Size, By Type, 2013-2020 (USD Million)
Table 4 Engine-Based: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 5 Engine-Based: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 6 Fuel Cell-Based: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 7 Fuel Cell-Based: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 8 Micro CHP Market Size, By Technology, 2013-2020 (Units)
Table 9 Micro CHP Market Size, By Technology, 2013-2020 (USD Million)
Table 10 Internal Combustion Engine: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 11 Internal Combustion Engine: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 12 PEMFC: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 13 PEMFC: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 14 Comparison Between Organic Rankine Cycle & Stirling Engine
Table 15 Rankine Cycle Engine: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 16 Rankine Cycle Engine: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 17 Stirling Engine: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 18 Stirling Engine: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 19 SOFC: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 20 SOFC: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 21 Micro CHP Market Size, By Application, 2013-2020 (Units)
Table 22 Micro CHP Market Size, By Application, 2013-2020 (USD Million)
Table 23 Residential: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 24 Residential: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 25 Commercial: Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 26 Commercial: Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 27 Micro CHP Market Size, By Region, 2013-2020 (Units)
Table 28 Micro CHP Market Size, By Region, 2013-2020 (USD Million)
Table 29 Asia-Pacific: Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 30 Asia-Pacific: Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 31 Asia-Pacific: Micro CHP Market Size, By Type, 2013-2020 (Units)
Table 32 Asia-Pacific: Micro CHP Market Size, By Type, 2013-2020 (USD Million)
Table 33 Asia-Pacific: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 34 Asia-Pacific: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 35 Asia-Pacific: Fuel-Cell Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 36 Asia-Pacific: Fuel-Cell Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 37 Asia-Pacific: Micro CHP Market Size, By Technology, 2013-2020 (Units)
Table 38 Asia-Pacific: Micro CHP Market Size, By Technology, 2013-2020 (USD Million)
Table 39 Asia-Pacific: Micro CHP Market Size, By Application, 2013-2020 (Units)
Table 40 Asia-Pacific: Micro CHP Market Size, By Application, 2013-2020 (USD Million)
Table 41 Europe: Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 42 Europe: Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 43 Europe: Micro CHP Market Size, By Type, 2013-2020 (Units)
Table 44 Europe: Micro CHP Market Size, By Type, 2013-2020 (USD Million)
Table 45 Europe: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 46 Europe: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 47 Europe: Fuel Cell-Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 48 Europe: Fuel Cell-Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 49 Europe: Micro CHP Market Size, By Technology, 2013-2020 (Units)
Table 50 Europe: Micro CHP Market Size, By Technology, 2013-2020 (USD Million)
Table 51 Europe: Micro CHP Market Size, By Application, 2013-2020 (Units)
Table 52 Europe: Micro CHP Market Size, By Application, 2013-2020 (USD Million)
Table 53 North America: Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 54 North America: Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 55 North America: Micro CHP Market Size, By Type, 2013-2020 (Units)
Table 56 North America: Micro CHP Market Size, By Type, 2013-2020 (USD Million)
Table 57 North America: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 58 North America: Engine-Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 59 North America: Fuel-Cell Based Micro CHP Market Size, By Country, 2013-2020 (Units)
Table 60 North America: Fuel-Cell Based Micro CHP Market Size, By Country, 2013-2020 (USD Million)
Table 61 North America: Micro CHP Market Size, By Technology, 2013-2020 (Units)
Table 62 North America: Micro CHP Market Size, By Technology, 2013-2020 (USD Million)
Table 63 North America: Micro CHP Market Size, By Application, 2013-2020 (Units)
Table 64 North America: Micro CHP Market Size, By Application, 2013-2020 (USD Million)
Table 65 Contracts & Agreements, 2012–2015
Table 66 New Product/Service/Technology Launches, 2012-2015
Table 67 Expansions, 2014–2015
Table 68 Mergers & Acquisitions, 2012–2015


List of Figures (44 Figures)

Figure 1 Markets Covered: Micro-CHP Market
Figure 2 Micro CHP Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, & Region
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Asia-Pacific Dominated the Micro CHP Market in 2014
Figure 8 Micro CHP Market Size (Value): Technology Snapshot
Figure 9 Asia-Pacific is Expected to Hold the Maximum Shares of PEMFC Micro CHP Market From 2015 to 2020
Figure 10 Fuel Cell-Based Micro CHP Market Expected to Grow at the Highest CAGR During the Forecast Period
Figure 11 Attractive Market Opportunities in Fuel Cell Technology During the Forecast Period
Figure 12 SOFC Projected to Be the Fastest Growing Technology Segment (Value) During the Forecast Period
Figure 13 Residential Application of Micro CHP Dominated the Asia-Pacific Market in 2014
Figure 14 Japan Accounted for the Largest Market Share (Value) in 2014
Figure 15 Fuel Cell-Based Micro CHP Dominated the Overall Micro CHP Market in Top Three Countries in 2014
Figure 16 Residential Application Segment Expected to Dominate the Micro CHP Market During the Forecast Period
Figure 17 North America is Expected to Experience Fastest Growth in the Micro CHP Market Till 2020
Figure 18 Market Segmentation: Micro CHP Market
Figure 19 Market Dynamics: Micro CHP Market
Figure 20 Europe and the U.S. Average Residential Electricity Prices
Figure 21 Classification of Government Support Schemes
Figure 22 Natural Gas Prices (USD Per Million BTU)
Figure 23 Value Chain Analysis: Major Value is Added During Manufacturing & Assembly Process
Figure 24 Attractive Market With Low Intensity of Competitive Rivalry, From 2015–2020
Figure 25 Micro CHP: Current Technologies
Figure 26 Micro CHP: New Product Technology Adoption Life Cycle
Figure 27 Micro CHP Market Size (Volume): Application Trend, 2014
Figure 28 Residential End-Use of Power
Figure 29 Regional Snapshot: North American Countries Expected to Be New Hotspots Till 2020
Figure 30 Asia-Pacific: Regional Snapshot
Figure 31 Europe: Regional Snapshot
Figure 32 Companies Adopted the Strategy of Contracts & Agreements to Gain A Larger Market Share, 2010–2015
Figure 33 Market Evaluation Framework: Top Companies on the Basis of Developments, 2010–2015
Figure 34 Market Evolution Framework: Contracts & Agreements and New Product Launches Fueled the Growth of Companies From 2010 to 2015
Figure 35 Geographic Revenue Mix of Top 5 Market Players
Figure 36 Honda Power: Company Snapshot
Figure 37 Honda Power : SWOT Analysis
Figure 38 BDR Thermea Group: SWOT Analysis
Figure 39 Viessmann Group: SWOT Analysis
Figure 40 Yanmar Holdings Co. Ltd: SWOT Analysis
Figure 41 Vaillant Group: SWOT Analysis
Figure 42 Ceres Power Holdings PLC: Business Overview
Figure 43 Dantherm Power: Business Overview
Figure 44 Aisin Seiki Co. Ltd.: Business Overview

The global micro CHP market is projected to grow at a CAGR of 14.2% during the forecast period, to reach USD 4.44 Billion by 2020. This growth is attributed to high energy efficiency, which is achieved by converting primary energy to heat and electricity at the end-user level. Micro CHP units have the potential to reduce CO2 emissions that reduces energy consumption as compared to the conventional boiler, which draws electricity from the grid. Hence, since the last few decades, these units are considered as a boiler replacement technology.

The report segments the micro CHP market on the basis of type, major technologies, and applications. Since micro CHP refers to units in the electrical output range of 0 kW to 5 kW, its applications are restricted to smaller sized buildings. As a result, the main application of micro CHP is in residential and commercial areas. Residential application of micro CHP units is in single family and multi-family homes, which tend to buy 1 kW to 5 kW units. Residential application holds largest share in micro CHP market, however, in recent months more attention is being paid to the commercial establishments with low power consumption, such as retail stores, laundries, and offices among others, which are expected to grow at the fastest rate during the forecast period.

On the basis of type, micro CHP units are divided into engine-based (internal combustion engine, stirling engine, and rankine cycle engine) and fuel cell-based systems. Newer technologies fuel cell-based micro CHP systems, PEMFC (Proton Exchange Membrane Fuel Cell), and SOFC (Solid Fuel Cell), are the fastest growing segment by type for the micro CHP market. Globally, field trials and government supported projects for fuel cells in the residential segment are increasing, which demands more electricity for space and water heating. Since, fuel cell-based micro CHP systems provide more flexibility in electrical output than conventional engine-based systems, fuel cell-based units are expected to grow at a faster rate during the forecast period. The Asia-Pacific is the biggest market for fuel cell-based micro CHP.

Asia-Pacific has been the leading market for micro CHP in 2014 with increasing awareness of the impact of human activities on the environment and fluctuating prices of traditional fuels used for power and heat generation. Japan leads the Asia-Pacific micro CHP market. Japan is a promising market as it is a leader in fuel cell technology development, driven by the Ene-Farm program, a fuel cell commercialization program.

Micro Combined Heat & Power (Micro CHP) Market

Some of the leading players in the micro CHP market include Honda Power (Japan), Vaillant Group (Germany), Viessmann Group (Germany), Ceres Power Holdings Plc (U.K.), Yanmar Holdings Co. Ltd. (Japan), BDR Thermea Group (Netherlands), Dantherm Power (Denmark), and Solid Power (Denmark) among others. Contracts & agreements was the most commonly used strategy by top players in the market, constituting more than one-third of the total developments share. It was followed by new product development, expansions, and mergers & acquisitions.

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