Over the last few years, the rising significance of energy efficient power sources has led to micro combined heat power market
emerging as one of the most lucrative business spaces in the energy
cosmos. Among all sustainable energy alternatives, micro-CHP is known to
provide 90% efficiency by generating both heat and electricity that has
helped it gain popularity over other energy facilities. The use of
micro-CHP plants in the residential sector has helped the masses to not
only reduce their energy bills but also to curb carbon footprints.
Taking into account the benefits of
micro-CHP, several regional governments and energy companies have been
continuously investing in the development of micro-CHP projects that
will have a remarkable influence on the micro combined heat and power
industry share. The increasing popularity of combined heat and power
facilities among the regional governments has turned out to be rather
profitable for the companies that have been contributing toward micro
combined heat and power market. For instance, in California, the leading
player in distributed waste heat-to-power, ElectraTherm has built its
first power plus generator to produce fuel-free power from biomass
boiler in partnership with the Sierra Institute and Wisewood Energy. As
the U.S. traverses toward becoming more reliant on renewable and
efficient energy facilities, the stand taken by the companies to develop
emission-free and fuel-free power generation facilities will help them
accumulate substantial returns over the years ahead.
Of late, the energy sector is replete
with a slew of modern technologies that has had quite an impact on the
micro combined heat and power market. Initiatives taken by the energy
and technology companies to ensure substantial deployment of clean and
green energy alternatives are certain to fulfill the rising energy
requirements. Recently, in Finland, Lempäälän Energia and Siemens inked
an agreement in order to develop a microgrid. With the development of
this self-sufficient smart grid in an industrial area, the firms plan to
generate an environment-friendly and cost-effective energy system.
Their main goal is to support the decentralized generation of renewable
energy to ensure fool-proof working for the energy sector. Accordingly,
they have been adopting automated technologies that will help both the
companies enhance their performance.
Siemens, as a part of this deal, plans
to design and develop smart medium-voltage grid integrated with
electrical storage system and grid automation system. These microgrid
facilities will apparently be using combined heat and power production
to maximize efficiency. The continuous efforts put forth by the
companies to introduce advanced CHP solutions to enhance the thermal and
electrical efficiency of power plants is thus likely to propel the
product demand over the years ahead.
India has lately emerged as a pivotal
revenue pocket for APAC micro combined heat and power market. In India,
the energy requirement of the rapidly increasing population has put
regulatory bodies in a quandary. In order fulfil the escalating energy
demand, the Indian government has been implementing various energy
policies over the last few years. In addition, heavy investments in the
industrial sector has been helping decision makers develop new power
generation projects for accomplishing the energy demand from laymen and
the commercial and industrial sectors.
Merely a few days before, a subsidiary
of GAIL (India) Limited, GAIL Gas has signed an MoU with Energy
Efficiency Services Limited (EESL) to accelerate the development of
tri-generation and co-generation projects and the use of natural gas
across commercial as well as industrial sectors. The MoU is certain to
emerge beneficial for commercial establishments like hospitals, hotels,
malls, airports, residential complexes, data centers, and educational
institutes, owing to the usage of combined heat & power technology.
Another APAC region that has making
inroads in micro combined heat and power market is Japan. Japan has
lately has also been investing heavily to deploy CHP plants on large
scale. Reportedly, Japan micro combined heat and power industry will
register a CAGR of more than 32.5% over 2018-2024.
The continuous involvement of regional
governments in the construction of power projects to meet the future
energy solutions is slated to have a positive influence on the micro
combined heat and power industry trends. The launch of new technology
trends will further aid the expansion of micro combined heat and power
industry. Driven by the growing awareness about the benefits of
efficient and emission-free energy utilities, micro combined heat and
power market will surpass a revenue collection of USD 13 billion by the
end of 2024.