Residential applications to drive North America micro CHP market forecast
The installation of micro CHP systems will see considerable expansion across North America with the changing climatic conditions and temperature fluctuations. The need for the continued supply of electricity and plummeted carbon dioxide emissions has resulted in the replacement of conventional boilers by advanced devices and procedures.
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Micro CHP (micro combined heat and power) can be addressed as a technology deployed to generate heat and electricity simultaneously using the same energy source, mainly across individual homes and buildings. These systems produce heat and electricity in the ratio of 6:1 for power use across domestic appliances. While the micro CHP units imitate the size and shapes of standard domestic boilers and can be mounted on the walls, they can additionally generate electricity while heating water.
It has been estimated that the North America micro CHP market size will reach an annual value of over USD 8.70 million in terms of remuneration and more than 2 MW with regards to installation by 2026.
Scope in internal combustion engines
The annual revenue from the internal combustion micro CHP industry for North America is likely to strike a prominent CAGR owing to the extensive deployment of this technology. These systems act as truck diesel engines that are fueled with natural gas or heating oil and are directly connected to an electrical generator to produce heat. They are largely employed in commercial-scale applications and are believed to have higher electrical efficiency in comparison to their counterparts.
Deployment of fuel cell technology
The demand for fuel cell micro CHP generators will also gain significant momentum in the region. This can be owed to the use of steam reformers in this process that converts methane in the gas supply to carbon dioxide and hydrogen, which is then used to produce electricity. Here, the fuel cells do not burn and are rather sourced with fuels that are at a chemical level.
Higher presence in the residential sector
Installation of micro CHP systems for residential applications is anticipated to gain further proceeds in North America due to the rising focus of the consumers towards cost-savings. The increased consumption of electrical energy and petroleum-based fuels across homes and buildings has pushed the need to curb CO2 emissions. This has paved the way for numerous innovations in the micro CHP systems to meet the rising electricity demand across the residential sector.
Rising productivity from renewable energy resources
Industry share of renewable resourced micro CHP systems in North America is expected to reach a substantial amount on account of the environmental and cost-effective benefits rendered by these fuel sources. The incorporation of renewable energy with the micro-CHP units has encouraged a more reliable heat and electricity supply to the consumers.
North American micro CHP manufacturers are keen on partnerships, mergers, novel product launches, and acquisitions to amplify their global penetration as well as sustain competition specifically in the present COVID-19 pandemic. For instance, Enginuity Power Systems, in July 2020 acquired Katech, a Detroit-based engine supplier, to accelerate the commercialization of its E1. This micro combined heat and power product is a fully integrated system that is replacing standard water heaters at homes to offer electric power and space as well as water heating requirements.
Energy Systems Southeast, LLC, Solar Turbines, Caterpillar Inc., Kinsley Energy Systems, Marine Turbine Technologies, Smith Power Products, Inc., CV Energy Developers, Siemens Energy, Inc., Horizon Power Systems, Inc., and Luwa America Inc. are some of the other brands operating in the sector.