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US Micro Combined Heat and Power (MCHP) Market Research Report Information by Capacity (Up to 2 KW, 2 KW to 10 KW, and 10 to 50 KW), by Fuel (Natural Gas & LPG, Coal, Renewable Resources, And Oil), by Prime Mover (Stirling Engine, Internal Combustion Engine and Fuel Cell), by Application (Residential and Commercial), Region - Forecast till 2030

ID: MRFR/E&P/11848-US | 100 Pages | Author: Garvit Vyas| December 2023

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us mchp market outlook

The United States dominated the combined heat and power (CHP) market in 2018, holding the largest market share of 70.55%, amounting to USD 696.7 million. Projections indicate that the US market is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 13.25% during the forecast period. Canada secured the second-largest market position in 2018 with a value of USD 215.1 million, and it is expected to experience a CAGR of 10.19%. The growth of the US CHP market is attributed to a significant emphasis on energy efficiency. The country has seen substantial advancements in the micro combined heat and power (MCHP) sector, and this growth trend is anticipated to continue. End-users across the region are increasingly adopting MCHP equipment for heat and power generation. Additionally, the high degree of urbanization in most US cities is expected to drive the installation of MCHP systems. The Southern US, in particular, is a key contributor to the growth of the MCHP market due to its dense population and a rising number of commercial properties. In terms of capacity segmentation, up to 2 kW held the largest market share in 2018 at 42.55%, with a market value of USD 296.5 million. This segment is projected to experience the highest CAGR of 15.41% during the forecast period. The 2 kW-10 kW segment, the second-largest in 2018 at USD 220.7 million, is expected to exhibit a CAGR of 12.62%. Examining fuel sources, natural gas & LPG claimed the largest market share in 2018 at 65.38%, totaling USD 455.5 million. This segment is anticipated to register the highest CAGR of 13.98% during the forecast period. Renewables Resources, the second-largest market in 2018 at USD 119.5 million, is expected to exhibit a CAGR of 12.69%. Considering the prime mover segment, Stirling Engine led with the largest market share of 46.14% in 2018, valued at USD 321.5 million. It is expected to register a CAGR of 11.76% during the forecast period. Internal Combustion Engine, the second-largest market in 2018 at USD 228.9 million, is projected to have a CAGR of 13.90%. However, the Fuel Cell market is anticipated to register the highest CAGR of 15.20%. In the application-based segmentation, the Residential segment held the largest market share in 2018 at 59.46%, amounting to USD 414.3 million. This segment is projected to have the highest CAGR of 13.71% during the forecast period. The Commercial segment, the second-largest in 2018 at USD 282.5 million, is expected to exhibit a CAGR of 12.58%.

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