Micro CHP Market Regional Analysis:
APAC Market Insights
The Asia Pacific micro CHP market growth will grow at the highest CAGR over the projected time period. Moreover, it is also projected to contain the largest with a share of about 38% by the end of 2035. Rising investment in the advancement of energy generation systems is expected to create more demand for micro CP in the region. From 2016 to 2021, the Southeast Asia Nations (ASEAN) countries attracted more than USD 8 billion per year. Moreover, ASEAN countries have set an aim to use 23% of renewables in primary energy supply by 2025. For this, the region is expected to gain an investment of USD 27 billion in renewable energy, every year. Furthermore, the growing development of smart city infrastructure is also expected to drive market growth in the region.
On the other hand, the Japanese government has taken various steps to boost the deployment of micro-CHP. For instance, under the Ene-Farm program, the sales of micro-CHP began in 2009. Furthermore, in Japan, the number of installed ENE-FARM systems was roughly 433 thousand in fiscal year 2021.
North American Market Insights
The North American micro CHP market is estimated to be the second largest, registering a share of about 25% by the end of 2035. Government initiatives. The United States Environmental Protection Agency has implemented combined heat and power (CHP) policies and incentives. It focuses on removing barriers and increasing the efficient use of CHP deployment. CHP regulations and incentives can be intended to reduce upfront capital costs, ease the regulatory process of constructing CHP systems, and make it easier for CHP users to reap the benefits of the systems' durability and versatility. Such initiatives from the federal government are likely to augment the region’s market growth.
