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Fuel Cell Micro CHP Market to reach over 1 GW by 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-08 

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.

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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.

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.

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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.

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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.Partial Table of Contents (ToC) of the report:

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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