BOULDER, Colo.--(BUSINESS WIRE)--Defined as small distributed energy generation systems that produce electricity for residences while also capturing heat that would otherwise be treated as waste, residential combined heat and power (resCHP) systems offer the advantages of going online more quickly than traditional large centralized power stations, reducing demand pressure on the electrical grid, and reducing inefficiencies that are common in centralized power generation, transmission, and distribution. These systems are gaining increased interest from policy makers, utilities, and homeowners across a growing number of countries, and the sector is experiencing strong growth around the world. According to a new report from Pike Research, the total number of installed residential combined heat and power systems, in both single family homes and multi-unit dwellings, will reach 13.5 million by 2022. These installations will drive an annual market value of $41 billion in 2022, the cleantech market intelligence firm forecasts.
“Residential CHP technology has the potential to reduce carbon emissions and increase efficiency in the home while, potentially, reducing consumer energy bills,” says research director Kerry-Ann Adamson. “The technologies being developed are increasingly market-ready, and we are reaching a potential tipping point where annual adoption could start to rise sharply.”
According to the Pike Pulse Country Grid, which assesses countries on their manufacture and adoption of residential CHP systems, the top three countries in the world are currently Germany, Japan and South Korea. These countries have clear policy, a range of end user fiscal incentives, and an active local manufacturing base. Among the most important developments that could affect the growth of the sector is any rise in power outages on electrical grids. As a direct result of the rolling blackouts in Japan after the Fukushima Daiichi nuclear accident in March 2011, orders for resCHP systems in Japan increased sharply. If this scenario were to be replayed in other countries where systems are commercially available, those countries could see a similar spike.
Pike Research’s report, “Residential Combined Heat and Power”, analyzes the global market potential for resCHP systems for single-family and multi-family homes using technologies including internal combustion engines, fuel cells, Stirling engines, and Organic Rankine Cycle. The study includes in-depth assessments of leading countries for the manufacture and adoption of resCHP systems, the technologies utilized in such systems, and the key industry players engaged in this market. Regional market forecasts are provided through 2022 for system shipments, installed capacity, and revenue. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1.303.997.7609.