MCHP (Micro Combined Heat and Power) Market
Transition
in energy systems has become rampant all over world. The focus is shifting
towards application of new-age technologies for power generation, and power
management. Moreover, the rising Co2 emission has necessitated the use of clean
technologies. The growing consumption of emerging is prompting authorities to
seed solutions that sustainable in the long run. This has created significant
market opportunities for decentralized energy systems.
Combined
Heat and Power (CHP) technology has gained significant momentum in recent years
and is touted as a future-ready solution by its proponents. The ability to
produce both electric energy and heat energy with minimum carbon footprint
makes it extremely unique. As the study conducted by Market Research Future
(MRFR), the Global MCHP
Market is expected to exhibit a healthy growth during the forecast
period (2018-2023)
Micro-combined heat and power (MCHP) is a
next-generation power solution, particularly, defined for small size
cogeneration plants. MCHP is capable of meeting the demand for space heating or
cooling in buildings, accompanied by the capability of fulfilling the demand
for electricity, which can replace the need for grid supply. The main output of
the MCHP systems is heat with some electricity generation, at a typical ratio
of 6:1 (heat to electricity). The buildings that include residential and
commercial infrastructure contributed to around 21% of the total energy
consumption, in 2015.
Competition Tracking
Vaillant
Group (Germany), Ceres Power Holdings PLC (U.K), Aisin Group (Japan), Centrica
plc (U.K), Viessmann Group (Germany), Nucusa Energy (U.S.), Solid Power (U.S.),
Honda Power (Japan), Dantherm Power (Denmark), Yanmar Holdings Co. Ltd.
(Japan), Mondragon Corporation (Spain), BDR Thermea Group (U.K) and Qnergy
(U.S.) are among the leading companies operating in the global MCHP market.
Micro Combined
Heat and Power (MCHP) Market Segmentation
Global MCHP market has been segmented on the
basis of type, technology, application and region.
Based on type, the market is further classified as
engine based and fuel-cell based. The fuel-cell based segment is expected to
dominate the market due to increased focus on fuel cell technology and its
benefits over the conventional power generation systems.
The engine-based MCHP has power generation capacity of
1 kWh, while the fuel-cell based MCHP can generate up to 2kWh of power and has
an electrical output of more than 65% efficiency. Segregating the technology
segment, the sub-segments are internal combustion engine, PEMFC, Rankine cycle
engine, Stirling engine, and SOFC.
Based on application, the market is further segmented
as residential and commercial. Commercial segment accounts for the largest
segments, due to funding and incentives provided by the government to install
the MCHP systems.
Regional Analysis
Europe
is a highly attractive market for MCHP.
The European Commission continues to strive towards achieving
environmental objectives. As a result, the region has emerged an important
market for clean technologies. This is reflecting favourably on the MCHP market
in the region. Moreover, demand for heat energy is significantly high in many
European countries owing to environmental factors. Policy makers in the region
are introducing guidelines for effective management of energy. For example, the
EU has enforced Energy Efficiency Directive at a country level. Such factors
are propelling the Europe MCHP market.
Asia
Pacific is viewed as an emerging market for MCHP. The growing consumption of
energy in countries such India and China are expected to support the market
growth in the region. Emphasis is being placed to solution that allow
optimization of power grids and power generation systems. The technological
prowess of japan in MCHP is also benefiting the market in APAC.
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