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 (micro combined heat and power) 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. A detailed
analysis report of COVID-19
impact on MCHP Market Size is provided with the report. 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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