Global MCHP Market – Overview
Micro-combined heat and power (MCHP) is a next generation power solution that ideally cater to the space heating or cooling demands in buildings along with providing electricity supply which can alleviate the need for grid supply. The MCHP technology is ideally suited to be applied in commercial, residential, and public buildings and have gained widespread adoption in recent years. Market Research Future (MRFR) has recently published an in-depth report on the Global MCHP Market after meticulous analysis of the pertinent trends and factors that can affect the growth of the market over the forecast period of 2018-2023. MRFR's analysis has projected a CAGR of 15.5% over the forecast period.
Energy systems across the globe is experiencing a transition and power generation sources are increasingly becoming decentralized. Decentralization helps to keep the market competitive as well as fulfil the energy demands effectively. Combined Heat and power (CHP) technology is capable of generating electricity and thermal heat, simultaneously, from the same source. The technology is gaining widespread adoption as it offers energy efficiency as much as up to 80%. Micro-combined heat and power (MCHP) is particularly designed for meeting the energy demands of small buildings. The government in multiple countries are supporting the case for MCHP which has generated massive demand within the market.
Growing need to achieve cost efficiency and energy efficiency is boosting the growth of the MCHP market. MCHP is small in size, can be installed anywhere in buildings, and provide significant benefits as compared to other systems.
Growing focus on reduction of carbon footprint is a key factors boosting the growth of the MCHP market. MCHP systems can save 1.7 tons of carbon dioxide, annually, for domestic purposes, which has made it immensely popular across the globe.
Global MCHP Market Segmentation
The global MCHP market has been segmented based on type, technology, and application.
By type, the MCHP market has been segmented into engine based and fuel-cell based. The fuel-based segment is leading the global market on account of heightened focus on fuel cell technology and its benefits over traditional power generation systems. Engine based NCHP can generate power up to 1 kWh, while the fuel cell-based MCHP has a power generation capacity of 2kWh. Fuel cell-based MCHP provides electrical output of more than 65% efficiency.
By technology, the MCHP market has been segmented into internal combustion engine, PEMFC, Rankine cycle engine, Stirling engine, and SOFC. The Stirling engine and SOFC segments are dominating the market. Both these technologies are very successful in terms of their capacity to reduce carbon footprint and greater operational efficiency as compared to others.
By application, the MCHP market has been segmented into residential and commercial. The commercial segment is gaining traction on account of huge government initiatives towards increasing the adoption of MCHP systems. In MCHP, unused electricity generated can be sold back due to which the commercial sector is adopting MCHP systems top garner profits.
Global MCHP Market: Regional Analysis
Regio-wise, the MCHP market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Europe is one of the significant revenue pockets for MCHP. The growth of the Europe market can be attributed to the region's focus towards clean and energy efficient systems. The European countries experience frigid weather conditions due to which heating of residential and commercial buildings are desirable throughout the year, thereby generating high demand for MCHP systems. The governments in the region are advocating the installation of MCHP systems which further aid the growth of the market. The implementation of Energy Efficiency Directive at country level has also supported the growth of the MCHP market in Europe.
The APAC is likely to be the fastest growing market for MCHP over the forecast period. Augmenting demand for power generation from the developing countries of the region combined with Japanese companies increasing market activity is auguring the growth of the market. Japan is the most significant contributor to the MCHP market.
Global MCHP Market: Competitive Landscape
Dantherm Power (Denmark), Vaillant Group (Germany), and Solid Power (U.S.), BDR Thermea Group (U.K), Nucusa Energy (U.S.), Mondragon Corporation (Spain), Viessmann Group (Germany), Centrica plc (U.K), Ceres Power Holdings PLC (U.K), Qnergy (U.S.), Aisin Group (Japan), Honda Power (Japan), and Yanmar Holdings Co. Ltd. (Japan) are the notable players in the MCHP market.
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