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.
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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.
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Micro Combined Heat and Power (MCHP) Market Segmentation
Global MCHP Market Size 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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