Micro Combined Heat and Power (MCHP) Market Overview, Key Players Analysis 2023

Posted by Anvi on February 21st, 2020

Micro Combined Heat and Power (MCHP) 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 Micro Combined Heat and Power (MCHP) Market is expected to exhibit a healthy growth during the forecast period (2018-2023)

MCHP is drawing significant commercial interest owing to its relevance to present requirements. It is compact, powerful and effective. Some of the benefits of MCHP include balancing renewables, carbon savings and fast and easy installation. Owing to its superior functionality over conventional power generation systems, demand for MCHP is on an upward trend.

Micro Combined Heat and Power (MCHP) Market Segmental Analysis

MRFR’s report includes a detailed segmental analysis of the Micro Combined Heat and Power (MCHP) Market based on application, technology, type and region.

On the basis of application, the market has been bifurcated into commercial and residential. The commercial segment holds the dominant position and the trend in likely to continue beyond 2019. Increased government support in driving the adoption of MCHP in commercial verticals.

By technology, the market has been segmented into PEMFC, stirling engine, internal combustion engine, SOFC and rankine cycle engine. Of these, the SOFC segment and the Stirling engine segment is expected to exhibit a relatively higher growth during the assessment period. This is mainly owing to higher efficiency of SOFC MCHP and Stirling engine MCHP. These technologies are environmentally friendly, which is also driving their popularity.

By type, the market has been segmented into fuel-cell based and engine based. The fuel-cell based segment is likely to retain its dominant position over the forecast period. Over the years, the fuel cell technology has undergone several phases of evolution making it far more efficient than any other conventional power generation system.

Global MCHP (Micro Combined Heat and Power) Market: 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.

MCHP (Micro Combined Heat and Power) Market: 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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