Micro Combined Heat and Power (MCHP) Market Insights:-
There has been a global shift in consumptions patterns and demand of energy. Increasing demand for power from an ever-expanding global population and technologically advancing industries have resulted in the steady transitions of energy systems with a strong focus on energy efficiency, reduction of harmful emissions and power generation. Market Research Future’s report on the global Micro Combined Heat & Power (MCHP) Market provides a comprehensive view of the next-gen offering which is anticipated to grow at a considerable CAGR of 15.5% during the forecast period of 2017 to 2023.
Micro-combined heat & power (MCHP) is a next-generation power solution which has been defined for small cogeneration plants with the potential capability of replacing grid supply. MCHP has the capacity to maintain heating & cooling in buildings as well as the demand for electricity. MCHP systems convert heat to electricity, thus making them highly appropriate for use in buildings of all kinds for heat & electricity generation. MCHP has the added benefit of ease of installment as their small size means they can be installed anywhere in a building. Other benefits of the technology include reduced carbon emissions, balancing renewables and the capacity to empower energy consumers. Cost efficiency is a key factor driving the MCHP market followed by the growing focus of carbon reduction. Government support for the widespread implementation of the technology via subsidies and incentives are likely to increase MHCP system adoption. Moreover, since MHCP systems are used directly in the buildings themselves, there is a minimal loss in transmission and heat, thus giving MHCP an edge of conventional heat & power generation methods. Presently, the challenges faced by the market are infrastructural hurdles; this challenge is likely to be mitigated in the coming years.
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Leading Key Players:-
Centrica plc, Ceres Power Holdings PLC, Mondragon Corporation, Honda Power, Yanmar Holdings Co. Ltd., Aisin Group, Viessmann Group, Dantherm Power, Nucusa Energy, Qnergy, Solid Power, Vaillant Group, BDR Thermea Group are among the leading market players profiled in MRFR’s competitive analysis of the global MCHP market.
Micro Combined Heat and Power (MCHP) Global Market Segmentation:-
The segmentation of the global MCHP market has been performed on the basis of type, technology, application, and region. By type, the market is divided between fuel-cell based and engine based. The fuel-based cell segment has the largest market share due to the increasing focus on fuel-cell technology and their use in next-generation power generation systems.
By technology, the market is segmented into SOFC, Stirling engine, PEMFC, internal combustion engine, and Rankine cycle engine. The Stirling engine and SOFC segments are the most significant segmented due to their efficiency and capacity to reduce the carbon footprint. Moreover, these technologies offer increased operational efficiency as compared to the other segments.
By application, the market is divided between commercial and residential. The commercial segment dominated the market due to the high support from the government to install MCHP systems. Moreover, unused electricity which is generated can be sold back to the grid, making MCP systems profitable for commercial use.
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Europe is a leading regional market due to the high concern and demand for clean & efficient energy systems in the region. Moreover, the natural climate in Europe leans toward cold which often results in high demand for efficient heating systems. Moreover, government support for the same is increasing sales and installations of MCHP systems in the region.
The Asia Pacific has been observed to be growing rapidly due to the increasing demand for power in the highly populated region. Japan has made itself a prominent market in the APAC MCHP market and the high number of sales of MCHP systems by Japanese market players have put the APAC region in a significant market position.
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