Global MCHP (Micro Combined Heat and Power) Market – Overview
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). In 2020, the market is growing at a steady rate and with the rising adoption of strategies by key players; the market is expected to rise over the projected horizon. 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.
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The leading market players operating in the global Micro Combined Heat and Power (CHP) Market as identified by MRFR are Vaillant Group (Germany), Honda Power (Japan), Yanmar Holdings Co. Ltd. (Japan), Qnergy (U.S.), Aisin Group (Japan), Ceres Power Holdings PLC (U.K), Centrica plc (U.K), BDR Thermea Group (U.K), Mondragon Corporation (Spain), Dantherm Power (Denmark), Viessmann Group (Germany), Nucusa Energy (U.S.), and Solid Power (U.S.).
Drivers and Restraints:
The global MCHP Market is supported by the facts such as the endeavor for cost efficient and competitive energy systems, shifting focus on carbon reduction from power generating systems, and the constant support from governments through incentives and subsidies. Growing measures toward adoption of renewable technologies for maintaining clean energy supply and reduction of carbon footprints will drive the global micro combined heat and power (CHP) market. Introduction of regulations and incentives including feed in tariff, subsidies and tax reduction policies will further influence the demand for micro cogeneration systems. In 2018, New Jersey Clean Program offered USD1/W incentives for small CHP system having capacity up to 500kW and USD 0.50/W for 501 kW to 1000kW CHP systems.
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Growing demand for cost effective, environment friendly and reliable technology for electricity and heat generation across commercial and residential sectors will fuel the global micro CHP market. Government mandates to minimalize climatic changes along with efforts to reduce electricity expenses will further complement the industry outlook. The European Commission introduced the 2030 climate and energy framework with a goal to decrease the greenhouse gas emission by at least 40% by 2030 as compared to the 1990 levels.
Global MCHP (Micro Combined Heat and Power) Market: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the Micro Combined Heat and Power Market based on application, technology, type and region.
On the basis of application, the market has been bifurcated into commercial and residential.
By technology, the market has been segmented into PEMFC, stirling engine, internal combustion engine, SOFC and rankine cycle engine.
By type, the market has been segmented into fuel-cell based and engine based.
The geographic analysis of the global Micro Combined Heat and Power Systems Market has been analyzed in major regions, covering Europe, the Asia Pacific, North America, and the rest of the world (Latin America and the Middle East and Africa).
Global MCHP market is anticipated to witness massive growth over the forecast period due to growing demand for power and focus on decrease of carbon footprints. The governments are also encouraging the installation of MCHP system, which further improves the growth of market. Europe is the one of the primary regions in the MCHP market with the growing concern for clean and efficient energy systems. Also, the weather conditions in Europe are most of the times cold. Thus there is a growing demand for heating from the commercial and residential buildings. This results in growth of MCHP systems market from the region.
For an instance, the European Union has adoption Energy Efficiency Directive at country level that promotes MCHP market by increasing CHP projects, while encouraging demand response and simplifying grid connection procedures for MCHP installations. Additionally, Asia Pacific is likely to be the fastest growing region, owing to increasing demand for power from the emerging countries and Japanese companies are increasing their sales of MCHP systems, thus becoming prominent vendors in the market.
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