MCHP (Micro Combined Heat and Power) Market Is Predicted To Grow at 15.5 % CAGR | Competitive Landscape and Opportunity Assessment 2023

Market Overview:-

The world is experiencing a transition in energy systems with increased focus on advanced methods of power generation, energy efficiency, and carbon emissions reduction. Moreover, the energy system is growing in terms of generation source by having decentralized systems from a singular generation source. Governments, across the world, are also supporting decentralized energy systems as it keeps the market competitive and energy demand is also fulfilled. For instance, Germany, has enacted the CHP Act since January 2016, for promoting CHP technology, among domestic consumers. It provides funding for the electricity generated by the cogeneration plants. Combined Heat and power (CHP) technology is a well-established method of generating electricity and thermal heat, simultaneously, from the same source. The technology is gaining more attention from the fact that the energy produced through cogeneration offers up to 80% efficiency. According to research, around 8% of the total electricity generated is from the cogeneration plants.

Micro-combined heat and power (MCHP) is a next-generation power solution, particularly, defined for small size cogeneration plants. 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. As mentioned in the definition of Energy Efficiency Directive of European Union, MCHP technology is appropriate to be applied in residential, public and commercial buildings to supply a range of heat and electricity usage. The greatest advantage that MCHP offers is their small size, which is the same as of the domestic boilers, thus, can be installed anywhere in the buildings. Other benefits served by the MCHP technology include carbon savings, balancing renewables, job creation through electricity generation, and empowering energy consumers.

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Industry Top Key Players:-

Some of the key players of global MCHP market are Honda Power (Japan), Vaillant Group (Germany), Yanmar Holdings Co. Ltd. (Japan), Ceres Power Holdings PLC (U.K), Qnergy (U.S.), Aisin Group (Japan), BDR Thermea Group (U.K), Centrica plc (U.K), Mondragon Corporation (Spain), Viessmann Group (Germany), Dantherm Power (Denmark), Nucusa Energy (U.S.), and Solid Power (U.S.).

Market Segmentation:-

Global MCHP market 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. Amongst these, Stirling engine and SOFC segments are the most successful technology segments due to their capacity of saving more carbon footprint and greater operational efficiency than rest of the sub-segments. 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. Also, the unused electricity generated, can be sold back to the grid, through which the commercial segments make profits, thus contributing the largest market share.

Global MCHP Market Analysis:-

Global MCHP market is expected to witness massive growth during the forecast period due to increasing demand for power and focus on reduction of carbon footprints. The governments are also supporting the installation of MCHP system, which further enhances the growth of market. Europe is the one of the leading regions in the MCHP market with the increasing concern for clean and efficient energy systems. Besides, the weather conditions in Europe are most of the times cold, thus there is a high demand for heating from the residential and commercial buildings. This leads to growth of MCHP systems market from the region. For an instance, the European Union has implemented Energy Efficiency Directive at country level that promotes MCHP market by increasing CHP projects, while promoting demand response and simplifying grid connection procedures for MCHP installations. Moreover, Asia Pacific is likely to be the fastest growing region, owing to increasing demand for power from the developing countries and Japanese companies are increasing their sales of MCHP systems, thus becoming prominent vendors in the market. According to Delta EE organization, in 2015, 14% of the global MCHP sales are in Europe and the rest of the sales are in Japan. This makes Asia Pacific, the largest market share holding region in the global MCHP market.

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