MCHP (Micro Combined Heat and Power) Market Size, Share Analysis 2020: Current Scenario, Regional Trends, Future Scope, Growth Strategies and Forecast by 2023
Global Micro Combined Heat and Power (MCHP) Market Overview
Market Research Future (MRFR), in its newly published research report, states that the global MCHP market is thriving and anticipated to grow exponentially over the review period, recording a signficant market valuation and a stable CAGR in the forecast period.
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.
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Drivers and Restraints
The global market for MCHP 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.
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.
Technological innovation in the designing of micro cogeneration systems to lessen cost and improve efficiency along with the availability of fuel variants will boost the micro combined heat and power market. In addition to this, positive outlook toward infrastructure sector across developing economies favored by advancing co-generation technologies will augment the product demand.
World MCHP market has been analyzed on the basis of technology, type, application. Based on type, the market is further divided as engine based and fuel-cell based. The fuel-cell based segment is expected to lead the market owing to increased focus on fuel cell technology and its benefits over the standard power generation systems. The engine based MCHP has a power generation capacity of 1 kWh, whereas the fuel-cell based MCHP can produce up to 2kWh of power and has an electrical output of maximum efficiency. Among the technology segment, the sub-segments are internal combustion engine, PEMFC, Rankine cycle engine, Stirling engine, and SOFC. Among these, Stirling engine and SOFC segments are the most successful technology segments due to their capacity of saving carbon footprint and better operational efficiency than rest of the sub-segments. Based on application, the MCHP market is segmented as commercial and residential. Commercial segment accounts for the largest segments, in terms of value, due to funding and incentives offered by the government to install the MCHP systems. Furthermore, the unused electricity generated can be sold back to the grid, through which the commercial segments make profits, thus contributing the maximum market share over the review period.
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.
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.).
Browse Complete MCHP (Micro Combined Heat and Power) Market Research Report at: https://www.marketresearchfuture.com/reports/mchp-market-1109
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