Press release
Micro Combined Heat And Power Market Revenue Size, Regional Share Analysis & Forecast Till 2030
Micro Combined Heat And Power Market OverviewThe market price of the Micro combined heat and power (MCHP) market is projected to reach USD 3,870 million and a CAGR of 13.5% in the forecast period from 2022 - 2030.
Microgrids and energy systems depend on Micro combined heat and power (MCHP) systems. This system increases energy efficiency, making integrating renewable resources easier, lowering operating expenses, lowering emission rates and boosting the essential infrastructure and the electrical power grid. Additionally, MCHO systems can minimize carbon emissions by up to 30% compared to different forms of conventional generation, which use boilers and power plants to generate heat and power separately. The worldwide MCHP market is predicted to grow significantly due to the rising demand for competitive energy and cost-effective systems and the emphasis on reducing carbon emissions from power generation systems.
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Due to the covid-19 outbreak, there has been a significant fall in need for power, affecting consumption by commercial sectors. According to statistics from International Energy Agency (IEA), in 2020, regions saw an average decline in energy demand of 25% and the proportion of renewable energy in the world's energy mix is rising. On the contrary, the need for energy sources, including coal, nuclear and gas, has increased.
Market segments
The Micro combined heat and power market are divided into prime mover, capacity, fuel and application.
Depending on the prime mover, the Micro combined heat and power market is divided into the internal combustion engine, fuel cell and Stirling engine.
Depending on the capacity, the Micro combined heat and power market is divided into 10 to 50 Kw, 2 Kw to 10 Kw and up to 2 Kw.
Depending on the fuel, the Micro combined heat and power market is divided into coal, oil,
Natural gas & LPG and renewable resources.
Depending on the application, the Micro combined heat and power market is divided into commercial and residential.
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Regional analysis
The Micro combined heat and power market shows immense growth in regions like the Middle East & Africa, Europe, Asia-pacific, North America and South America.
The regional analysis shows that the largest Micro combined heat and power market is in North America. Mexico, The United States and Canada are three important marketplaces in the North American region. Due to increase research and development into renewable resources and government initiatives to support combining heat and power as a means of producing electricity, it is one of the significant regions in the MCHP market. Commercial end-users have dominated the MCHP market for the last five years and are predicted to continue the rank during the forecast period.
In terms of both products and services, countries in the Asia-Pacific region are developing rapidly. However, the expansion has also led to higher emission rates in India and China. The increasing requirement for energy efficiency and increasing demand for carbon emissions are two key factors predicted to drive the growth of the MCHP market.
Industry news
In September 2022 - Fuel cell power NV, a subsidiary of Alkaline Fuel Cell Power Corp. (AFCP) in Belgium, received certification for its quality management system following standards from ISO. Fuel Cell Power NV focuses on developing, manufacturing and commercializing micro combined heat and power systems, backup power generators that emit zero carbon dioxide.
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Key Players
Honda India Power Products Ltd. (Japan)
Vaillant Group (Germany)
Yanmar Holdings Co. (Japan)
Ceres Power Holdings Plc (UK)
Qnergy (US)
Aisin Corporation (Japan)
BDR Thermea Group (Europe)
Centrica Plc (Canada)
Viessmann Group (Germany)
Dantherm Power (Europe)
Enginuity Power Systems (US)
Solid Power (US)
Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR's approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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