MCHP Market Overview:
The global Micro Combined Heat and Power Market is expected to reach USD 3,870 Million by 2030 and register a CAGR of 13.5% during the forecast period of 2022 to 2030.
The MCHP (micro combined heat and power) market witnesses increasing traction across the globe. MCHP technology is a key innovation in chip packets, improving the operation of electronic devices. Its diverse application areas, including data center enterprise networking, industrial automation, consumer electronics, automotive, and telecom, drive the market growth.
Besides, the market growth attributes to the increased transition in energy systems with the increased focus on advanced methods of power generation escalate market increase.
Drivers:
- High focus on carbon reduction from power generating systems
- Need for cost-efficient and competitive energy systems
- Support from governments through incentives and subsidies
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FAQ’s:
- What is “MCHP” Market?
- Who are the Top Market manufacturers?
- Which are the most Business Regions across the globe?
- How big is the “MCHP” Market in upcoming Years?
- What are the Latest developments/industry updates in the “MCHP” Market?
Global Micro Combined Heat Power Market Segmentation:
Global Micro Combined Heat and Power Market, by Capacity
- UP to 2 KW
- 2 KW to 10 KW
- 10 to 50 KW
Global Micro Combined Heat and Power Market, by Fuel
- Natural Gas LPG
- Coal
- Renewable Resources
- Oil
Global Micro Combined Heat and Power Market, by Prime Mover
- Stirling Engine
- Internal Combustion Engine
- Fuel Cell
Global Micro Combined Heat and Power Market, by Application
- Residential
- Space Heating/Cooling
- Water Heating
- Cooking
- Lighting
- EV Charging
- Others
- Commercial
- Educational Institute
- Office Buildings
- Health Care Buildings
- Others
By Regions:
- North America
- Asia Pacific
- Europe
- Rest-of-the-World.
Micro Combined Heat Power Market - Regional Analysis
Europe dominates the global micro combined heat power (MCHP) market. The largest market share attributes to the government initiatives to control the rising clean and efficient energy systems concerns. For instance, the European Union has implemented the Energy Efficiency Directive at the country level to promote the MCHP market by increasing CHP projects while facilitating demand response and simplifying grid connection procedures for MCHP installations.
Besides, the cold weather conditions in Europe drive market growth, creating a substantial demand for heating solutions from residential and commercial buildings. Moreover, the growing healthcare industry in the UK, Germany, France, and Italy supports the growth of the regional market. Also, huge spending in the defense industry to get long-term solutions for high end, demanding devices fosters the growth of the market.
The Asia Pacific region stands second in the global MCHP (micro combined heat and power) market. The market growth is attributed to the augmenting demand and increased sales of MCHP systems. Additionally, the vast productions and widening adoption of MCHP technology in respective electronic products boost the regional market growth.
Developing countries substantiate market growth, becoming major markets. The APAC MCHP market is expected to create a substantial revenue pocket during the review period.
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Micro Combined Heat and Power Market - Competitive Analysis
Highly competitive, the MCHP market appears fragmented due to the presence of several well-established players. To gain a substantial competitive share, players incorporate strategies such as acquisition, collaboration, partnership, expansion, and product technology launch.
They invest substantially in new product development and geographical expansion initiatives. The market is anticipated to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers.
Major Players:
Players leading the global MCHP market include Vaillant Group (Germany), Honda Power (Japan), Yanmar Holdings Co. Ltd. (Japan), Qnergy (US), Ceres Power Holdings PLC (UK), Aisin Group (Japan), Centrica plc (UK), BDR Thermea Group (UK), Mondragon Corporation (Spain), Dantherm Power (Denmark), Viessmann Group (Germany), Nucusa Energy (US), and Solid Power (US), among others.
Industry/ Innovation/Related News:
July 29, 2020 ---- Enginuity Power Systems (the US), a leading global next-generation ultra-high-efficiency engine provider, announced the acquisition of a US-based world-renown engine builder ‘Katech Inc.’ to speed the commercialization of its innovative micro combined heat power (mCHP) product - E1. The acquisition aligns with Enginuity’s growth strategy.
Enginuity Power Systems has developed the next generation engine and generator technology with its patented four-stroke inwardly opposed-piston engine. Katech is projected to deliver up to 100 machines for Enginuity’s MCHP product prototype (E1) over the next year. With Katech’s world-class engine design and test capabilities, Enginuity’s on-site high-performance engine and parts manufacturing resources would shorten the mCHP’s time to market.
