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.
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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
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 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.
Additionally, the increasing uptake of MCHP chips in electronics products offers ample opportunities to chip manufacturers. Furthermore, the growing demand for MCHP units from some of the burgeoning end-use industries such as medical devices, telecom, and automotive positively impacts the market growth. Conversely, the lack of technical expertise and continuous innovation in manufacturing processes are significant factors projected to impede the growth of the market.
Nevertheless, the burgeoning consumer electronics sector supports market growth throughout the review period, demonstrating the largest adoption of MCHP units. Moreover, the growing energy system in terms of generation source by having decentralized systems from a singular generation source.
Governments of countries worldwide are also supporting decentralized energy systems as it keeps the market competitive, and energy demand is also fulfilled. Due to the augmenting demand for power and focus on reducing carbon footprints, governments support the installation of the MCHP system, which further enhances the growth of the market.
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.
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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.
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