The 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. According to Market Research Future (MRFR), the global MCHP (micro combined heat and power) market is poised to grow at around 13.5% CAGR throughout the review period (2023-2030).
Over the recent years, due to the augmenting demand for small chip modules to improve operations of electronic devices, the MCHP market has been growing continually. The demand for improved energy-efficient electronics devices and reduced carbon emissions fosters the growth of the market. The chip also finds vast applications in gaming consoles, set-top boxes & digital televisions, and embedded telecom systems, which influence market growth.
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.
Global Micro Combined Heat & Power Market - Segments
The report is segmented into four dynamics;
By Type : Engine and Fuel-Cell.
By Technology : PEMFC, Internal Combustion Engine, Rankine Cycle Engine, Stirling Engine, SOFC, and others.
By Application : Commercial and Residential.
By Regions : North America, Asia Pacific, Europe, and the 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.
Micro Combined Heat and Power Market - Competitive Analysis
Highly competitive, the micro combined heat and power system 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:
- 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)
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.
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