New York, July 28, 2021 (GLOBE NEWSWIRE) -- Micro Combined Heat and Power Market / Micro CHP Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Micro Combined Heat and Power Market Research Report, Type, Technology, Application and Region - Forecast till 2027” the market grow at a rate of 15.5% during the forecast period 2020-2027.
The global micro combined heat and power market witnesses increasing revenue growth. Diverse applications of MCHP technology as a temporary power solution for devices used in data centers & enterprise networking, IT & telecom, industrial automation, consumer electronics, and automotive boost the market size. With the rising demand for greater power-efficient solutions, the market is projected to witness substantial traction during the next six years.
Governments of countries worldwide also support decentralizing of energy systems as the process keeps the market competition up and meets the energy demand. Due to the augmenting power demand and pressure to reduce carbon footprints, governments across the countries worldwide promote the MCHP installations, which further enhance the market's growth.
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List of the Key Companies Profiled in the Micro CHP Market Research Report are –
Vaillant Group (Germany)
Yanmar Holdings Co. Ltd. (Japan)
Honda Power (Japan)
Aisin Group (Japan)
Ceres Power Holdings PLC (UK)
Centrica plc (UK)
Mondragon Corporation (Spain)
BDR Thermea Group (UK)
Dantherm Power (Denmark)
Solid Power (US)
Viessmann Group (Germany)
Nucusa Energy (US)
The MCHP market witnesses several strategic partnerships, alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, on July 21, 2021, Alkaline Fuel Cell Power Corp., involved in the development, production, and commercialization of micro-combined heat and power (micro-CHP) systems, celebrated the Company's listing on the NEO Exchange. The Company's solution generates equivalent amounts of electricity and heat with zero CO2 emissions.
The solution is ideal for spaces that need small-scale power and heat, including homes, residential apartments, and office spaces. It can also be used in applications where produced heat is not needed, such as EV charging stations, backup power for cell towers & hospitals, IT equipment, temporary power for construction sites, and many more.
Browse In-depth Market Research Report (120 pages) on Micro Combined Heat and Power (MCHP)
Increasing Uptake of MCHP Chips in Electronics Offers Ample Opportunities
Besides, the shift towards energy systems with advanced methods of power generation escalates market revenues. Growing demand for MCHP units from burgeoning industries such as medical devices, automotive, and IT & telecom impacts the market growth positively. Additionally, rapidly growing consumer electronics sectors worldwide support the market rise.
The growing uptake of energy systems in terms of generation source by having decentralized systems from a singular generation source contribute to the market growth, demonstrating the largest adoption of MCHP units. Rising investments for establishing micro combined heat and power production plants in many regions push the market growth.
Lack of Technical Expertise and Constant Innovations in Manufacturing Processes are Significant Headwinds
Also, volatility in price and the demand-supply gap in raw materials and components required for MCHP production are key factors projected to impede the growth of the market. High R&D investments required for product development pose major challenges to industry players. Additionally, maintenance costs associated with MCHP units and the lack of standard tests obstruct the market growth.
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The micro combined heat and power industry suffered unprecedented challenges due to the COVID-19 pandemic. Industry players faced many problems, including obtaining raw materials, attracting workers from quarantines, and delivering end products. Resultantly, the micro combined heat and power market experienced unexpected outages, whipsaws pricing, and wreaked havoc on the supply chains.
However, the market is speedily returning to normalcy, with the lockdown relaxing in many countries. Besides, various industries, including food & beverages and power generation, are creating significant market demand.
The market is segmented into types, technologies, applications, and regions. The type segment is sub-segmented into engine-based and fuel-cell-based. The technology segment is sub-segmented into internal combustion engines, PEMFC, Rankine cycle engines, Stirling engines, and SOFC. The application is sub-segmented into residential and commercial. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Europe accounts for the largest market in terms of the micro combined heat and power market share globally. Factors such as government initiatives to control rising concerns in clean and efficient energy systems the cold weather conditions in the region create a substantial demand for heating solutions from residential and commercial buildings.
Recently, the European Union implemented a country-level Energy Efficiency Directive, which promoted the MCHP market further by increasing CHP projects, facilitating demand response, and simplifying grid connection procedures for MCHP installations. Besides, the growing healthcare industry and huge spending in the defense industry to get long-term solutions for high-end, demanding devices boost the MCHP market size.
The UK, Germany, France, and Italy are major markets for micro combined heat and power solutions. Additionally, the vast productions and widening adoption of MCHP technology in electronic products substantiate the regional market growth.
Segmentation of Market covered in the research:
Information by Type (Engine, Fuel-Cell), by Technology (Internal combustion engine, PEMFC, Rankine cycle engine, Stirling engine, SOFC), by Application and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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