Rising Focus on Reduction of Carbon from the Power Generating Systems to Boost Micro Combined Heat and Power Market Growth
New York, US, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “MCHP Market Analysis by Capacity, by Fuel, by Prime Mover, by Application, Region - Forecast till 2030” valuation is poised to reach USD 3870 Million by 2030, registering an 13.5% CAGR throughout the forecast period (2022–2030).
MCHP Market Overview
Governmental bodies all over the world are working on enacting a number of initiatives, regulations, and financial incentives to promote the creation of MCHP systems. Compared to other power generating methods including thermal, nuclear, solar, & wind, MCHP systems provide a number of benefits. MCHP systems are crucial in helping consumers fulfill their electric & thermal load demands. The Office of Energy Efficiency and Renewable Energy (US), according to the US DOE, announced a USD 10 million commitment in research and development for MCHP systems to assist the US electric grid.
MCHP Market Report Scope:
Market Size by 2030
USD 3870 Million
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Rising Focus on Reduction of Carbon from the Power Generating Systems to Boost Market Growth
Energy systems & microgrids both depend on MCHP systems. An MCHP system increases energy efficiency, makes it easier to integrate renewable energy sources, cuts down carbon emissions, lowers operating expenses, and boosts the dependability of vital infrastructure and the electrical power grid. Additionally, MCHP can minimize carbon emissions via up to 30% in comparison to the different forms of traditional generation, which use boilers and power plants to generate heat and power separately. For example, according to Cogen Europe, the MCHP, as a crucial component of the total CHP system, is anticipated to help Europe reach carbon neutrality by 2050. Additionally, concentrating on cogeneration will enhance energy efficiency and cost-effectively integrate the European energy system for thermally generated power and heat in all sectors. The global MCHP market is projected to be driven by all of these factors.
High Capital Cost Needs to act as Market Restraint
The high capital cost needs and lack of infrastructure may act as market restraints over the forecast period.
High Competition to act as Market Challenge
The high competition, stringent environmental regulations, frequent changes in the government policies, and rapid technology advances may act as market challenges over the forecast period.
Browse In-depth Market Research Report (132 Pages) on MCHP Market:
Micro Combined Heat and Power Market Segments
The global micro combined heat & power market is bifurcated based on application, prime mover, fuel, and capacity.
By capacity, the 10-50 kw capacity will lead the market over the forecast period.
By fuel, natural gas and LPG will dominate the market over the forecast period.
By prime mover, the micro combined heat & power market is segmented into fuel cell, internal combustion engine, and stirling engine.
By application, residential will spearhead the market over the forecast period.
Micro Combined Heat and Power Market Regional Analysis
APAC to Sway MCHP Market
The market share for micro combined heat & power is expected to be dominated by Asia Pacific. The primary factor projected to propel market expansion in the area is the increased expenditures being made in Japan to install MCHP solutions. Asia-Pacific nations are growing quickly with regards to manufacturing production and services provided. The world's top producers of carbon dioxide include nations like China and India. However, the rise has also raised emission rates. The demand for lower carbon emissions and the rise in energy efficiency are two of the key factors anticipated to propel the growth of the market in Asia-Pacific.
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North America to Have Significant Growth in MCHP Market
In 2017, the largest market share belonged to North America. Low natural gas costs and rising need for higher-efficiency power plants are driving the market expansion for the combined heat and power market in North America. The demand for the product may be further increased by retrofitting and replacing existing power plants with effective solutions. To lessen its carbon footprint, Capstone Turbine constructed 470 CHP systems nationwide in 2014. The United States, Canada, and Mexico make up North America. Due to a rise in the creation of renewable sources of energy and government programs to support the production of electricity through cogeneration or CHP, it is one of the most significant regions in the combined heat and power market. In the last five years, the commercial end users have dominated the market in the area, and they are predicted to continue to do so throughout the forecast period. In the US, for instance, California & Alaska have sizable MCHP installations that are projected to increase during the projection period, primarily as a result of the increasing need for heat and power in the area.
Due to social distance rules and a labour shortage, COVID-19 had a direct impact on the global micro combined heat and power business. As a result, installations were delayed and new projects were cancelled. Due to COVID-19, governments were compelled to enact lockdowns during the initial half of 2020, which has hindered the growth of the CHP market. Governments and municipal authorities imposed strict directives, and all non-essential activity was suspended. As a result of end users' operations being suspended, this had a negative impact on the CHP market. Additionally, during the second quarter, production & supply chain delays had been observed, which posed a challenge to the CHP industry because CHP systems were still not running to their full potential.
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Micro Combined Heat and Power Market Competitive Analysis
Dominant Key Players on MCHP Market Covered are:
Honda India Power Products Ltd. (Japan)
Vaillant Group (Germany)
Yanmar Holdings Co. (Japan)
Ceres Power Holdings Plc (UK)
Aisin Corporation (Japan)
BDR Thermea Group (Europe)
Centrica Plc (Canada)
Viessmann Group (Germany)
Dantherm Power (Europe)
Enginuity Power Systems (US)
Solid Power (US)
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