Micro Combined Heat and Power Market Analysis by Industry Size, Shares and Revenue | Future Vision Footbridge by MRFR
Research Reports
Mar 08, 2022
Micro combined heat and power (MCHP) system is also called microgeneration. This system is used to generate electricity and thermal energy simultaneously through a single fuel source for houses, buildings, and offices. This is generated through burning fuels like natural gas, oils, and biomass. The advantages of this system are providing an easy and efficient production of heat and electricity. This system utilizes waste resources and reduces carbon emissions and fuel costs. It is highly preferred in applications having up to 50 kW of power capacity. It is located at or near the end-use site.
As per the latest news collected, the global Micro combined heat and power Market size is registered as USD 541.15 million in 2022 and is expected to exhibit the highest CAGR of 18.14% along with the market size of USD 1,708 million during the forecast period 2022 to 2027.
The government support towards the adoption of low GHG emission technologies is boosting the market growth of MCHP. This system is used in wide applications across both residential and commercial sectors. The superior characteristics like high functioning flexibility, fast starting, low operational & maintenance cost, minimum noise pollution, low carbon emissions, and high ramping capability are escalating the growth of the market. Furthermore, the features like high compression ratio, high efficiency & reliability, low fuel consumption, upgraded product lifecycle, and improved operability are rising the adoption of this technology.
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The MCHP market opportunities are rising investments towards the R & D sector by the major key players to develop efficient and feasible combustion engines is thrusting the demand for the product.
Market Segmentation
With the latest updates, the MCHP market is segmented into capacity, fuel, prime mover, and application.
Capacity Segmentation: The MCHP market based on the capacity is trifurcated into up to 2kW, 2kW to 10kW, and 10 to 50kW.
Fuel Segmentation: The MCHP market by fuel is divided into four forms such as natural gas & LPG, coal, renewable resources, and oil.
Prime Mover Segmentation: Based on the prime mover segment, the MCHP market is analyzed into Stirling engine, internal combustion engine, and fuel cell.
Application Segmentation: By application, the MCHP market is bifurcated into residential and commercial.
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Regional Analysis
Based on the recent research, the MCHP market is regionally divided into five segments North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Among them, North America is leading the highest market share due to an increase in the development of renewable energy sources and government support to generate electricity through cogeneration or CHP. The commercial end-users are highly preferring this system which boosts the market growth in this region. Europe is holding a significant share owing to the rising demand for renewable energy sources and the developments in the energy sector for the reduction of carbon emission is boosting the growth of the market.
The MCHP market’s major industry players are Honda POwer, Vaillant Group, Ceres Power Holdings PLC, BDR Thermea Group, Mondragon Corporation, Dantherm Power, and others.
Industry News
According to the information received, the MCHP market is anticipated to grow at a significant rate for its superior characteristics, government support to reduce carbon emissions, rising investments in R&D to develop the system. A popular enterpriser, Nirvana Energy Systems introduced a new micro combined heat and power generation unit named Thermo Acoustic Power Stick which is fostering the demand for the product.
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