Micro CHP Market to rise at CAGR of 23.45% through 2028 - Report by Market Research Future (MRFR)

/EIN News/ -- New York, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Micro Combined Heat and Power 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 2028” the market grow at a rate of 23.45% during the forecast period 2021-2028.

Competitive Analysis

List of the Key Companies Profiled in the Players involved in the Micro Combined Heat and Power Market Report are –

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)
Solid Power (US)
Nucusa Energy (US)
others.

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Highly competitive, the MCHP market appears fragmented, with several well-established players forming a competitive landscape. Innovation, mergers & acquisitions, and brand reinforcement remain key trends for these players to gain a larger competitive share. They make substantial R&D investments in the development of new technologies and cost-effective portfolios. Also, considerable investments are fostered in expanding global footprints and gaining diverse expertise.

For instance, on Sep.09, 2021, Alkaline Fuel Cell Power Corp.(AFCP), a leading developer and manufacturer of micro-CHP systems, announced commencing testing of next-generation power units with Gaskatel GmbH. The collaboration would ensure processes have high integrity and optimal performance.

MCHP Technology to Reduce Network Losses & Emissions

The micro combined heat and power market is growing rapidly across the globe. Government initiatives to decentralize energy systems to meet the growing global energy demand and rising demand from electric vehicle charging stations drive the growth of micro CHP. With the rising demand for power-efficient solutions, the market is estimated to

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Increasing Uptake of MCHP Offers Ample Opportunities

Rising applications of MCHP technology as a temporary power solution for devices used in IT & telecom, data centers & enterprise networking, industrial automation, automotive, and consumer electronics foster market revenues. Besides, the rising preference for energy systems with advanced power generation methods escalates the market value. Rising investments for establishing micro-combined heat & power production plants in many regions push the market growth.

Growing demand for MCHP units from burgeoning automotive, medical devices, and IT & telecom positively impacts market growth. Additionally, rapidly growing consumer electronics sectors worldwide support the market rise. The growing uptake of decentralized energy generation systems offering a singular generation source contributes to market growth.

Price Volatility & Demand-Supply Gap in Key Components is a Major Restraint

Also, the lack of technical expertise and constant innovations in manufacturing processes are key factors projected to impede market development. High R&D investments required for product development pose major challenges to industry players. Moreover, maintenance costs associated with MCHP units and the lack of standard tests obstruct the market growth.

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COVID-19 Analysis

The micro-combined heat and power (micro-CHP) industry was severely affected by the Coronavirus pandemic. The global power demand was reassuringly robust amid the COVID-19 challenges. Manufacturers faced various unprecedented challenges ranging from obtaining key components required to develop MCHP and attracting workers to delivering end products to markets.

Lockdown mandates created shortages of key raw materials and component production, disrupting supply chains. This, as a result, escalated product prices and lowered the market demand. However, the micro-CHP market is rapidly returning to normalcy, witnessing increasing energy demand. Also, the market demand is estimated to pick up further post the lockdown mandates get relaxed in many countries.

Segments

The market is segmented into type, technology, application, and region. The type segment is bifurcated into engine-based and fuel-cell-based. The technology segment is bifurcated into PEMFC, internal combustion engines, Rankine cycle engines, SOFC, and Stirling engines. The application segment is bifurcated into residential and commercial. By regions, the market is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.

Regional Analysis

Europe dominates the global micro combined heat and power market. Government initiatives to control rising concerns in clean and efficient energy systems in the region increase micro CHP market value. Besides, the cold weather conditions in the region create a substantial demand for heating solutions for residential and commercial buildings.

Additionally, the vast productions and widening adoption of MCHP technology in electronic products substantiate the r micro CHP market growth. Growing country-level energy efficiency directives implemented by the European Union are further increasing CHP projects, facilitating demand response, and simplifying grid connection procedures for MCHP installations.

Segmentation of Market covered in the research:

Micro Combined Heat and Power Market/ MCHP Market Research Report: Information by Type (Engine, Fuel-Cell), by Technology (Internal combustion engine, PEMFC, Rankine cycle engine, Stirling engine, SOFC), by Application, and by Region - Forecast till 2028

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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