Increase in Number of Renewable Energy Projects Fuels Demand for Cogeneration Equipment Market, Opines TMR

The cogeneration equipment market is expected to value US$ 42.9 Bn by 2027. Need for effectual power generation techniques is projected to help in market expansion during the forecast period.

Stringent regulations on carbon emissions make Europe a prominent market for cogeneration equipment

News provided by

Transparency Market Research

Sep 07, 2021, 05:32 ET

ALBANY, N.Y., Sept. 7, 2021 /PRNewswire/ -- The concept of cogeneration includes simultaneous heat and electricity generation from a single fuel source, including biomass and natural gas. Gas turbine, steam turbine, reciprocating engine, and combined cycle gas turbine are some of the important technologies used in cogeneration equipment.

Analysts from Transparency Market Research (TMR) highlight that the global cogeneration equipment market would expand at a CAGR of 9.84% during the forecast period of 2019–2027. The market was valued at US$ 20.25 Bn in 2018.

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Cogeneration Equipment Market: Key Findings

Depleting Sources of Fossil Fuels Highlight Need for Sustainable Alternatives for Energy Generation

While the global demand for energy is increasing consistently, the sources of fossil fuels are depleting. This factor is driving the need for alternate energy generation techniques such as cogeneration, thereby creating demand in the market.

Increased Need to Reduce Carbon Emission Drives Demand for Cogeneration Systems

While traditional systems offer 46% efficiency in power generation, the cogeneration systems deliver 77–81% efficiency. Moreover, cogeneration systems help in carbon emission reduction by up to 29% in comparison to traditional systems. As a result, there is significant growth in the adoption of these systems, which, in turn, is fueling market growth.

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Cogeneration Equipment Market: Growth Boosters

Availability of natural gas in abundant amount and growing number of projects related to renewable energy across several parts of the globe are creating demand opportunities in the cogeneration equipment market
Government bodies of many countries across the globe are increasing efforts for energy conservation. In addition, the increased need to deal with climatic changes has resulted into high adoption of cogeneration, thereby creating growth avenues in the cogeneration equipment market.
Product adoption in medium- and small-sized companies is less due to complex technological requisites and need for high initial investments. However, these investments can open opportunities for long-term revenue generation in comparison with traditional systems utilized for electricity generation.This factor may lead to market growth.
Cogeneration equipment are used in commercial, industrial, and residential applications. Of these, the market witnessed high demand for use in industrial application in 2018.
In terms of region, Asia Pacific is estimated to maintain its leading market position during forecast period. Besides, North America is one of the key regions in the market. Increased requirement for clean and cost-effective operations and strict regulations on energy security are projected to fuel the adoption of cogeneration equipment in Canada and the U.S.

Cogeneration Equipment Market: Competition Landscape

Players in the global cogeneration market are entering into agreements with OEMs of different end-use industries. In addition, many companies are investing in research and product development activities.Several enterprises are focused on expanding their regional presence in different emerging economies, particularly in Asia Pacific. These efforts are expected to result into prodigious market expansion.

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Cogeneration Equipment Market: Key Players

The report profiles key players working in the cogeneration equipment market. Thus, the research document provides all important data including company overview, product portfolio, financial overview, recent developments, and business strategies of each player working in the market.

The list of key players in the cogeneration equipment market includes the following:

Siemens AG
BDR Thermea
Clarke Energy
Mitsubishi Heavy Industries Ltd.
Foster Wheeler AG
Innovate Steam Technologies
2G Energy
ANDRITZ Energy & Environment GmbH
Aegis Energy Services Inc.
Rolls Royce Plc.
ABB
Innovate Steam Technologies
Kawasaki Heavy Industries

The global cogeneration equipment market is segmented as follows:

Global Cogeneration equipment Market: By Capacity

Upto 30 MW
31MW -60 MW
61 MW- 100 MW

Global Cogeneration equipment Market: By Fuel

Biomass
Coal
Natural Gas
Others

Global Cogeneration equipment Market: By Technology

Steam Turbine
Gas Turbine
Combined Cycle Gas Turbine
Reciprocating engine
Others

Global Cogeneration equipment Market: By Application

Industrial
Residential
Commercial

Global Cogeneration equipment Market: By Region

North America

US
Canada

Europe

Germany
UK
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
ASEAN
Rest of Asia Pacific

Middle East

GCC
Egypt
Rest of Middle East

Africa

South Africa
Nigeria
Rest of Africa

Latin America

Brazil
Mexico
Rest of Latin America

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