Global Cogeneration Equipment Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 4.8% during forecast period of 2019 to 2026.
Global Cogeneration Equipment Market Drivers and Restrains:
Cogeneration or Combined heat and power (CHP) system is refer to simultaneously generate electrical and thermal energy from a single fuel source. These fuel sources can be natural gas, biomass, wood, coal, waste heat and oil. Cogeneration equipment contains steam and gas turbines, heat recovery systems and electric generators that provide power to equipment and machines like fans, pumps, refrigerators, steamers and dehumidifiers. This equipment workings more efficiently and has a smaller carbon emissions by up to XX% than other conventional systems.
The increasing electricity demand combined with growing application in renewable energy is expected to impel the cogeneration equipment market growth during the forecast period. Growing renewable energy plants in emerging regions of Asia Pacific and Latin America is estimated to drive demand in the near future. Natural gas is one of the most extensively used fuel in combined heat and power (CHP) systems. It is available in abundant quantity, mostly in Russia, the U.S., Canada, Qatar and Iran. Reducing price and abundant availability of natural gas, helpful government policies along with aging infrastructure are expected to drive CHP equipment demand over the upcoming period.
However, High initial investment requirement is hampering the market growth at the global level. These systems are beneficial, but due to their complex technological requirements, its high initial investment than the conventional systems and many small & medium-sized organizations and institutions find it difficult to afford them.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Cogeneration Equipment Market Segmentation Analysis:
Based on the technology, the global cogeneration equipment market has been segmented into Reciprocating Engine, Steam Turbine, Combined Cycle Gas Turbine, Gas Turbine, and Others. The gas turbine segment held the largest market share of XX% in 2018. The gas turbine is expected to witnessing a significant growth driven by the increasing demand for natural gas-fired power plants, reducing carbon dioxide emissions and rising demand for electricity.
Global Cogeneration Equipment Market Regional Analysis:
Geographically, the cogeneration equipment market is segmented into Europe, North America, Asia Pacific, Latin America, and Middle East Africa. Asia Pacific held the XX% market share of the cogeneration equipment market in 2018 and is anticipated to continue its dominance during the forecast period thanks to growing CHP systems demand from industrial sector in nations such as India, South Korea and China. Growing power sector in India to meet rapidly rising energy consumption is projected to fuel demand in the Asia Pacific region. Europe held the second-largest market share of XX% in 2018 due to collective carbon emission targets and stringent government regulations for improved efficiency in power generation. Cost and space restraints in major cities along with strict environmental rules are anticipated to drive demand in the region during the upcoming periods. North America is expected to witness surge in demand of cogeneration equipment due to the strict environment rules about electricity consumption coupled with shift towards renewable energy. Strict mandates for energy security and need for clean and cost-effective operations are anticipated to boost the uptake of cogeneration in the U.S. and Canada.
Global Cogeneration Equipment Market Competitive landscape
Major Key players operating in this market are American DG Energy Inc., Turner Crane, Allied Equipments Inc, Caterpillar Inc., GE Energy, Mitsubishi Heavy Industries Ltd. and Baxi Group. Manufacturers in the Global Cogeneration Equipment are focusing on competitive pricing as the strategy to capture significant market share. Moreover, strategic mergers and acquisitions and technological innovations are also the key focus areas of the manufacturers.
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Scope of the Global Cogeneration Equipment Market:
Global Cogeneration Equipment Market, by Fuels:
• Natural Gas
• Others (Nuclear, Diesel, Geothermal)
Global Cogeneration Equipment Market, by Capacity:
• Up to 30MW
• Above 60MW
Global Cogeneration Equipment Market, by Technology:
• Reciprocating Engine
• Steam Turbine
• Combined Cycle Gas Turbine
• Gas Turbine
Global Cogeneration Equipment Market, by Application:
Global Cogeneration Equipment Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global Cogeneration Equipment Market, Major Players:
• American DG Energy Inc.
• Turner Crane
• Allied Equipments Inc
• Caterpillar Inc.
• GE Energy
• Mitsubishi Heavy Industries Ltd.
• Baxi Group
• Siemens AG
• Rolls Royce PLC.
• Alstorm Power
• Cidea Uno Inc.
• Almeg Controls
• Perry Process Equipment Ltd.
• US Green Energy Ltd.
• Solar Turbines Inc.
• AB Holding, Siemens AG
• Clarke Energy
• 2G Energy
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