Cogeneration Equipment Market: Current Analysis and Forecast (2021-2027)

Cogeneration Equipment Market: Current Analysis and Forecast (2021-2027)

The Global Cogeneration equipment was valued at USD 22.25 bn in 2020 and to expected to grow at a CAGR around 9% during the forecast period (2021-2027). Cogeneration Equipment cater to significant market demand over the past few years and is expected to have substantial growth in the forecasted period as well. The frequent occurrence of power outages and increasing power shortages have initiated the development process of systems that are a consistent, uninterrupted, and sustainable source of power generation and supply.

Furthermore, the widespread adoption of micro-CHP systems in industrial, residential, and small and medium enterprise (SME) sectors coupled with the decreasing prices of natural gas owing to its abundant availability has positively influenced the demand for this equipment

The market is also receiving a boost due to increasing emphasis by governments of both developed and emerging nations on the production of clean, renewable, and efficient energy. Various technological innovations are also catalyzing market growth. For instance, the introduction of Tri- and Quattro-power generation systems has enabled the simultaneous production of three and more forms of energy, which assists in a better and more effective way of energy conversion.American DG Energy Inc., Turner Crane, Allied Equipments Inc., Caterpillar Inc., GE Energy, Mitsubishi Heavy Industries Ltd., Baxi Group, Rolls Royce PLC., Alstorm Power, Siemens AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Capacity, 61 MW to 100 MW segment holds the major share”

Based on capacity, the cogeneration equipment market is bifurcated into Up to 30 MW, 31MW -60 MW, and 61 MW- 100 MW. The 61MW to 100 MW caters to a significant market share in the cogeneration equipment market. The more than 61 MW-100 MW segment holds a considerable market share. It is mainly owing to the surging demand for cogeneration systems in power generation.
"Amongst technology, gas turbine segment holds the major share”

Based on technology, the cogeneration equipment market is categorized into the reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine, and others. The gas turbine segment caters to a substantial market share in the cogeneration equipment market. A cogeneration system drives a gas turbine by using primary energy (fuel) and produces multiple types of secondary energy continuously. In a gas turbine cogeneration system, fuel is used as the primary energy, and multiple types of energy are produced in order to use energy more effectively.
"Amongst application, residential segment holds the major share”

Based on application, the cogeneration equipment market is classified into residential, commercial, and industrial. The residential segment caters to a considerable share of the cogeneration equipment market. A surge in the number of households and size of houses have augmented the total usage of energy. This has bolstered the demand for cogeneration systems, as they are energy efficient in comparison to conventional systems.
"Europe represents one of the extensive market shares of global Cogeneration Equipment Market”

For a better understanding of the market dynamics of the global cogeneration equipment. Europe is anticipated to witness the highest growth rate during the forecast period, owing to the large-scale availability of natural gas in economies such as Russia and Germany. Space and cost restraints in cities, combined with strict environmental regulations, are expected to drive the demand for this equipment over the forecast period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.