Global Cogeneration Equipment Market is expected to foresee significant growth. Europe to lead the growth!
- Himanshu Patni
- June 4, 2022
- ENERGY & POWER, NEWS
- Cogeneration Equipment Market, Cogeneration Equipment Market Growth, Cogeneration Equipment Market Share, Cogeneration Equipment Market SIze
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The global cogeneration equipment market was valued at USD 22.25 bn in 2020 and to expected to grow at a CAGR of around 9% during the forecast period (2021-2027). Cogeneration, also known as combined heat and power (CHP), is the utilization of energy in two different forms simultaneously, typically mechanical energy and thermal energy by utilizing fuel energy at optimum efficiency in a cost-effective and environmentally responsible way. The equipment used in the cogeneration system such as motor, pump, compressor, steam turbines, air compressor, combustion chamber, gas turbine, and many others, are known as cogeneration equipment. Factor such as increasing electricity demand coupled with rising application in renewable energy is anticipated to drive the cogeneration equipment market over the next seven years.
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.
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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.
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.
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments and local authorities, industrial, commercial activities even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the growth of the power industry, which has had a cascading effect on the end-user industries, thereby negatively affecting the demand for cogeneration equipment.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/cogeneration-equipment-market/
Based on fuel type, the cogeneration equipment market is classified into natural gas/ LPG, biogas, coal, diesel, and others. Natural gas caters to extensive market share in the cogeneration equipment market and is predicted to be the fastest-growing segment in the forecasted period. Due to the easy availability of natural gas, rapid progress in technology, performance-based action in installation costs, and better environmental performance have accentuated the market size of cogeneration.
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.
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.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. 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.
Some of the major players operating in the market are 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&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Cogeneration equipment Market Segmentation
Market Insight, by Fuel Type
• Natural Gas/ LPG
Market Insight, by Capacity
• Up to 30 MW
• 31MW -60 MW
• 61 MW- 100 MW
Market Insight, by Technology
• Reciprocating Engine
• Steam Turbine
• Combined Cycle Gas Turbine
• Gas Turbine
Market Insight, by Application
Market Insight, by Region
- North America Cogeneration Equipment Market
- United States
- Rest of North America
- Europe Cogeneration Equipment Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Cogeneration Equipment Market
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• 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