Cogeneration Equipment Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

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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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.

According to UnivDatos Market Insights (UMI)’ research report “global cogeneration equipment”, the market 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.

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.

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.

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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.

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 to witness the highest growth

Based on region, the report provides a detailed analysis for overall adoption of cogeneration equipment in the major region including North America (United States, Canada, Rest of North America, Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. 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.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Cogeneration equipment 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&As along with partnerships have been undertaken by these players to boost their presence in different regions. 

“Global Cogeneration Equipment Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

1. By Fuel Type (Natural Gas/ LPG, Biogas, Coal, Diesel, And Others)
2. By Capacity (Up to 30 MW, 31MW -60 MW, and 61 MW- 100 MW)
3. By Technology (Reciprocating Engine, Steam Turbine, Combined Cycle Gas Turbine, Gas Turbine, and Others)
4. By Application (Residential, Commercial, and Industrial)
5. By Region (North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), ROW.
6. By Company (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,).

Key questions answered in the study:

1. What are the current and future trends of the global cogeneration equipment industry?
2. How the industry has been evolving in terms of fuel type, capacity, technology, application, and region?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global cogeneration equipment industry?
5. What is the customer orientation, purchase behavior, and expectations from the global Cogeneration equipment suppliers across various regions and countries?

Table of Content –

1. MARKET INTRODUCTION
2. RESEARCH METHODOLOGY OR ASSUMPTION
3. MARKET SYNOPSIS
4. EXECUTIVE SUMMARY
5. GLOBAL COGENERATION EQUIPMENT MARKET COVID-19 IMPACT
6. GLOBAL COGENERATION EQUIPMENT MARKET REVENUE 2019-2027F
7. MARKET INSIGHTS BY FUEL TYPE
8. MARKET INSIGHTS BY CAPACITY
9. MARKET INSIGHTS BY TECHNOLOGY
10. MARKET INSIGHTS BY APPLICATION
11. MARKET INSIGHTS BY REGION
12. Rest of the World COGENERATION EQUIPMENT MARKET
13. COGENERATION EQUIPMENT MARKET DYNAMICS
14. COGENERATION EQUIPMENT MARKET OPPORTUNITIES
15. COGENERATION EQUIPMENT MARKET TRENDS
16. LEGAL & REGULATORY FRAMEWORK
17. DEMAND AND SUPPLY-SIDE ANALYSIS
18. VALUE CHAIN ANALYSIS
19. COMPETITIVE SCENARIO
20. COMPANY PROFILED
21. DISCLAIMER

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