According to the latest report by IMARC Group, titled "Cogeneration Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global cogeneration equipment market is experiencing stable growth. Cogeneration equipment is utilized to generate both electricity and thermal energy from a single fuel source. Also known as combined heat and power (CHP) equipment, it employs oil, coal, biomass, waste heat or natural gas as a primary energy source. The process of cogeneration takes place near the point of consumption that enables it to utilize the heat, which is usually lost in a conventional power-generation process. As a result, the utilization of this process substantially reduces fuel consumption, energy costs and carbon emissions. Owing to their enhanced efficiency and smaller footprint, unlike their traditional counterparts, cogeneration equipment, including electric generators, steam turbines and heat recovery systems, are widely utilized to power fans, pumps, steamers, dehumidifiers and refrigerators.
Global Cogeneration Equipment Market Trends:
The global market is primarily driven by an increase in the adoption of renewable energy resources on account of the rising awareness about sustainable development among individuals. The depletion of fossil fuels has led to the utilization of unconventional and energy-efficient techniques for energy generation, which is catalyzing the demand for cogeneration worldwide. Additionally, an increase in the frequency of power outages has been witnessed on a global level. This has escalated the demand for uninterrupted power supply, thereby creating a positive outlook for the market. Moreover, the developing economies are witnessing a rise in the number of renewable energy projects, which is expected to bolster the sales of cogeneration equipment. Furthermore, enhanced research and development (R&D) activities by the manufacturers have contributed to the widespread popularity of fuel cell technology for power and heat generation. The easy availability of a vast range of advanced steam turbines with enhanced operational flexibility is another major factor influencing the market growth. On account of the aforementioned factors, the global market is anticipated to grow at a CAGR of 4% during the forecast period (2020-2025).
Market Summary:
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