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Global Cogeneration Equipment Market to Grow at a CAGR of 4% During 2020-2025, Fostered by Increasing Demand for Uninterrupted Power Supply

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:

  • On the basis of the fuel, the market has been divided into natural gas, biomass, coal and others.
  • Based on the capacity, the market has been classified into up to 30 MW, 31 MW - 60 MW and 61 MW - 100 MW.
  • On the basis of the technology, the market has been categorized into reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine and others.
  • Based on the application, the market has been segregated into commercial, industrial and residential segments.
  • On the geographical front, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed in the report, with the detailed profiles of the key players operating in the market. Some of these players include Kawasaki Heavy Industries, Ltd., Bosch Group, Innovative Steam Technologies Inc., Kohler Co., Mitsubishi Heavy Industries, Ltd., Wood PLC (Foster Wheeler AG), ANDRITZ AG, Siemens Aktiengesellschaft, 2G Energy AG, ABB Group, Aegis Energy, EDF Group, BDR Thermea Group B.V., Baxi Group, Capstone Turbine Corporation, and Rolls-Royce plc.

 

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