Insights on Global Cogeneration Equipment Market and Forecast Assumptions for the Period 2017 – 2025

The global cogeneration equipment market is displaying steady growth due to the pressing need for efficient power generation techniques to meet the ever-increasing demand for electricity. Cogeneration involves generating electricity and heat simultaneously from a single fuel source such as natural gas and biomass. Cogeneration systems provide efficiency from 77% to 81% as compared to 46% efficiency of conventional systems and can reduce carbon emissions by up to 29% over conventional systems.

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The depletion of fossil fuels has necessitated the adoption of alternate techniques for energy generation such as cogeneration. Furthermore, government initiatives for energy conservation and the need to address climatic changes have led to the adoption of cogeneration, thus benefitting the cogeneration equipment market.

The increasing number of renewable energy projects and abundant availability of natural gas in some parts of the world are also stoking growth of cogeneration equipment market.

On the downside, high initial investment and sophisticated technological requisites are limiting the adoption of cogeneration equipment across medium and small sized enterprises. Nevertheless, benefits of increased revenue generation in the long term as compared to conventional systems for electricity generation will bode well for the market’s growth.

A report by Market Research Reports Search Engine (MRRSE) projects the global cogeneration equipment market to rise at a CAGR of 4.8% between 2017 and 2025, for the market to become worth US$33,543 mn by the end of 2025 from US$22,175 mn in 2016.

Industrial Application Segment stood Dominant in Recent Past

The report studies the global cogeneration equipment market on the basis of a few parameters, viz. fuel type, application, capacity, technology, and geography. Depending on capacity, the segments into which the global cogeneration equipment market is divided are up to 30 MW, 31MW- 60 MW, and 61MW-100 MW.  On the basis of technology, the global cogeneration equipment market has been segmented into steam turbine, combine cycle gas turbine, gas turbine, reciprocating engine, and others. Vis-à-vis revenue, gas turbine segment held more than 22.5% of the market in 2016. On the basis of fuel used, the cogeneration equipment market has been segmented into biomass, coal, natural gas, and others. Of them, natural gas segment held more than 52% market share in terms of revenue in 2016.

By application, the segments into which the global cogeneration equipment market has been divided are residential, commercial, and industrial. The industrial segment represented more than 58% market share in terms of revenue in 2016.

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Stringent Mandates to Curb Carbon Emissions Make Europe a Key Market

In terms of region, the cogeneration equipment market has been classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among them, Asia Pacific led the market holding more than 42% market share in 2016; going forward, the region is anticipated to lead the market during the forecast period. Europe held the second-leading 31.0% share of the cogeneration equipment market in 2016. The growth of this regional market is mainly because of collective carbon emission targets and stringent government regulations for improved efficiency in power generation.

Powered by the U.S., North America stood as a significant market for cogeneration equipment in 2016. Stringent mandates for energy security and need for clean and cost-effective operations are anticipated to boost the uptake of cogeneration in the U.S. and Canada.

Key players in the global cogeneration equipment market include BDR Thermea, Siemens AG, Mitsubishi Heavy Industries Ltd., Clarke Energy, Innovate Steam Technologies, Foster Wheeler AG, ANDRITZ Energy & Environment GmbH, 2G Energy, ABB, Aegis Energy Services Inc., Rolls Royce Plc., Innovate Steam Technologies, and Kawasaki Heavy Industries.

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This release was published on openPR.