Cogeneration Equipment Market to Witness Growth Acceleration During 2016-2024
A detailed study of the global cogeneration equipment market shows that the increasing prices of the fuel and the unpredictable nature of the economy have created a pressing need for efficient power cogeneration equipment to create sustainable and profitable energy solutions. They are rapidly gaining popularity as they offer thermodynamically efficient use of fuel, while creating minimal wastage of energy. Cogeneration is used in various areas such as residential buildings, shopping complexes, hospitals, oil and gas production facilities, residential buildings, universities, and small and large industries. The equipment usually used for the process of cogeneration are reciprocating engines, electric generators, steam turbines, boilers, gas turbines, and heat recovery steam generators (HRSG).
This report offers an extensive coverage of the dynamics and trends of the global cogeneration market. It provides insights into the growth of the market at both global and regional level. It also includes a detailed description of the competitive landscape of the market. The key players in the market are profiled in the report along with their business strategies and latest development.
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Global Cogeneration Equipment Market: Drivers and Restraints
The ever-rising demand for electricity worldwide along with the depleting fossil fuels is augmenting the global cogeneration equipment market. Government initiatives to conserve energy and tackle the climatic changes globally are favoring the growth of the market. The growing number of projects based on renewable energy in developing regions such as Latin America and Asia Pacific and the abundant availability of natural gas in several parts of the world including the U.S., Russia, and Canada are providing a significant boost to the market.
Despite the array of drivers, the high initial investment and complex technological requirements for the deployment of cogeneration equipment are limiting their adoption across small and medium-sized organizations. Moreover, the lack of adequate infrastructure is leading to inconsistencies in order. As a result, manufacturers are finding it increasingly difficult to deal with cost depreciation, plant management, and inventory costs. However, technological advancements, extensive research and development activities, and remarkable product innovations are likely to create tremendous growth opportunities for the market.
Cogeneration Equipment Market: Geographical Segmentation
The regional markets analyzed in the report are Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is estimated to command a large share in the market owing to the increasing demand for cogeneration equipment from industrial sector in countries such as India, China, and South Korea. Expanding power sector in India and China in order to meet rapidly growing demand for energy is propelling the growth of the region.
The cogeneration equipment market in Europe is expected to expand at a significant CAGR in the coming years owing to the abundant availability of natural gas in countries such as Russia and Germany. Space and cost constraint in major cities along with strict environmental regulations are driving the growth of the region. The demand for cogeneration equipment is likely to remain high in the North America region owing to the increasing emphasis on electricity production through renewable energy sources. Moreover, the presence of stringent environmental norms pertaining to electricity generation is contributing to the growth of the region.
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Companies Mentioned in the Report:
The global cogeneration equipment market is characterized high competitive rivalry. The increasing focus of the majority of companies on product portfolio diversification, mergers and acquisitions, and technological innovations is intensifying the competition in the market. Established players are entering into sales and distribution partnerships with regional players in emerging markets such as Asia Pacific to consolidate their presence.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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