Cogeneration Equipment Market
Cogeneration Equipment Market (Capacity - Upto 30 MW, 31- 60 MW, and 61- 100 MW; Fuel - Biomass, Coal, and Natural Gas; Technology - Steam Turbine, Gas Turbine, Combined Cycle Gas Turbine, and Reciprocating Engine; Application - Industrial, Residential, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Global Cogeneration Equipment Market: Snapshot
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.
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A report by Transparency Market Research projects the global cogeneration equipment market to rise at a CAGR of 9.84% between 2019 and 2027, for the market to become worth US$ 42,896.44 Mn by the end of 2027 from US$ 20,245.9 Mn in 2018.
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. 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 50% market share in terms of revenue in 2018.
By application, the segments into which the global cogeneration equipment market has been divided are residential, commercial, and industrial. The industrial segment accounted for a dominant share of the market in 2018.
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 50% market share in 2018; going forward, the region is anticipated to lead the market during the forecast period. Europe held the second largest share of the cogeneration equipment market in 2018. 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 2018. 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.
Global Cogeneration Equipment Market: Competition Landscape
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
- Aegis Energy Services Inc.
- Rolls Royce Plc.
- Innovate Steam Technologies
- Kawasaki Heavy Industries.
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Expansions, Acquisitions, and New Contracts in Global Cogeneration Equipment Market
- In July 2019, Volkswagen AG has tasked Mitsubishi Hitachi Power Systems Europe (MHPS Europe) with the construction of a gas-and-steam power plant in Wolfsburg, in order to modernize its cogeneration plant "Heizkraftwerk Wolfsburg-West".
- In July 2018, the project company STEAG GuD Herne GmbH has reached agreement with Siemens AG on the turnkey construction and long-term servicing of the planned combined cycle power plant at STEAG’s power plant site in Herne, Germany.
- In March 2018, Ansaldo Energia had been awarded a contract by Shanghai Electric Group, worth approximately 40 million Pound, to supply Gas Turbines and Generators for Pancevo Combined Cycle Power Plant in Serbia.
Global Cogeneration Equipment Market: Overview
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global cogeneration equipment market to accurately gauge its future growth. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for future growth of the global cogeneration equipment market, to identify new growth opportunities for stakeholders. The report also provides insightful information about how the global cogeneration equipment market is expected to expand during the forecast period i.e. from 2019 to 2027.
The report offers intricate dynamics about different aspects of the global cogeneration equipment market, which aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the global cogeneration equipment market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global cogeneration equipment market and estimates statistics related to the market growth, in terms of value (US$ Mn).
This study covers detailed segmentation of the global cogeneration equipment market along with key information and a competition outlook. The report mentions company profiles of key players that are currently dominating the global cogeneration equipment market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Cogeneration Equipment Market
The report provides detailed information about the global cogeneration equipment market on the basis of comprehensive research on various factors that are playing a key role in promoting growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are finding innovative methods to create a unique benchmark in the global cogeneration equipment market. This helps them in designing strategies and making target-driven decisions.
- Which technology segment would emerge as a revenue generator for the global cogeneration equipment market during the forecast period?
- How are key market players successfully earning revenues in the competitive global cogeneration equipment market?
- What would be the Y-o-Y growth trend of the global cogeneration equipment market between 2019 and 2027?
- What are the winning imperatives of leading players operating in the global cogeneration equipment market?
- Which application segment of the global cogeneration equipment market is likely to be highly attractive between 2019 and 2027?
- Which regions are expected to provide growth opportunities to players operating in the cogeneration equipment market during the forecast period?
Research Methodology – Global Cogeneration Equipment Market
The research methodology adopted by analysts for compiling the report on the global cogeneration equipment market is based on detailed primary as well as secondary research. With the help of in-depth insights of market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global cogeneration equipment market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. On the basis of the data obtained through interviews, analysts have emphasized the changing scenario of the global cogeneration equipment market.
For secondary research, analysts have scrutinized numerous annual reports, publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global cogeneration equipment market.
Global Cogeneration Equipment Market – Segmentation
TMR’s research study assesses the global cogeneration equipment market in terms of capacity, technology, fuel type, application, and region. This report presents extensive market dynamics and trends associated with different segments and how they are influencing the growth prospects for the global cogeneration equipment market.
Up to 30 MW
31 MW- 60 MW
61 MW -100 MW
Combined Cycle Gas Turbine