Global Cogeneration Equipment Market
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.
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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 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.
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