Cogeneration Equipment Market: Introduction
Transparency Market Research delivers key insights on the global cogeneration equipment market. In terms of revenue, the global cogeneration equipment market is estimated to expand at a CAGR of 9.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global cogeneration equipment market.
The global cogeneration equipment market has been positively impacted by the rise in demand for cogeneration equipment in residential, commercial, and industrial across the globe.
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Cogeneration Equipment Market: Dynamics
Various states, government institutions, and other organizations have introduced & implemented policies and programs to create a positive atmosphere for the cogeneration equipment market. These include financial incentives to increase the usage of cogeneration technologies.
Regulators are deploying different tools and information to identify and adopt appropriate policies according to their countrywide requirements.
Restrictions on industrial air emissions are anticipated to be further tightened over the next few years. Government regulators in several countries, including the U.S. and the U.K., have already started enforcing stringent regulations pertaining to harmful industrial emissions. The 2004/8/EC directive was developed by the European Commission (EC) in 2004 in order to reduce emissions (greenhouse gases) and promote cogeneration systems.
In Denmark and Germany, cogeneration is supported by government policies such as providing tax incentives and subsidies to companies and organizations using cogeneration equipment. Cold weather conditions in Finland and the U.K. are fueling the demand for cogeneration equipment, as such equipment can be used for electrical and thermal applications. These countries are striving to increase the total cogeneration target based on the installed capacity of enhancing investments into the cogeneration sector for the next few years. This is expected to drive the cogeneration equipment market during the forecast period.
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Cogeneration Equipment Market: Prominent Regions
In terms of value, Asia Pacific dominated the global cogeneration equipment market in 2020. It has emerged as a highly lucrative region of the global cogeneration equipment market over the past few decades. The industrial sector is experiencing an important transformation in order to meet the response for reduced environmental contaminants and reduced dependency for heat and power from the external sources. Governments of countries in Asia Pacific are imposing legislations to reduce air pollution. This is expected to increase the usage of cogeneration equipment in heat and power generation areas. In turn, this is likely to drive the cogeneration equipment market in Asia Pacific in the near future.
North America was another lucrative region of the global cogeneration equipment market in 2020. North America is expected to drive the demand for cogeneration equipment market across the globe in the next few years. The increase in acceptance of green energy is positively impacting the cogeneration equipment market. Furthermore, cogeneration equipment manufacturing companies are developing new energy efficient products for heat and power markets. This is also anticipated to boost the demand for cogeneration equipment in North America during the forecast period.
Europe has also been a significant region of the global cogeneration equipment market since the past few years. This trend is expected to continue during the forecast period due to the implementation of environment-friendly policies in the region. Furthermore, many governments in the European Union are providing funding, tax benefices, and various financial schemes to encourage investments in cogeneration as well as cogeneration equipment markets. Most countries have multiple support schemes for different fuels and capacities of plants. Thus, investment in the cogeneration equipment market is expected to rise during the forecast period.
Cogeneration Equipment Market: Key Players
Key players operating in the global cogeneration equipment market are Rolls-Royce plc, Siemens, ABB, Baxi Group, Andritz Energy and Environment, BDR Thermea Group, Mitsubishi Heavy Industries, Ltd., 2G Energy Inc., Clarke Energy Ltd., Capstone Turbine Corporation, Innovative Steam Technology, Inc., Aegis Energy Services Inc., and Kawasaki Heavy Industries, Ltd.
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Global Cogeneration Equipment Market: Segmentation
Cogeneration Equipment Market, by Capacity
- Up to 30 MW
- 31 MW – 60 MW
- 61 MW – 100 MW
Cogeneration Equipment Market, by Technology
- Steam Turbine
- Gas Turbine
- Combined Cycle Gas Turbine
- Reciprocating Engine
- Others (including Piston Engine)
Cogeneration Equipment Market, by Fuel Segment
- Natural Gas
- Others (including Nuclear Power)
Cogeneration Equipment Market, by Application
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