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Allied Market Research

Cogeneration Equipment Market- opportunity Analysis and Industry Forecast, 2020–2027

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Feb 2021 | 41 Views
 
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Cogeneration is also called as combined heat and power or combine heat and power. The cogeneration is a concept of generating two different form of energy by a single source of fuel. In the two forms, one is heat or thermal energy and other is electrical or mechanical energy. Based on the technology the cogeneration plants are classified into gas turbine, combined cycle gas turbine, steam turbine, and reciprocating engine. Cogeneration nowadays is one of the attractive option for developed and developing countries in order to meet their base and peak demand. The increasing global environmental concerns, and stringent emission norms by governing bodies has led to the development of the new technologies in cogeneration equipment.

Cogeneration solutions use a single fuel in a combustion engine, like a gas turbine, to generate electricity. The heat that is created as a result of the process is captured and recycled to provide hot water or steam for other uses—like heating or cooling for the facility.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

 Value (USD Millions)

  Segments covered

 Fuel, Technology, and Region

  Geographies covered

North America (US and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, and the Rest of Asia Pacific), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

 

  • 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
  • Kawasaki Heavy Industries.

 



 

 

Covid impact on industry -

COVID-19 pandemic has shut-down the production of various products in the cogeneration   equipment market  industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of industrial cogeneration equipment  market  significantly from last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.

The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.

Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

These cogeneration equipment market has its use in energy sector and the growing energy demand across the globe is the key factor driving the market growth. 

Rising energy prices is expected to remain a key driving factor for cogeneration equipment

Rising energy prices is expected to remain a key driving factor for cogeneration equipment market growth. Cogeneration or combined heat and power (CHP) systems are used to simultaneously generate both electricity and heat energy from a single fuel source such as natural gas, biomass, wood, coal, waste heat, or oil.

The cogeneration market has witnessed the emergence of several innovative technologies owing to significant research and development activities. Fuel cell technology has emerged as a popular choice for power and heat generation. In a fuel cell, the chemical energy stored in natural gas or biomass is directly converted into power and heat by breaking down molecules. Moreover, fuel cell-based cogeneration systems can be installed in residential and commercial facilities. The emergence of new innovations and technologies will be a key cogeneration equipment market trend that will fuel the growth of the market during the forecast period.

  • increasing number of government initiatives

There is a factor driving the growth of the global cogeneration equipment market size is the increasing number of government initiatives. Government agencies are undertaking several initiatives for setting up cogeneration power plants. Cogeneration is more efficient and requires less fuel to produce a given energy output. due to this  also reduces transmission and distribution losses as compared with other power generation techniques, which makes it a more environmentally friendly alternative. Thus, the advantages of cogeneration and increasing initiatives by government bodies across the world will fuel the cogeneration equipment market growth during the forecast period.

The frequent occurrence of power outages and increasing power shortages have initiated the development process of systems that are a consistent, uninterrupted and sustainable source of power generation and supply. Furthermore, widespread adoption of micro-CHP systems in industrial, residential and small and medium enterprise (SME) sectors coupled with the decreasing prices of natural gas owing to its abundant availability has positively influenced the demand for this equipment. The market is also receiving a boost due to increasing emphasis by governments of both developed and emerging nations on the production of clean, renewable and efficient energy. Various technological innovations are also catalyzing the market growth. For instance, the introduction of Tri- and Quattro-power generation systems has enabled the simultaneous production of three and more forms of energy, which assists in a better and more effective way of energy conversion

Key segments covered:

                Segments 

                                   Sub-segments

  Fuel

  • Natural
  • Gas
  • Biomass
  • Coal
  • Others


 

  Technology

Reciprocating Engine
– Steam Turbine
– Gas Turbine
– Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the Cogeneration equipment market along with the current trends and future estimations to determine the future of the market 
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Cogeneration equipment market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the Cogeneration equipment market growth scenario.
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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