Wilmington, Delaware, United States, June 14, 2022 (GLOBE NEWSWIRE) -- A study by Transparency Market Research (TMR) states that the global cogeneration equipment market is projected to register growth at a CAGR of 9.3% during the forecast period, 2021 to 2031. This assessment provides in-depth insights of the cogeneration equipment market.
Government authorities of several nations across the globe are implementing different policies that support the adoption of cogeneration technologies. This factor is leading to revenue-generation opportunities in the cogeneration equipment market. Moreover, several countries are providing financial support in order to promote the use of cogeneration technologies. Such efforts are favoring the growth curve of the cogeneration equipment market.
Leading companies operating in the cogeneration equipment market are focusing on the use of organic and inorganic strategies in order to expand their businesses. For instance, many players are increasing concentration on mergers and acquisitions so as to achieve their regional expansion. This aside, several enterprises in the cogeneration equipment market are launching advanced products in order to strengthen their product portfolio.
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Cogeneration Equipment Market: Key Findings
- Rising global population is resulting into increasing need for energy across the globe. Moreover, due to exhausting sources of fossil fuels, many developed and developing nations worldwide are focusing on the adoption of alternative methods for generation of energy including cogeneration. This factor is resulting into promising opportunities for the expansion of the cogeneration equipment market. Moreover, the market value of cogeneration equipment market is prognosticated to reach over US$ 55.7 Bn by 2031.
- Due to rising urbanization and industrialization around the world, the need for electricity is being increasing consistently. For instance, over 25.67 TWh of electricity was utilized globally in 2020. The International Energy Agency (IEA) notes that the need for electricity is expected to intensify and reach to a valuation of upto 40.44 TWh by 2040. These statistics highlight that the market share for cogeneration equipment is likely to bolster during the forecast period.
- With improving disposable income of people from developing and developed countries across the globe, there has been a surge in the demand for bigger houses and different energy services. This, in turn, has resulted into increased need for energy per household. This aside, a rise in the use of different appliances and equipment such as computer & entertainment systems is fueling the demand for energy. These factors are anticipated to drive the sales growth in the global cogeneration equipment market during the forecast period.
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Cogeneration Equipment Market: Growth Boosters
- Surge in urbanization and industrialization around the world is boosting the sales of the cogeneration equipment market
- Rising focus of governments on the implementation of strict regulations related to hazardous industrial emissions is creating profitable prospects in the market
Cogeneration Equipment Market: Regional Analysis
- The cogeneration equipment market in North America is expected to maintain its dominating position during the forecast period owing to the presence of sizable electricity producers and consumers in the region
- Increasing industrialization in many developing nations of Asia pacific is estimated to fuel the sales growth in the regional market in the forthcoming years
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Cogeneration Equipment Market: Key Players
Some of the key players profiled in the report are:
- Siemens
- Rolls-Royce plc
- Baxi Group
- ABB
- BDR Thermea Group
- Andritz Energy and Environment
- 2G Energy Inc.
- Mitsubishi Heavy Industries, Ltd.
- Capstone Turbine Corporation
- Clarke Energy Ltd.
- Aegis Energy Services Inc.
- Innovative Steam Technology, Inc.
- Kawasaki Heavy Industries, Ltd.
Cogeneration Equipment Market Segmentation
Capacity
- Up to 30 MW
- 31 MW - 60 MW
- 61 MW - 100 MW
Technology
- Steam Turbine
- Gas Turbine
- Combined Cycle Gas Turbine
- Reciprocating Engine
- Others (Including Piston Engine)
Fuel
- Biomass
- Coal
- Natural Gas
- Others (including Nuclear Power)
Application
- Residential
- Commercial
- Industrial
Key Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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