Posted On: 2019-09-12
Global cogeneration equipment market size is projected to grow at a CAGR of 3.8% during 2019-25– 6Wresearch
Lower CO2 emission, reduced infrastructure investment, less dependency on imported fuel and increased consumption of local resources are some of the factors that would drive the global cogeneration equipment market over the coming years. Another major market driver is growing government intervention, especially in developing nations, where strong measures have been initiated to boost the demand of cogeneration systems across several prominent verticals.
According to 6Wresearch, Global Cogeneration Equipment Market is expected to grow at a CAGR of 3.8% during 2019-25. Governments across the globe are exploring sustainable sources of energy in order to cater the need of growing population, widespread industrialization and urbanization. To boost the adoption further, several initiatives have been taken such as tax rebate for encouraging maximum usage of renewable source of energy and tax incentives for generating electricity through cogeneration.
According to Rachit Gulati, Assistant Manager, Research and Consulting, 6Wresearch, “Asia Pacific region emerged as a leader in global cogeneration equipment market in 2018. The region holds the largest share in terms of net capacity addition as well as the cumulative CHP capacity. By countries, China and India remained the biggest contributors for the growth of cogeneration equipment market owing to significant capacity addition in these countries. Also, in terms of revenues, Europe was the second largest market for cogeneration equipment globally in 2018. Germany and Russia are expected to further drive the Europe cogeneration equipment market during the forecast period.
According to Kanchan Negi, Senior Research Analyst, Research and Consulting, 6Wresearch, “At present, the industrial segment accounted for the highest revenue share in the overall cogeneration equipment market. Cogeneration is widely used in chemical plants, food processing sites, refineries, paper and pulp industries etc. The sector would continue to maintain its dominance during the forecast period, in terms of revenues. For instance, governments across several countries are replacing the coal fired plants with natural gas plants to boost the cogeneration demand. Further, micro cogeneration systems, which are gaining traction in commercial and residential domains, would surge the demand of cogeneration in the coming few years.
Some of the key players in global cogeneration equipment market are General Electric, AB Holding, Siemens AG, Caterpillar Energy Solutions, Mitsubishi, Clarke Energy and 2G Energy.
"Global Cogeneration Equipment Market (2019-2025)" report provides an in-depth analysis with 120 above figures covered in more than 300 pages. The report estimates and forecast the overall global cogeneration equipment market by capacity, applications, fuel and prime mover that include Americas, Middle East & Africa, Europe and Asia Pacific. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.