Posted On: 2020-09-04
Global Cogeneration Equipment Market was dominated by the Asia Pacific region in revenue terms in 2019 – 6Wresearch.
A growing need for energy efficiency and increasing adoption of clean energy sources around the world, owing to increasing consumer preference for energy cost reduction, improved reliability of power sources, as well as growing concerns about sustainability, would drive the demand for cogeneration equipment during the forecast period. Moreover, the shift from coal to gas in countries such as the United States and Germany is expected to augment the demand for natural gas and biogas powered cogeneration over the coming years.
According to 6Wresearch, Global Cogeneration Equipment market size is projected to grow at a CAGR of 3.6% during 2020-2026. The Asia Pacific region currently holds the largest share in the global cogeneration equipment market and is expected to maintain its position over the coming years, on account of increasing energy demand in countries including China and India. Furthermore, policies in the Americas, such as ‘RenovaBio’ in Brazil aimed at boosting the supply and demand for biofuels in the country, would propel the market for cogeneration equipment in the region. However, the coronavirus outbreak is expected to hinder the demand for cogeneration equipment in 2020, due to a slowdown in industrial and commercial activities in countries around the world, followed by a recovery driven by the steady revival of industrial, commercial and energy sectors of countries after the pandemic is effectively dealt with.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “The global cogeneration equipment market is registering steady growth, on account of the rising use of cogeneration equipment by SMEs to meet their internal energy demand. Moreover, the increasing occurrence of power outages in countries such as Canada, due to extreme weather conditions, would further drive the demand for resilient power solutions, including cogeneration, over the coming years. Based on fuel type, natural gas is expected to hold the major revenue share in the overall market during the forecast period, on account of rising investments by countries to develop natural gas infrastructure and growing adoption of natural gas as a cleaner alternative for other types of fossil fuels. Moreover, the favorable spark spread in the regions of the United States and Canada is anticipated to bolster the demand for natural gas-fuelled cogeneration equipment in North America.”
According to Sanya Sethi, Research Associate, Research and Consulting, 6Wresearch, “Based on applications, the industrial sector holds the largest revenue share in the overall market and is expected to maintain its position, owing to the increasing need for energy-efficient solutions to reduce energy costs and to meet government standards for carbon emissions. Additionally, the commercial and residential sectors are expected to register considerable growth over the coming years, on account of an increasing need for uninterrupted power supply in applications including medical facilities, commercial offices, and residences. Further, programs such as PACE in Europe and Ene-Farm in Japan aim to promote micro-cogeneration through the deployment of fuel cells in residential buildings and small businesses, driving the residential and commercial applications of cogeneration equipment forward during the forecast period.”
“Global Cogeneration Equipment Market (2020-2026)" provides an in-depth analysis with 113 figures, covered in 185 pages. The report estimates and forecasts the overall Global Cogeneration Equipment market by capacity, by equipment, by fuel type, by applications, and by regions. 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.