The latest report on Cogeneration Equipment Market by Infinium Global Research gives complete coverage of the Cogeneration Equipment Market by fuel (natural gas, biomass, coal), capacity (up to 30 MW, 31 MW -60 MW, and 61 MW- 100 MW), technology (reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine), applications (commercial, industrial, and residential) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Cogeneration Equipment such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Increasing Demand for Electricity Coupled with Growing Applications in Renewable Energy is Expected to Drive the Cogeneration Equipment Industry
Cogeneration has attracted extensive attention in recent years because of its potential for increased energy efficiency, and therefore, lower energy costs. Cogeneration is a technique for producing heat and electricity in one process that can save a considerable amount of energy. It provides a wide range of technologies for application in various domains of economic activities.
Cogeneration equipment is used to simultaneously produce thermal and electrical energy from a single fuel source. Cogeneration equipment contains gas and steam turbines, electric generators and heat recovery systems that deliver power to equipment and machines such as fans, pumps, refrigerators, dehumidifiers, and steamers. Cogeneration equipment works more efficiently and has a smaller carbon footprint than other conventional systems.
The increasing demand for electricity coupled with growing applications in renewable energy is expected to drive the cogeneration equipment market over the forecasted period. The reduction of fossil fuels has imposed the adoption of alternative techniques for energy generation such as cogeneration. Furthermore, increasing government initiatives for energy conservation and the need to address climatic changes have directed to the acceptance of cogeneration is also driving the growth of the cogeneration equipment market.
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Driving the Growth of The Cogeneration Equipment Industry
The rising number of renewable energy projects and plenty availability of natural gas in some parts of the world are also fueling the growth of the cogeneration equipment market. However, high initial investment and sophisticated technological requisites hamper the growth of the market. Moreover, the expansion of distributed power generation in North America and the Asia Pacific regions are generating opportunities for market growth in the forecasted period.
Geographically, Asia Pacific dominates the cogeneration equipment market due to rising combined heat and power (CHP) systems demand from the industrial sector in countries such as China, India, and South Korea. Rising power sector in India to meet rapidly increasing energy demand is anticipated to drive demand in Asia Pacific region. Europe is the second-largest market of cogeneration equipment market owing to wide natural gas availability in countries such as Germany and Russia. The collective carbon emission targets and stringent government regulations for improved efficiency in power generation are driving the growth of the market in Europe.
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- Comprehensive analysis of global as well as regional markets of the Cogeneration Equipment.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.