With the emergence and long-term Impact of COVID-19, Global Cogeneration Equipment Market to reach USD 51.9 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Cogeneration Equipment Market points towards a potential rise to USD 51.9 Billion by 2030. Cogeneration equipment refers to systems that simultaneously generate electricity and useful heat energy from a single fuel source. It enables efficient utilization of fuel, resulting in reduced energy costs and lower greenhouse gas emissions. The Cogeneration Equipment Market is expanding because of factors such as, rising energy consumption and increasing use of natural gas. Moreover, the increasing utilization of natural gas is increasing the growth of the cogeneration equipment market, as it serves as a reliable and efficient fuel source for cogeneration systems, meeting the rising demand for combined heat and power generation.
Geographically, the global Cogeneration Equipment market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market during the forecast period owing to the rapid industrial development, strict environmental regulations concerning electricity consumption, and the increasing adoption of renewable energy sources in the region. In terms of sales, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as increasing demand for combined heat and power systems from the industrial sector and the growing power sector to meet the escalating energy requirements in the region.
The global Cogeneration Equipment market is highly competitive owing to the presence of several key manufacturers such as Robert BOSCH GmbH, Siemens AG, Sundrop Fuels Inc, Innovative Steam Technology, Inc, Dalkia Aegis, EDF Group, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd, 2G Energy Inc, Clarke Energy Ltd, Capstone Green Energy Corporation and others.
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Key findings of the study suggest:
- Global Cogeneration Equipment Market is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2023-2030.
- In the Fuel Type segment, Natural Gas/LPG, emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising demand for power and electricity owing technological growth and expansion of commercial spaces in the region.
- Asia Pacific is expected to grow at higher rate during 2023-2030 owing to increasing population growth and high consumption of energy in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Fuel Type
- Natural Gas
- Biogas
- Coal
- Others
By Capacity
- High Capacity
- Medium Capacity
By Technology
- Steam Turbine
- Gas Turbine
- Combined Steam gas turbine-based cogeneration system
- Reciprocating Engine
By Application
- Commercial
- Industrial
- Residential
Others Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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