Cogeneration Equipment Market Expected to Reach $51.9 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research titled, “Cogeneration Equipment Market by Fuel, Capacity, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global cogeneration equipment market size was valued at $21.2 billion in 2020, and is projected to reach $51.9 billion by 2030, growing at a CAGR of 9.4% from 2020 to 2030.

Cogeneration equipment are the equipment used in cogeneration such as air compressor, steam generator & turbine, gas generator & turbine, combustion chamber, condenser, pump and many other. All these equipment is assembled to form a cogeneration system to convert mechanical energy into two different energies named electrical and thermal. Cogeneration systems are of different types such as steam-based cogeneration, gas-based cogeneration and many others. Nowadays, growth in awareness toward reducing environmental pollution and stringent government regulations are expected to create opportunities for the cogeneration equipment. 

The global cogeneration equipment market is segmented on the basis of fuel, capacity, technology, application and region. Depending on fuel, the market is categorized into natural gas, biogas, diesel and others.

On the basis of capacity, it is bifurcated into high capacity and medium capacity. On the basis of technology, it is segmented into steam turbine, gas turbine, combined steam/gas turbine-based cogeneration system and reciprocating engine. The applications covered in the study include commercial, industrial and residential. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global cogeneration equipment market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the cogeneration equipment industry report include Tecogen, Inc., Siemens, General Electric, Kawasaki heavy industries Ltd., Robert BOSCH Gmbh, Clarke Energy, Mitsubishi heavy industries Ltd., A.B. Holding S.P.A., 2G Energy AG, 

The global cogeneration market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Key Findings Of The Study:

• On the basis of fuel, the natural gas segment emerged as the global leader around 58.7% of the global cogeneration equipment market share in 2020, and is anticipated to be the largest markets during the forecast period.
• On the basis of capacity type, the high-capacity segment emerged as the global leader by acquiring around 43.6% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
• On the basis of technology, the steam turbine segment registered the highest market share of around 56.9% and is projected to maintain the same during the forecast period.
• On the basis of application, the commercial segment registered the highest market share of around 60.32% and is projected to maintain the same during the forecast period.
• On the basis of region, Europe registered the highest market share of around 39.89% and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On The Global Cogeneration Equipment Market

• As a result of the global economic slowdown, the production of major industries such as pulp & paper mills, cement, and many other were stopped for a shorter period. The strict regulations of government led to decrease in the sector due to which there is a sluggish decline in the growth of the global cogeneration equipment market.
• The power generation industry accounts for a major share in terms of consumption of cogeneration equipment globally. After the major lockdown across the globe, there is a significant growth in the electric consumption, which led to increase in demand for cogeneration equipment across the globe. However, there is a sluggish effect on the cogeneration equipment due to COVID-19.
• The production of fuel was not stopped due to lockdown that led to increase in supply of fuel, which in turn directly increases the co-generation and does not affect the cogeneration equipment market. 
• Automobile plants, construction, agrochemicals and many other industries have been affected badly amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in the industry in 2020. This decline in such industries led to decrease in demand for cogeneration equipment and shows the sluggish decline in the market.
• The construction industry accounts for a significant share in terms of consumption of cogeneration globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various big projects has been halted amid lockdown. As a result, the demand for cogeneration equipment has been declined, which led to downfall of the global cogeneration equipment market.