According to the report published by Allied Market Research, the global cogeneration equipment market was estimated at $21.2 billion in 2020 and is expected to hit $51.9 billion by 2030, registering a CAGR of 9.4% from 2020 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in environmental concerns across the world drives the growth of the global cogeneration equipment market. Also, the fact that cogeneration often reduces energy use and it is a cost-effective process that also improves security of energy supply has supplemented the market growth yet more. On the other hand, high investment cost involved in the development of cogeneration system restrains the growth to some extent. However, developing gas infrastructure across the world is expected to pave the way for lucrative opportunities in the industry.
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The global congregation equipment market is analyzed across fuel, capacity, technology, application, and region. Based on fuel, the natural gas segment held the major share in 2020, garnering nearly three-fifths of the global market. However, the diesel segment would cite the fastest CAGR of 9.9% during the forecast period.
By technology, the steam turbine segment accounted for nearly three-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The gas turbine segment, on the other hand, would grow at the fastest CAGR of 9.7% from 2021 to 2030.
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Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding nearly two-fifths of the global cogeneration equipment market. The same region would also register the fastest CAGR by 9.6% from 2021 to 2030. Other provinces studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global congregation equipment market report include Siemens, A.B. Holding S.P.A., General Electric, Kawasaki heavy industries Ltd., Robert BOSCH Gmbh, Clarke Energy, Mitsubishi heavy industries Ltd., 2G Energy AG, and Tecogen, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Impact Of Covid-19
- 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.
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.
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