About the Cogeneration Equipment Market
The cogeneration process involves simultaneous production of heat and electricity from a single source. This technology evolved a century ago along with steam turbine power plants. The world's first central power station was also the first cogeneration plant that was commissioned in Manhattan in 1884. Though the technology is century old, it garnered attention from the 1980s as technological advances led to improved cogeneration cycle efficiency. Over the years, emergence of new technologies for power generation coupled with enhanced cycle efficiency fueled the sales of cogeneration equipment.
Technavio’s analysts forecast the global cogeneration equipment market to grow at a CAGR of 4.57% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global cogeneration equipment market for 2016-2020. To calculate the market size, the report covers the present scenario and growth prospects of the global cogeneration equipment market. The existing cogeneration installed capacities of various countries have been collected through secondary research to determine the market size. Forecasting is based on the cogeneration capacity targets set by countries and COGEN associations. Government policies and regulatory scenario have also been considered for market estimations during the forecast period.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cogeneration Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global cogeneration equipment market: ABB, Aegis Energy Services, BDR Thermea, 2G Energy, GE & Alstom Energy, and Siemens.
Other Prominent Vendors in the market are: Mitsubishi Heavy Industries, Wolf, Baxi Group, Liebherr, Toshiba, Viessmann, Elcore, and Alfa Laval.
Commenting on the report, an analyst from Technavio’s team said: “One trend that is expected to pay a positive role in market growth is the penetration of the micro-CHP systems in the European market. Micro-CHP is a small scale cogeneration technology that can be used across commercial and residential sectors. Over the years, this technology has transformed into a cost-effective commercial technology. It is a natural replacement for the boiler technology. High demand for thermal energy from residential, industrial, and commercial sectors coupled with the demand for heat for space heating makes Europe a natural destination for micro-CHP systems. Revolution of the micro-CHP systems in Japan has inspired Europe to implement this on a wide scale.”
According to the report, a key growth driver is the increasing environmental concerns and energy efficiency regulations being enacted in different countries. Climate change, at present, is a crucial global challenge. Rising temperatures worldwide and alarming levels of temperature change have forced policymakers to implement stricter energy efficiency regulations and GHG emission reduction targets. Energy efficiency can be treated as one of the most efficient tools to combat climate change. Over the years, many regulations and targets have been set at both international and national levels. These programs and regulations are expected to drive the cogeneration market in the coming years. In the recent years, there has been a growing trend in the implementation of energy efficiency regulations.
Further, the report states that one challenge that could restrict market growth is the inability to sell excess power and also the lack of infrastructure to set up cogeneration systems.
ABB, Aegis Energy Services, BDR Thermea, 2G Energy, GE & Alstom Energy, Siemens, Mitsubishi Heavy Industries, Wolf, Baxi Group, Liebherr, Toshiba, Viessmann, Elcore, Alfa Laval.