A key factor driving the growth of the global cogeneration equipment market size is the increasing number of government initiatives. Government agencies are undertaking several initiatives for setting up cogeneration power plants. Cogeneration is more efficient and requires less fuel to produce a given energy output. It also reduces transmission and distribution losses as compared with other power generation techniques, which makes it a more environmentally friendly alternative. Thus, the advantages of cogeneration and increasing initiatives by government bodies across the world will fuel the cogeneration equipment market growth during the forecast period.
As per Technavio, new innovations and technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cogeneration equipment market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Cogeneration Equipment Market: New Innovations and Technologies
The cogeneration market has witnessed the emergence of several innovative technologies owing to significant research and development activities. Fuel cell technology has emerged as a popular choice for power and heat generation. In a fuel cell, the chemical energy stored in natural gas or biomass is directly converted into power and heat by breaking down molecules. Moreover, fuel cell-based cogeneration systems can be installed in residential and commercial facilities. The emergence of new innovations and technologies will be a key cogeneration equipment market trend that will fuel the growth of the market during the forecast period.
“Apart from the emergence of new technologies, other factors such as the rising number of partnerships and joint ventures, and an increase in the number of cogeneration plants will have a significant impact on the growth of the cogeneration equipment market value during the forecast period,” says a senior analyst at Technavio.
Global Cogeneration Equipment Market: Segmentation Analysis
This market research report segments the global cogeneration equipment market worth by type (reciprocating engines, gas turbines, steam turbines, and others) and geographic regions (Europe, North America, APAC, South America, and MEA).
The APAC region led the cogeneration equipment market in 2018, followed by Europe, North America, MEA, and South America respectively. The cogeneration equipment market analysis report identifies factors such as the increase in power generation and energy consumption, rapid economic growth, and the transition from coal-based generation to gas-fired power generation to fuel market growth in APAC during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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