Cogeneration Equipment Market Is Expected to Reach $51.9 Billion by 2030: Says AMR

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. By technology, the steam turbine segment accounted for the major share in 2020. By region, on the other hand, the market across Asia-Pacific would remain lucrative by 2030.

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Portland, OR, Sept. 08, 2021 (GLOBE NEWSWIRE) -- 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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COVID-19 scenario-

  • The outbreak of the pandemic gave way to a sharp decline in demand for congregation equipment from the end use industries, especially during the initial phase. This, in turn, affected the global congregation equipment market negatively.
  • However, with the mass inoculation drive on board, the global situation is getting better slowly & steadily, and with this drift on board, the market is anticipated to revive soon.

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.

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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.

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.

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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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