Cogeneration Equipment Market is Expected to Witness a Sustainable Growth by 2025

The global cogeneration equipment market is largely consolidated in nature, observes Transparency Market Research (TMR) in a new report. To further bolster their foothold, leading players in this market are forging alliances with original equipment manufacturers (OEMs) of various end-use industries. These companies are also investing in research to introduce innovative products, which will help them gain competitive advantage. They are also vying to tap growth opportunities in emerging economies, especially in Asia Pacific, which in turn will expand their geographical presence.

Key players in the global cogeneration equipment market include BDR Thermea, Siemens AG, Mitsubishi Heavy Industries Ltd., Clarke Energy, Innovate Steam Technologies, Foster Wheeler AG, ANDRITZ Energy & Environment GmbH, 2G Energy, ABB, Aegis Energy Services Inc., Rolls Royce Plc., Innovate Steam Technologies, and Kawasaki Heavy Industries.

The global cogeneration equipment market was valued at US$22,175 mn in 2016. Expanding at a CAGR of 4.8% during the forecast period from 2017 to 2025, the market is estimated to become worth US$33,543 mn by the end of 2025.

On the basis of technology, gas turbine segment constituted more than 22.5% market share in 2016. Application-wise, the industrial segment held more than 58% revenue share in the overall market in 2016. In terms of geography, Asia Pacific emerged as the most lucrative market holding more than 42% market share in 2016.

Rising Demand for Electricity, Coupled with Increasing Power Outages, Fuels Demand

The rising demand for electricity, coupled with power outages, which is a common problem witnessed in underdeveloped and developing nations will boost the global power generation rental market. The existing gap between the power demand and power supply creates lucrative prospects for the power generation rental market. The void between the demand for power and the rate at which investment is received in novel power generation capacities or replacement of the existing infrastructure has resulted in frequent power outages especially in underdeveloped countries. Such capital constraints often delay the installation of new capacities, which in turn fuels the demand for power generation rentals. Also aging infrastructure has accelerated the pace of gains for the power generation rental market.

It is important to note that it is likely for consumers in developing or underdeveloped to opt for renting generators than purchasing them as the former often proves a cheaper source of power. Against this backdrop, the global power generation rental market witnesses high demand especially in emerging economies. Furthermore, the rising awareness about the advantages of outsourcing has made customers more bias toward renting power generation as this would allow them to focus on their core competencies instead of worrying over managing finances for purchasing the machine.

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Rising Demand for Natural Gas Generators to Create Lucrative Growth Opportunities

The rentals of natural gas generators is posed to grow considerably in the forthcoming years. This is attributable to the fact that natural gas generators offer seamless, noise free, and clean power compared to their diesel-run counterparts. The diesel generator rental also suffer the problem of wet sacking, in which the unburnt fuel comes back and settles into the exhaust system of a diesel generator as soon as the generator is overloaded. While natural gas generator rentals do not face this issue even when working at loads higher than their optimal levels. Favorable environmental regulations are also supporting growth of the natural gas generators segment. This is expected to help the global power generation maintain a steady pace of growth in the coming years.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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