Increasing Demand for Energy Efficiency in Various Industries to Drive the Cogeneration Equipment Market Growth

Introduction

The demand for energy and power has been increasing significantly on account of the growing manufacturing sector and increasing consumer spending. Cogeneration equipment can increase the efficiency of the industry by 70%. This is one of the factors why many end-use industries are procuring this equipment in large numbers for various processes. The heat from these plants can be used to further generate energy.

One of the biggest drawbacks of this equipment is it requires higher maintenance and installation costs. Natural gas is anticipated to be the largest fuel source used by this market. The Middle East and its economies, such as Saudi Arabia and the UAE, are likely to see a healthy growth rate as the government authorities in these economies are diversifying their income sources and investing in the chemical sector, further driving the market growth.

COVID-19 Impact on Cogeneration Equipment Market

The global pandemic has resulted in the use of less power by the industries, owing to the shutting of international and domestic trade due to the implementation of lockdown. This will affect the procurement of this equipment. In addition to this, companies are likely to stick to conventional means of resources for some time, owing to the losses they have incurred in the pandemic, which has greatly reduced their spending capacity.

Competitive Players

1. American DG Energy Inc.
2. Turner Crane Allied Equipments Inc.
3. Caterpillar Inc.
4. GE Energy
5. Mitsubishi Heavy Industries Ltd.
6. Baxi Group
7. Siemens AG
8. Rolls Royce PLC
9. Alstorm Power
10. Cidea Uno Inc.
11. Almeg Controls
12. Perry Process Equipment Ltd.
13. US Green Energy Ltd.
14. Solar Turbines Inc.

Recent Developments

• January 2024- Tecogen introduced Self-Learning Intelligent Control for Cogeneration Systems.
• January 2024- Caterpillar demonstrated the viability of using hydrogen fuel cell technology for backup power at the Microsoft data center.
• March 2024- GE Vernova's Global EPC Summit brought the sector together in Dubai, encouraging collaboration and shared safety standards.

Segmentation

1. By Capacity
   1. Less than or Equal to 30 MW
   2. 31 MW–60 MW
   3. 61 MW–100 MW
2. By Fuel
   1. Coal
   2. Natural Gas
   3. Biomass
3. By Technology
   1. Gas Turbine
   2. Reciprocating Engine
   3. Steam Turbine
   4. Combined Cycle Gas Turbine
4. By Application
   1. Commercial
   2. Residential
   3. Industrial