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.
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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.
Cogeneration Equipment Market: Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now