What is Cogeneration Device Market?
Cogeneration systems can be defined as the energy systems which also have the ability to produce two useful commodities simultaneously. For example, cogeneration systems are combination of heat and power plants, where electricity and heat are produced from one plant of source. The global cogeneration devices market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The increasing energy prices and increasing demand for resilient power systems to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Reciprocating Natural Gas Generator, Reciprocating Biogas Generator, Steam Turbine, Gas Turbine, Microturbine and Fuel Type Cell), by Application (Residential, Commercial and Industrial) and major geographies with country level break-up.
Almeg Controls (Canada), Alstom Power (France), Baxi Group Ltd (United Kingdom), Cidea Uno Inc. (United States), General Electric Company (United States), Mitsubishi Heavy Industries Ltd. (Japan), Perry Process Equipment Ltd. (England), Rolls Royce Holdings plc (United Kingdom), Siemens AG (Germany), Solar Turbines Inc. (United States) and US Green Energy Ltd. (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Cogeneration Device market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Cogeneration Device market by Type, Application and Region.
On the basis of geography, the market of Cogeneration Device has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand for Resilient Power System
- Increasing Demand for Generation of Electricity & Heat Energy through a Single Fuel Source
- Consumer Shift Towards Sustainable Energy Generation
- Increasing Energy Prices is Expected to Generate Huge Opportunities for Market Vendors During the Forecast Period
- Infrastructural Challenges in Developing Nations
Supportive Government Initiatives for Energy Conservation & Requirement of Addressing Climatic Changes Leading to Increasing Adoption of Cogeneration Devices
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the global cogeneration device market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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