Growing demand for cogeneration systems among end-use industry
The cogeneration system simultaneously generates multiple useful energy sources like electricity, heat, refrigeration, water recycling, evaporating and drying, etc. The cogeneration system can be applied by two types: topping and bottoming cycle. As the world is concerned about global warming potential, the need for a cogeneration system in the forecast period is essential. By using cogeneration system in efficient ways, consumers can cause a decrease in the overall need for energy of a particular industry by utilizing waste power.
The key factor for the growth of cogeneration is its efficiency. The utility sector is always in need of a variety of energy sources to help stabilize electric power. The cogeneration system allows us to have multiple sources of energy from a primary energy source, which can be used as per our need. Considering global warming and finite energy sources, the cogeneration system market is likely to grow with innovation and new technology in the future.
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Global cogeneration system market is likely to register average higher-single digit CAGR over forecast period
The global market of cogeneration system is likely to increase in the forecast period because of finite energy sources and need for efficient energy source worldwide. According to Fact.MR, the global market for cogeneration system is estimated to be dominated by Asia Pacific and Latin America by 2028-end due to increasing renewable energy projects in these regions.
The global cogeneration system market is likely to register strong growth in Europe and North America region in the foreseen period due to the increasing R&D for more efficient cogeneration system. Natural gas is widely used in a cogeneration system. It is available in large quantities, mainly in Russia, U.S., Canada and Iran. Due to decreasing price and large availability, supportive government regulations are expected to drive cogeneration system demand soon.
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Factors affecting market growth of cogeneration system
Due to its overall maximum efficiency, cogeneration system market is likely to grow in the forecast period. But, there are some key factors which are going to affect its growth in the future, which includes: its high installation cost, high maintenance costs, slow startup and poor efficiency at low loading, etc. Furthermore, the major drawback in gas turbine is that its output falls as ambient temperature rises.
The problem with a steam turbine is that it generates very low power-to-heat ratio. In the reciprocating engine, the cogeneration system must be cooled if the recovered heat is not used and it also develops a high level of low-frequency noises. Manufacturers around the globe have tremendous opportunity to grow their market share by reducing some of these drawback factors, which affect the market growth of the cogeneration system.
Manufacturers focusing on more efficient cogeneration system
The global market for cogeneration system comprises several developers, who are primarily focusing on developing more efficient cogeneration system that can generate maximum energy from primary source at a low cost.
Other than this, some manufacturers are also focusing on trigeneration, which is a modified version of cogeneration system. Some key cogeneration system market participants are Clarke energy, WES industries, Allied environmental technologies, Inc., PM service Srl, ENER-G, Ruixin environmental specialty equipment manufacturing Co.,Ltd. (RESEM), Weiss A/S, Aalborg Energie Technik a/s (AET), IMFsoft, s.r.o., ComAp a.s., Sebigas spa, Spectrum Energy System, Cadagua, VEP fordertechnik Ges.m.b.h, BMF HAASE energietechnik GmbH, FAIST anlagenbau GmbH, AGO AG Energie + Anlagen and Yanmar.
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