Cogeneration is also called as combined heat and power or combine heat and power. The cogeneration is a concept of generating two different form of energy by a single source of fuel. In the two forms, one is heat or thermal energy and other is electrical or mechanical energy. Based on the technology the cogeneration plants are classified into gas turbine, combined cycle gas turbine, steam turbine, and reciprocating engine. Cogeneration nowadays is one of the attractive option for developed and developing countries in order to meet their base and peak demand. The increasing global environmental concerns, and stringent emission norms by governing bodies has led to the development of the new technologies in cogeneration equipment.
The governments of different countries are promoting cogeneration technology through long term policy and incentives for the decentralized generation which is primarily due to the advantages like operational efficiency, energy independence, reducing energy wastage, and improving the sustainability goals.
The cogeneration equipment market is facing a hurdle of the high initial investment. Although the revenue realization in the long term scenario is high, beneficial, and economical as compared to the conventional systems.
By application, the cogeneration equipment market has been analyzed for residential, commercial and industrial. In terms of revenue, the industrial segment constituted more than 58% market share in 2016.
Based on fuel used, the cogeneration equipment market has been segregated into biomass, coal and natural gas and others such as wood, oil. In terms of revenue, the natural gas segment constituted more than 52% market share in 2016.
In terms of region, the cogeneration equipment market has been classified into North America, Europe, Asia Pacific, Middle East, and Africa, and Latin America. In 2016, Asia Pacific dominated the cogeneration equipment market with more than 42% share and is expected to dominate the market during the forecast period.
Based on technology, the cogeneration equipment market has been segregated into steam turbine, gas turbine, combine cycle gas turbine, reciprocating engine, and others. In terms of revenue, the gas turbine segment constituted more than 22.5% market share in 2016.
Prominent players in the cogeneration equipment market are BDR Thermea, Siemens AG, Mitsubishi’s 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, Kawasaki Heavy Industries Ltd. and others.