Globally increasing electricity demand coupled with rising application in renewable energy is anticipated to drive cogeneration equipment market over the next seven years. The market is expected to grow at an estimated CAGR of 9% over the next seven years. Rising energy prices is expected to remain a key driving factor for market growth.
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Cogeneration or combined heat and power (CHP) systems are used to simultaneously generate both electricity and heat energy from a single fuel source such as natural gas, biomass, wood, coal, waste heat, or oil. CHP systems can operate at levels as high as 77% to 81% as compared to around 46% efficiency of conventional systems and they can reduce carbon emissions by up to 29% as compared to conventional systems.
Increasing renewable energy projects in developing regions of Asia Pacific and Latin America is expected to fuel demand over the forecast period. Natural gas is the most widely used fuel in combined heat and power (CHP) systems. It is available in abundant quantity, particularly in Russia, the U.S., Canada, Iran and Qatar. Decreasing price and abundant availability of natural gas, supportive government policies along with aging infrastructure are expected to drive CHP equipment demand in the near future.
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CHP is commonly used across a wide variety of applications including residential buildings, oil & gas production facilities, small and large scale industries, and commercial applications such as hospitals, universities and shopping complexes. Cogeneration systems have applications in both the industrial and commercial sector, and even in smaller residential applications. The heat generated from cogeneration plants is used in a wide range of applications including industrial processes and space and water heating
CHP equipments include gas turbines, steam turbines, electric generators, heat recovery steam generators (HRSG), boilers and reciprocating engines. These systems are segmented on the basis of micro or small-scale and large-scale systems depending on the requirement of the customers.
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