The Cogeneration Equipment Market has been valued at US$ 21.3 billion in the year 2021 and it is estimated to reach US$ 51.19 billion by the year 2027, with a CAGR of 9.7% from 2022 to 2027. Cogeneration Equipment is a very efficient technology to generate electricity and heat. It is also called Combined Heat and Power (CHP) as cogeneration produces heat and electricity simultaneously; these are the main factors that have considerably increased the demand for Cogeneration Equipment in the market, thereby driving the huge growth of the Cogeneration Equipment market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Cogeneration Equipment in the market are mainly due to the energy and usable heat done in the same plant with the help of steam turbines and gas turbines. In addition, with the use of a cogeneration system the efficiency is around 90% since, 40% of energy can be converted into electrical energy, 50% of energy can be converted into heat and only 10% of loss is done with this system. The main equipment used in the cogeneration are steam turbines & engines, gas turbines & engines, blades, air compressors, combustion chambers, rotor, stationary nozzle, rotating and rigged pallets, boilers, generators, condensers, pumps, and many others; these are the main factors that have considerably increased the demand for the Cogeneration Equipment in the market, thereby driving the huge growth of the Cogeneration Equipment market in the upcoming years

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The report is segmented as:

The cogeneration equipment market is segmented on the basis of by:

By Fuel Type (Biogas, Natural gas/ LPG, Coal, Diesel, and Others);

By Capacity (High capacity and Medium capacity);

By Technology (Gas turbine, Steam turbine, combined steam, and Reciprocating engine);

By Application (Industrial, Commercial and Residential)

Geographical Segmentation:

The Cogeneration Equipment Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in Cogeneration Equipment due to the rise in environmental concerns led to increase in demand for cogeneration systems these are the main factors that have considerably increased the demand for Cogeneration Equipment in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Cogeneration Equipment Market

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Impact of COVID-19 on the Market

The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate effect of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional effect on the Cogeneration Equipment market. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Cogeneration Equipment market growth

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