Research and Markets has announced the addition of the "Global Cogeneration Equipment Market 2012-2016" report to their offering.
The analysts forecast the Global Cogeneration Equipment market to grow at a CAGR of 9.4 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for electric power. The Global Cogeneration Equipment market has also been witnessing the increased use of cogeneration technology in the renewable energy area. However, the volatility of fuel prices could pose a challenge to the growth of this market.
The key vendors dominating this market space are Alstom Power, Caterpillar Inc., Kawasaki Heavy Industries Ltd., and Siemens AG.
Other vendors mentioned in the report are ABB Group, ANDRITZ Energy & Environment GmbH, Baxi Group, Brush Electrical Machines Ltd., Cogenco Ltd., Cogenra Solar Inc., Foster Wheeler AG, GE Energy, Innovative Steam Technologies, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc., and Solar Turbines Inc.
Commenting on the report, an analyst from the team said: One of the major trends being witnessed in the market is the increasing usage of cogeneration technology for renewable energy generation. With the increasing fuel prices and pressure on industries to reduce the size of their carbon footprint, the focus has shifted to renewable sources of energy. Renewable energy sources such as biomass, fuel cells, and solar power are increasingly being used as an alternative source of energy by various industries. These sources are cheaper than conventional non-renewable sources and are non-polluting. Moreover, governments are providing many incentives for the usage of renewable energy sources in cogeneration. It is estimated that the price of renewable cogeneration equipment will decline during the forecast period, thereby fostering its usage among end-user industries over the next few years.
According to the report, one of the major drivers in the market is the increasing demand for electrical power. There has been an increase in the demand for power in both developing and developed nations. In addition, the supply-demand gap in respect of electricity generation has been widening in recent years.