The Asia Pacific Power Generation Equipment Market would witness market growth of 5.1% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Power Generation Equipment Market, by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14,279.8 Million by 2031. The Japan market is registering a CAGR of 4.4% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 5.7% during (2024 - 2031).
CHP systems and cogeneration plants utilize this equipment to produce electricity and heat simultaneously for heating, cooling, and industrial processes. Waste heat recovery units, steam turbines, and absorption chillers capture and utilize waste heat from power generation processes for heating or cooling applications.
In addition, to facilitate energy storage and grid balancing, power-producing equipment is connected with energy storage devices, including flywheels, batteries, and pumped hydro storage. Energy storage solutions increase the flexibility, dependability, and efficiency of power-producing assets by storing extra energy during off-peak hours and releasing it during periods of high demand or grid disruptions.
With India’s ambitious renewable energy targets, there will be a substantial demand for power generation equipment specifically designed for renewable energy sources such as solar, wind, hydro, and biomass. As per the Government of India, the nation is committed to attaining energy independence by 2047 and a Net Zero energy consumption status by 2070. To achieve this goal, India’s energy transformation is based on increasing the usage of renewable energy in all economic sectors. Green hydrogen is regarded as a potentially viable substitute for facilitating this transition. Hydrogen can be employed for various purposes, including the long-term storage of renewable energy, industrial fossil fuel replacement, sustainable transportation, decentralized power generation, aviation, and marine transportation. The Union Cabinet sanctioned the National Green Hydrogen Mission on January 4, 2022. Hence, the expansion of the region’s renewable energy sector is driving the market’s growth.
Free Valuable Insights: The Global Power Generation Equipment Market is Predict to reach USD 157.7 Billion by 2031, at a CAGR of 4.6%
Based on Type, the market is segmented into Turbine & Engines, Generators, and Others. Based on Application, the market is segmented into Utility, Industrial, Commercial, and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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