The Cogeneration Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cogeneration Equipment Global Market Report 2024, The cogeneration equipment market size has grown strongly in recent years. It will grow from $27.16 billion in 2023 to $29.82 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to energy efficiency focus, cost savings and roi, government incentives, environmental regulations, global energy landscape, industrial applications.
The cogeneration equipment market size is expected to see rapid growth in the next few years. It will grow to $43.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to renewable integration, decentralized energy systems, rising energy demand, policy support and regulations, global industrial expansion. Major trends in the forecast period include technological innovations, digitalization and smart technologies, technological advancements, government support and regulations, integration with renewable energy sources.
The increasing energy consumption is expected to propel the growth of the cogeneration equipment market going forward. Energy consumption refers to the volume of fuel, including natural gas, oil, propane, and electrical energy, that is consumed by a facility during any billing cycle. Cogeneration is an extremely effective technology for producing energy. Cogeneration is important for enhancing the efficiency of energy and decreasing energy costs. For instance, in July 2022, according to the Energy Information Administration, a US-based government administration that provides energy statistics and energy information, energy consumption increased to 12.2 quads of energy consumption in 2021. Therefore, the increasing energy consumption is driving the cogeneration equipment market.
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The cogeneration equipment market covered in this report is segmented –
1) By Technology: Steam Turbine, Gas Turbine, Combined Steam, Reciprocating Engine
2) By Fuel Type: Natural Gas, Biogas, Coal, Diesel, Other Fuel Types
3) By Capacity Type: High Capacity, Medium Capacity
4) By Application: Commercial, Industrial, Residential
Product innovation is a key trend gaining popularity in the cogeneration equipment market. Companies operating in the cogeneration equipment market are developing innovative products to sustain their position in the market. For instance, in October 2021, Panasonic, a Japan-based electrical, appliances, and electronics manufacturing company launched energy production from chemical reactions. This produced energy is used in a 5kW type pure hydrogen fuel cell generator. The pure hydrogen fuel cell generates electricity cleanly and effectively by utilizing the chemical energy of hydrogen or other fuels. By adding additional 5 kW units, the power output can be increased, achieving the electrical efficiency of 56%*1, applicable to cogeneration, and even in a power interruption, operations could continue.
The cogeneration equipment market report table of contents includes:
1. Executive Summary
2. Cogeneration Equipment Market Characteristics
3.Cogeneration Equipment Market Trends And Strategies
4.Cogeneration Equipment Impact Of Market Analysis
5.Cogeneration Equipment Market Size And Growth
6.Cogeneration Equipment Segmentation
7.Cogeneration Equipment Regional And Country Analysis
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27. Cogeneration Equipment Competitive Landscape And Company Profiles
28. Cogeneration Equipment Key Mergers And Acquisitions
29.Cogeneration Equipment Future Outlook and Potential Analysis
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