The Business Research Company’s report on the Cogeneration Equipment Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the cogeneration equipment industry?
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 US Energy Information Administration, a US-based government administration that provides energy statistics and energy information, renewable energy consumption in the United States increased by 2% from 2022 to a record 8.2 quads in 2023. Therefore, the increasing energy consumption is driving the cogeneration equipment market.
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What is the estimated market size of the cogeneration equipment sector by 2029, based on current forecasts?
The cogeneration equipment market size has grown strongly in recent years. It will grow from$29.59 billion in 2024 to $32.53 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. 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 “$49.05 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. 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.
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#Who are the top players in the cogeneration equipment market?
Major companies operating in the cogeneration equipment market include Tecogen Inc., Siemens AG, General Electric Company, Kawasaki Heavy Industries Ltd., Robert Bosch Gmbh, Clarke Energy, Mitsubishi heavy industries Ltd., A.B. Holding S.P.A., 2G Energy AG, Rolls Royce Plc, Caterpillar Inc., Allied Equipments Inc., American DG Energy Inc., Aegis Energy Services, Asea Brown Boveri Ltd., Capstone Turbine Corporation, Wärtsilä Corporation, Centrica plc, Cummins Inc., E.ON SE, Dresser-Rand Company Ltd., MAN Energy Solutions SE, Toshiba Energy Systems & Solutions Corporation, Veolia Environnement S.A., Vital Energi Utilities Ltd., BDR Thermea Group, Waste Management Inc., Solar Turbines Incorporated, Shanghai Electric Group Co. Ltd., Exelon Corporation, Sener Group
#What are the major trends in the cogeneration equipment market?
Major companies operating in the cogeneration equipment market are developing advanced technology, such as natural gas engine cogeneration systems, to enhance energy efficiency, reduce greenhouse gas emissions, and provide reliable power solutions for various applications. A natural gas engine cogeneration system is an energy solution that simultaneously produces electricity and useful thermal energy from natural gas as the fuel source. For instance, in March 2023, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), a Japan-based engineering and manufacturing company, launched SGP M2000, a new natural gas engine cogeneration system. SGP M2000 is designed to optimize energy utilization by generating both electricity and heat, achieving high-efficiency rates while minimizing emissions. This innovative system features advanced technology that allows for seamless integration into various industrial and commercial settings, providing a reliable source of power and thermal energy. Additionally, the SGP M2000 incorporates smart monitoring capabilities to enhance operational performance and maintenance efficiency, supporting sustainability goals and reducing overall energy costs for users.
Which geography holds the highest cogeneration equipment market share?
Europe was the largest region in the cogeneration equipment market in 2024.North America is expected to be the fastest-growing region in the global cogeneration equipment market report during the forecast period. The regions covered in the cogeneration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the cogeneration equipment market?
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
Subsegments:
1) By Steam Turbine: Back Pressure Steam Turbines, Condensing Steam Turbines
2) By Gas Turbine: Open Cycle Gas Turbines, Combined Cycle Gas Turbines
3) By Combined Steam: Heat Recovery Steam Generators (HRSG), Combined Heat And Power Systems (CHP)
4) By Reciprocating Engine: Natural Gas Engines, Diesel Engines
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How is the cogeneration equipment market defined?
Cogeneration equipment is a system characterized as an energy system with the ability to simultaneously produce two valuable outputs. They are innovative methods for using an energy source more sustainably and effectively.
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