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What Does The Cogeneration Equipment Market Size Look Like and What Are Its Growth Projections?
The cogeneration equipment market has recently seen robust growth. The market size ballooned from $29.59 billion in 2024 to an anticipated $32.53 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period has been driven by various factors, including an emphasis on energy efficiency, cost savings and ROI, government incentives, and environmental regulations. Further driving forces include the global energy landscape and widespread industrial applications.
Looking to the future, the cogeneration equipment market is primed for rapid expansion in the years to come. According to forecasts, the market is set to reach $49.05 billion by 2029, with a CAGR of 10.8%. This growth will likely be propelled by renewable integration, decentralized energy systems, rising energy demand, and policy support and regulations. Technological innovations, digitalization and smart technologies, government regulations, and integration with renewable energy sources are expected to be major trends moving forward.
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What Are The Growth Drivers of The Upcoming Cogeneration Equipment Market?
A rising energy consumption rate globally is predicted to be a key driver for the growth of the cogeneration equipment market. Energy consumption, encompassing natural gas, oil, propane, and electrical energy, used by a facility during any billing cycle is a major factor. As a highly efficient energy production technology, cogeneration is crucial in enhancing energy efficiency and reducing energy costs. For instance, the US Energy Information Administration reported in July 2022 that renewable energy consumption in the United States rose by 2% from 2022 to a record 8.2 quads in 2023. As such, it’s clear that the increasing energy consumption is fueling the cogeneration equipment market.
Which Are The Major Segments Within The Cogeneration Equipment Market?
The cogeneration equipment market encompasses various segments:
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
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Who Are The Major Players in The Cogeneration Equipment Market?
Major companies involved 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 Emerging Trends in The Cogeneration Equipment Market?
Companies in the cogeneration equipment market are adopting advanced technologies such as natural gas engine cogeneration systems, which enhance energy efficiency, reduce greenhouse gas emissions, and provide reliable power solutions for various applications. For example, in March 2023, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET) launched SGP M2000, a new natural gas engine cogeneration system. The SGP M2000 optimizes energy utilization by producing both electricity and heat, achieving high-efficiency rates while minimizing emissions. This system features advanced technology for seamless integration into various industrial and commercial settings.
Which Region Is Poised For The Fastest Growth in The Cogeneration Equipment Market?
Europe was the largest regional market for cogeneration equipment in 2024, while North America is forecasted to be the fastest-growing region during the forecast period. This report covers multiple regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does The Cogeneration Equipment Market Report 2025 Offer?
Cogeneration equipment is a system able to produce two valuable outputs simultaneously. These are innovative ways to utilize energy sources more sustainably and effectively. The Cogeneration Equipment Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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