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Cogeneration Equipment Market Segments, Analysis, Overview, Outlook Report 2024-2033
Cogeneration Equipment Market Segments
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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; Sundrop Fuels Inc.; 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
Cogeneration Equipment Market 2024 Key Insights:
• The cogeneration equipment market size will grow to $43.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Rising Energy Consumption Fuels Growth In Cogeneration Equipment Market
• Revolutionizing Power Generation With Breakthrough In Cogeneration Equipment
• Europe was the largest region in the cogeneration equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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