Press release
Comprehensive Cogeneration Equipment Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Cogeneration Equipment Market
The surging use of energy is anticipated to fuel the expansion of the cogeneration equipment market. The consumption of energy pertains to the amount of fuel, such as natural gas, oil, propane, and electric energy, which is used by a facility in any given billing period. Cogeneration is an inordinately efficient technology for energy production and is integral in boosting energy efficacy and reducing energy costs. For example, the US Energy Information Administration reported in July 2022 that renewable energy consumption in the United States escalated by 2% from 2022, hitting a new high of 8.2 quads in 2023. Thus, the escalating consumption of energy is the driving force behind the cogeneration equipment market.
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What is the projected compound annual growth rate (CAGR) of the cogeneration equipment market from 2025 to 2034, and what factors influence it?
In the last few years, the market size of cogeneration equipment has seen significant growth. The market, which will increase from $29.59 billion in 2024 to $32.53 billion in 2025, is estimated to grow at a compound annual growth rate (CAGR) of 9.9%. Factors like emphasis on energy efficiency, savings and return on investment, governmental incentives, environmental rules, changes in the global energy sector, and industrial usage have contributed to the growth witnessed in the historic period.
In the coming years, a swift expansion is anticipated in the market size for cogeneration equipment. Projections indicate an increase to "$49.05 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.8%. This growth during the forecast period can be linked to factors including integration with renewable energy, decentralized energy systems, a surge in energy demand, policies and regulatory support, and global industrial growth. Noteworthy trends during this period are expected to be technological innovations, the transition towards digitalization and intelligent technologies, advancements in technology, government assistance and regulations, and cooperation with renewable energy sources.
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How are the latest trends influencing the growth of the cogeneration equipment market?
Prominent enterprises in the cogeneration equipment market are increasingly investing in heightened technology, notably the natural gas engine cogeneration systems. This advancement aims to improve energy efficiency, curtail greenhouse gas emissions, and provide trustworthy power solution alternatives for a range of applications. The principle of a natural gas engine cogeneration system is an energy model that generates electricity and beneficial thermal energy concurrently, using natural gas as its fuel reservoir. An exemplification of this occurred in March 2023 when Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), an engineering and production establishment based in Japan, unveiled its latest model, SGP M2000. This sophisticated natural gas engine cogeneration system is tailored to maximize energy usage by generating electricity and heat concurrently, reaching high-level efficiency while keeping emissions as minimal as possible. The cutting-edge SGP M2000 model incorporates advanced technology for easy assimilation into diverse industrial and commercial environments as a dependable source of power and thermal energy. Plus, it includes intelligent monitoring functionalities to escalate operational performance and upkeep efficiency. These attributes not only support the pursuit of sustainability but also aid in cutting down the overall energy expenditure for users.
What are the major segments of the cogeneration equipment market and their role in driving growth?
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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Which regions are key players in the growth of the cogeneration equipment market?
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
Who are the key firms paving the way for growth 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
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What Is Covered In The Cogeneration Equipment Global Market Report?
• Market Size Forecast: Examine the cogeneration equipment market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cogeneration equipment market for a structured understanding.
• Key Players Overview: Analyze major players in the cogeneration equipment market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cogeneration equipment market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cogeneration equipment market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cogeneration equipment market.
• Industry Challenges: Identify potential risks and obstacles affecting the cogeneration equipment market.
• Competitive Landscape: Review strategic developments in the cogeneration equipment market, including expansions, agreements, and new product launches.
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