United States Cogeneration Equipment Market 2025 | Growth Drivers, Trends & Market Forecast, Competitive Landscape & Investment Opportunities

Market Size and Growth

Cogeneration equipment market reached US$29.91 billion in 2024 and is expected to reach US$52.24 billion by 2032, growing with a CAGR of 7.22% during the forecast period 2025-2032.

Key Development:

Japan: Recent Industry Developments
✅ In July 2025, Toshiba Energy Systems began operations of its 20 MW alkaline electrolyzer at a hydrogen production site in Fukushima. The plant uses surplus renewable energy from local solar and wind farms to produce hydrogen for fuel cell vehicles and power generation.

✅ In June 2025, Kawasaki Heavy Industries unveiled a high-efficiency solid oxide electrolyzer cell (SOEC) system. The technology targets reduced electricity consumption for industrial hydrogen production, with pilot testing underway with major steel manufacturers.

✅ In May 2025, Mitsubishi Power partnered with Chiyoda Corporation to integrate large-scale electrolyzers with offshore wind projects. The goal is to produce green hydrogen for export under Japan's clean energy diplomacy strategy.

United States: Recent M&A in Cogeneration Equipment
✅ In August 2025, Catalyst Power Holdings LLC acquired a 4.5 MW cogeneration portfolio from Aegis Energy Services. This acquisition expands Catalyst Power's footprint in key Northeast markets and builds on its recent growth momentum following a strategic investment from DRW Holdings LLC, joining BP Energy Partners.

✅ In February 2025, Cummins Inc. acquired assets from First Mode, a leader in retrofit hybrid solutions for mining and rail operations. The acquisition includes hybrid mining and rail product lines, and the full IP portfolio, which includes hydrogen and battery powertrain solutions. This technology represents the first commercially available retrofit hybrid system for mining equipment, significantly reducing total cost of ownership (TCO) while advancing decarbonization in operations.

✅ In January 2025, Constellation Energy announced the acquisition of Calpine Corporation for $26.6 billion. The deal includes 50 million Constellation shares, $4.5 billion in cash, and the assumption of $12.7 billion in Calpine debt. The combined company will have nearly 60 gigawatts of capacity from various low- and zero-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage.

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Cogeneration equipment refers to systems that simultaneously produce electricity and useful thermal energy from a single fuel source, improving overall energy efficiency. Widely used in industrial, commercial, and institutional settings, they reduce energy costs, lower emissions, and optimize resource utilization.

Key Players:

=> Rolls-Royce plc, Kawasaki Heavy Industries, Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens, GE Vernova, Wärtsilä, AB HOLDING SPA, Clarke Energy, YANMAR HOLDINGS CO., LTD., Cummins Inc., and others.

Growth Forecast Projected:

The Global Cogeneration equipment Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Cogeneration equipment Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Fuel: Coal, Natural Gas, Biomass, Others
➥ By Technology: Steam Turbines, Gas Turbines, Reciprocating Engines, Others
➥ By Capacity: Up to 30 MW, 31-50 MW, 51 MW & Above
➥ By Application: Industrial, Commercial, Residential

Regional Analysis for Cogeneration equipment Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Cogeneration equipment producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Cogeneration equipment revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

What is the current size of the Cogeneration equipment Market?

A: In 2024, the Cogeneration equipment Market was valued at US$29.91 billion, reflecting its strong industry presence.

Q2: How large is the Cogeneration equipment Market expected to be by 2032?

A: By 2032, industry forecasts suggest the Cogeneration equipment Market will grow to around US$52.24 billion, demonstrating significant expansion.

Q3: What is the growth rate of the Cogeneration equipment Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 7.22% during the forecast period from 2025 to 2032.

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