PUBLISHER: The Business Research Company | PRODUCT CODE: 1414116
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414116
“Cogeneration Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cogeneration equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cogeneration equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cogeneration equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cogeneration equipment is recognized as an energy system capable of concurrently generating two valuable outputs, representing an innovative approach to enhance the sustainable and efficient utilization of energy sources.
The primary technologies associated with cogeneration equipment include steam turbines, gas turbines, and combined steam and reciprocating engines. Steam turbines operate by extracting thermal energy from steam and converting it into mechanical work on a spinning output shaft. These systems are powered by various fuel sources such as natural gas, biogas, coal, diesel, catering to high and medium capacity needs across commercial, industrial, and residential applications.
The cogeneration equipment market research report is one of a series of new reports from The Business Research Company that provides cogeneration equipment market statistics, including the cogeneration equipment industry's global market size, regional shares, competitors with a cogeneration equipment market share, detailed cogeneration equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the cogeneration equipment industry. This cogeneration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to a focus on energy efficiency, initiatives for cost savings and return on investment (ROI), government incentives, compliance with environmental regulations, shifts in the global energy landscape, and increased adoption in various 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 anticipated growth in the forecast period can be attributed to factors such as the integration of renewable energy, the development of decentralized energy systems, increasing energy demand, policy support, and regulatory measures, coupled with the global expansion of industrial activities. Noteworthy trends expected in the forecast period encompass technological innovations, the adoption of digitalization and smart technologies, ongoing technological advancements, government support, and regulatory initiatives, along with a focus on integrating cogeneration with renewable energy sources.
The anticipated surge in energy consumption is poised to drive the future growth of the cogeneration equipment market. Energy consumption, defined as the aggregate volume of fuel, encompassing natural gas, oil, propane, and electrical energy, utilized by a facility within a billing cycle, serves as a pivotal metric. Cogeneration, recognized as an exceptionally efficient technology for energy production, plays a vital role in bolstering energy efficiency and curbing operational costs. Notably, in July 2022, the Energy Information Administration reported a substantial increase in energy consumption, reaching 12.2 quads in 2021. This upward trajectory in energy demand is a key driver propelling the cogeneration equipment market.
The cogeneration equipment market is poised for growth, driven by the expanding construction industry. The construction sector, encompassing the planning, designing, development, and construction of buildings, infrastructure, and other physical structures, represents a significant segment of the economy. The integration of cogeneration systems into construction operations offers companies the opportunity to enhance energy efficiency, mitigate environmental impact, and achieve substantial cost savings, thereby contributing to the overall success of projects. Notably, a report by Oxford Economics in September 2021 predicts a remarkable 42% increase, equivalent to $4.5 trillion, in global construction output by 2030, reaching a total of USD 15.2 trillion. Consequently, the burgeoning construction industry stands as a pivotal driver for the cogeneration equipment market's growth.
Product innovation emerges as a prominent trend shaping the cogeneration equipment market, with companies actively pursuing novel solutions to maintain their market standing. A noteworthy example is Panasonic, a Japan-based electrical and electronics manufacturing company, which introduced a groundbreaking energy production system in October 2021. This system utilizes chemical reactions to generate energy, powering a 5kW pure hydrogen fuel cell generator. The fuel cell operates cleanly and efficiently, utilizing the chemical energy of hydrogen or alternative fuels. Moreover, the addition of 5 kW units allows for increased power output, achieving an impressive electrical efficiency of 56%, applicable to cogeneration. This innovation ensures operational continuity even during power interruptions.
Major players in the cogeneration equipment market are strategically focusing on inventive products such as turbine cogeneration systems to drive revenue growth. Kawasaki Heavy Industries Ltd., a Japan-based industrial equipment manufacturer, exemplifies this trend with the launch of GPB17MMX in September 2023. This turbine cogeneration system enables mixed-fuel combustion using natural gas and hydrogen, with flexible adjustments to the hydrogen volume ratio between 50% and 100%. The system marks a significant stride towards creating a carbon-neutral society, emphasizing high efficiency, reliable operation, and environmental sustainability. Kawasaki's commitment to advancing hydrogen use as a clean energy source is evident in its efforts to develop gas turbine combustion technologies supporting increased environmental responsibility.
In July 2022, Capital Power Corporation, a Canada-based power generation company, made a notable acquisition by purchasing Midland Cogeneration for $894 million. This strategic move enhances Capital Power Corporation's annual dividend growth from 5% to 6% through 2025. The acquisition encompasses various aspects, including financing arrangements, transaction completion timing, financial implications, dividend growth guidance updates through 2025, and positioning for potential re-contracting of Midland Cogen after contract expirations in 2030 and 2035. This impactful acquisition underscores Capital Power Corporation's commitment to strengthening its market position and capitalizing on growth opportunities.
Major companies operating in the cogeneration equipment market report are 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, Wartsila 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
Europe was the largest region in the cogeneration equipment market in 2023. 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
The countries covered in the cogeneration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cogeneration equipment market consists of sales of chambers, turbines, air compressors, turbines, condensers, generators, and pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.