Cogeneration Equipment Market: Global Industry Analysis And Forecast (2023-2029)

Cogeneration Equipment Market size was valued at US$ 25.56 Bn. in 2022 and the total Cogeneration Equipment revenue is expected to grow at 9.8 % through 2023 to 2029, reaching nearly US$ 49.18 Bn.
Cogeneration Equipment Market Overview:
Cogeneration refers to the generation of heat and electricity from a single fuel source such as biomass or natural gas. Some of the key technologies used in cogeneration equipment are gas turbines, steam turbines, reciprocating engines, and combined cycle gas turbines. The increased use of cogeneration equipment in residential, commercial, and industrial end-use sectors is likely to drive the worldwide cogeneration equipment market over the forecast period. The cogeneration equipment market is also being driven by an increase in awareness and utilization of cogeneration to minimize the impacts of greenhouse gases and carbon dioxide globally, which may contribute to a rise in demand for cogeneration systems throughout the forecast period.To know about the Research Methodology:-Request Free Sample Report

Cogeneration Equipment Market Report Scope:

The Cogeneration Equipment market is segmented based on Technology, Capacity, Fuels, Application, and Region. The growth amongst these segments will help our clients to analyze the industries and provide the users with a valuable market overview and market insights to make strategic decisions for identifying core market applications. The research study provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

Our research analyst has used bottom-up approaches to estimate the Cogeneration Equipment market size. Major Key Players in the Cogeneration Equipment market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research involved a study of the top manufacturers' annual and financial reports, while primary research was done through interviews with company key persons and industry professionals such as experienced front-line staff, CEOs, and marketing executives. The study gives insight into the growth dynamics of the Cogeneration Equipment market in regions such as the Middle East and Africa, Asia Pacific, Europe, North America, and Latin America.

The global cogeneration equipment industry is dominated by many national and international cogeneration equipment manufacturers. The report includes detailed profiles of cogeneration equipment manufacturers to analyze their financials, key product offers, recent innovations, and strategies. Some of the leading key players in the global Cogeneration Equipment market include Tecogen, Inc., Siemens, General Electric, Kawasaki heavy industries Ltd., Robert BOSCH Gmbh, Clarke Energy, and Mitsubishi heavy industries Ltd. They are continuously strategizing on mergers & acquisitions for the expansion of their market share and growth opportunities during the forecast period.
Cogeneration Equipment Market Dynamics:
Increasing global demand for Electricity

Over the last several years, global industrialization and urbanization have increased significantly. This has increased the global electricity demand. In 2022, the globe utilized about 25.67 TWh of electricity. According to the IEA, electricity demand is expected to rise by 40.43 TWh by 2040. The world is focusing on green energy to meet the globe's increasing need for power. This is expected to increase demand for cogeneration facilities, resulting in increased sales of the cogeneration equipment market during the forecast period.

Cogeneration technology is the most efficient way of generating energy for industrial purposes

According to the data, investments in cogeneration systems in Italy for the efficient use of energy in the industrial sector were allocated 390 million euros in 2022. Nowadays there is a need for improved security of power supply in all manufacturing industries. Cogeneration can helps plants to generate electricity for their industrial process. Such plants can also work well using waste gases/biomass as fuel. A cogeneration system is ideal where existing industrial facilities are being expanded, older steam-generating equipment is being replaced for new facilities. The utilization or adoption of cogeneration may also be the best option when there are unstable energy prices. Chemical plants such as fertilizers, petrochemicals, hydrocarbon refineries, paper, and pulp manufacturing units, food processing, dairy plants, pharmaceuticals, sugar mills, and so on always require an uninterrupted input of energy in the form of electric power and steam to sustain the critical chemical processes. If these types of industrial plants set up the cogeneration systems with an appropriate power-and-heat balance, they would be able to achieve optimum cogeneration plant efficiency with the best possible use of fuel, the primary source of energy. The increased focus on sustainability has made Cogeneration more attractive, as it substantially reduces carbon footprint compared to generating steam or burning fuel on-site and importing electric power from the grid.

Rising use of cogeneration in hospitals and nursing homes

Hospitals and nursing homes consume a lot of power, heating, and cooling. This makes them ideal for cogeneration. Furthermore, hospitals require standby power. This is due to the fact that any disruption in the electrical supply might result in the loss of life. As a result, onsite power generation is a consideration for all hospitals. A cogeneration system may include standby power. This guarantees that the hospital has the most cost-effective choice to meet the energy demands. It also guarantees that the power source is always reliable. A combination of utility and independent electrical supply is a desirable alternative for vital services, making maintenance shutdowns easier.

Favorable government policies toward promoting cogeneration

Many governments around the world are increasing their efforts to save energy. Furthermore, the rising necessity to deal with climate change has resulted in the widespread adoption of the cogeneration system, opening up new opportunities in the cogeneration equipment market. The Ministry of New and Renewable Energy (MNRE) has announced the Scheme to Support the Promotion of Biomass-Based Cogeneration in Sugar Mills and Other Industries to promote biomass power and bagasse cogeneration in India. The scheme's primary goal is to generate electricity from available biomass resources such as bagasse, rice husk, straw, cotton stalk, and coconut shell. MNRE offers central financial assistance (CFA) for biomass projects as part of the scheme.

Market Restraint

Certain significant issues with the cogeneration system will hamper its future growth such as high installation costs, high maintenance costs, slow startup and poor efficiency at low loads, and so on. Furthermore, a major issue of gas turbines is that their production decreases as the ambient temperature rises. The issue with a steam turbine is that it has a very low power-to-heat ratio. If the recovered heat is not used, the cogeneration system in the reciprocating engine must be cooled, and it also generates a significant degree of low-frequency noises. Manufacturers all over the world have a huge opportunity to increase their market share by reducing some of the negative factors affecting cogeneration system market growth.
Cogeneration Equipment Market Segment Analysis:
By Technology, the Gas turbine cogeneration segment is expected to grow at the highest CAGR during the forecast period. It is commonly used in refineries or sectors such as pulp and paper, ceramics, food and beverage, chemical, and pharmaceuticals. A cogeneration system uses the main energy (fuel) to drive a gas turbine while continually producing numerous forms of secondary energy. In a gas turbine cogeneration system, fuel is utilized as the major energy source, and several forms of energy are produced to maximize energy efficiency.

The steam turbine segment is growing significantly throughout the forecast period. Extensive investments in new generating capacities combined with growing electricity demand across developing nations will spur condensing steam turbine acceptance globally. It is widely used in thermal power generation.

By Fuel, natural gas has a significant market share in the cogeneration equipment market and is expected to be the fastest-growing segment throughout the forecasted period. The simple availability of natural gas, rapid technological advancement, performance-based action in installation costs, and improved environmental performance have increased the market size of cogeneration.

by Application, the residential segment accounts for a significant portion of the cogeneration equipment market. The increase in the number of homes and the construction of buildings has increased total energy consumption. This has increased the demand for cogeneration systems, which are more energy efficient than conventional systems.
Cogeneration Equipments Market Regional Insights
North America is a major producer and consumer of electricity around the globe. In terms of power consumption and production, the United States is the region's leader. In 2022, the United States' electricity consumption was 3.87 TWh. According to the US Energy Information Administration, energy consumption is expected to exceed 6 TWh by the end of 2050. This might be attributed to an increase in demand for power in the industrial sector.

In the Asia Pacific region, the increasing demand for Cogeneration Equipments in wide industrial applications such as power plants, pulp & paper, cement, and many other industries in this region is boosting the use of Cogeneration Equipment market growth during the forecast period. China's demand for energy has been growing as a result of the country's continuous economic growth and increased industrial demand for electricity. In 2022, China utilized 8.3 TWh of power, a 10.3 % growth over the past year. Electricity demand has increased in other Asia Pacific nations such as India, South Korea, Japan, and Indonesia.

The objective of the report is to present a comprehensive analysis of the Cogeneration Equipments market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Cogeneration Equipment market dynamics, and structure by analyzing the market segments and projecting the Cogeneration Equipment market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cogeneration Equipment market make the report investor’s guide.
Cogeneration Equipment Market Scope: Inquiry Before Buying



Global Cogeneration Equipment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 25.56 Bn.


Forecast Period 2023 to 2029 CAGR:
9.8%
Market Size in 2029:
US $ 49.18 Bn.


 Segments Covered:
by Technology
• Reciprocating Engine
• Steam Turbine
• Combined Cycle Gas Turbine
• Gas Turbine
• Others


by Fuel
• Natural Gas
• Biomass
• Coal
• Others


by Application
• Commercial
• Industrial
• Residential


by Capacity
• Up to 30 MW
• 31MW -60 MW
• 61 MW- 100 MW


by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)



Cogeneration Equipments Market, Key Players are;
• American DG Energy(US)
• Turner Crane(US)
• Allied Equipment(US)
• Caterpillar(US)
• GE Energy(US)
• Mitsubishi Heavy Industries(Japan)
• Baxi Group(UK)
• Siemens AG(Germany)
• Rolls Royce(UK)
• Alstorm Power(France)
• Cidea Uno Inc(US)
• Almeg Controls(Canada)
• Perry Process Equipment(UK)
• Green Energy(US)
• Solar Turbines Inc(US)

FAQs:

1. Which is the potential market for Cogeneration Equipment in terms of the region?
Ans. In the Asia Pacific region, , the increasing demand for Cogeneration Equipments in wide industrial applications such as power plants, pulp & paper, cement, and many other industries in this region is boosting the use of Cogeneration Equipment market growth during the forecast period..

2. What is expected to drive the growth of the Cogeneration Equipment market in the forecast period?
Ans. Increasing global demand for Electricity is a key driver of the Cogeneration Equipment market during the forecast period.

3. What is the projected market size & growth rate of the Cogeneration Equipment Market?
Ans. The Cogeneration Equipment Market size was valued at US$ 25.56 Bn. in 2022 and the total Cogeneration Equipment revenue is expected to grow at 9.8 % through 2023 to 2029, reaching nearly US$ 49.18 Bn.

4. What segments are covered in the Cogeneration Equipment Market report?
Ans. The segments covered are Technology, Capacity, Fuels, Application, and Region.