Global Cogeneration Equipment Market Size study & Forecast, by Fuel Type (Natural Gas/LPG, biogas, coal, diesel and others), by Capacity (high capacity and medium capacity), by Technology (steam turbine, gas turbine, combined steam/gas turbine-based cogen

Global Cogeneration Equipment Market Size study & Forecast, by Fuel Type (Natural Gas/LPG, biogas, coal, diesel and others), by Capacity (high capacity and medium capacity), by Technology (steam turbine, gas turbine, combined steam/gas turbine-based cogeneration system and reciprocating engine), by Application (commercial, industrial and residential) and Regional Analysis, 2023-2030

Global Cogeneration Equipment Market is valued at approximately USD 25.37 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2023-2030. Cogeneration equipment refers to systems that simultaneously generate electricity and useful heat energy from a single fuel source. It enables efficient utilization of fuel, resulting in reduced energy costs and lower greenhouse gas emissions. The Cogeneration Equipment Market is expanding because of factors such as, rising energy consumption and increasing use of natural gas. Moreover, the increasing utilization of natural gas is increasing the growth of the cogeneration equipment market, as it serves as a reliable and efficient fuel source for cogeneration systems, meeting the rising demand for combined heat and power generation.

According to the Statista in 2023, Global natural gas consumption reached approximately 4.04 trillion cubic meters in 2021, with the United States emerging as the top consumer, accounting for around 30.3 trillion cubic feet in the same year. The cogeneration equipment market is being influenced by the surge in energy consumption, as reported by the Energy Information Administration. Energy consumption witnessed a rise from 11.5 quads in 2020 to 12.2 quads in 2021, highlighting the growing demand for energy and its direct impact on driving the cogeneration equipment market. In addition, increasing focus on sustainable energy solutions and rising demand for decentralized power generation would create a lucrative growth opportunity. However, the higher installation cost and technical complexity stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Cogeneration Equipment Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market during the forecast period owing to the rapid industrial development, strict environmental regulations concerning electricity consumption, and the increasing adoption of renewable energy sources in the region. Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as increasing demand for combined heat and power systems from the industrial sector and the growing power sector to meet the escalating energy requirements in the region.

Major market player included in this report are:
Robert BOSCH GmbH
Siemens AG
Sundrop Fuels Inc.
Innovative Steam Technology, Inc.
Dalkia Aegis, EDF Group
Kawasaki Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd.
2G Energy Inc.
Clarke Energy Ltd.
Capstone Green Energy Corporation

Recent Developments in the Market:
In December 2020, Rolls-Royce plc introduced the MTU gas engine series 5, designed for power generation purposes. This new series is expected to offer a power range of 250 to 550 kilowatts, with peak efficiencies reaching up to 42.6%. The engine is positioned as an environmentally friendly and economically viable solution, catering to various sectors such as industrial, utility, and other relevant applications.

In August 2021, Mitsubishi Heavy Industries Ltd., and Toho Gas announced the successful test running of a commercial gas engine for a cogeneration system. The test used a mixture of hydrogen and city gas as fuel, demonstrating the potential of hydrogen mixed fuel in real applications and its role in improving clean and efficient energy solutions.

Global Cogeneration Equipment Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered -Fuel Type, Capacity, Technology, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Fuel Type
Natural Gas
Biogas
Coal
Residential
Others

By Capacity
High Capacity
Medium Capacity

By Technology
Steam Turbine
Gas Turbine
Combined Steam gas turbine-based cogeneration system
Reciprocating Engine

By Application
Commercial
Industrial
Residential

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Robert BOSCH GmbH
Siemens AG
Sundrop Fuels Inc.
Innovative Steam Technology, Inc.
Dalkia Aegis, EDF Group
Kawasaki Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd.
2G Energy Inc.
Clarke Energy Ltd.
Capstone Green Energy Corporation

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