Summary
Major players in the cogeneration equipment market are Tecogen Inc., Siemens, General Electric, 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 and Aegis Energy.
The global cogeneration equipment market is expected to grow from $24.81 billion in 2022 to $27.16 billion in 2023 at a compound annual growth rate (CAGR) of 9.46%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cogeneration equipment market is expected to reach $39.60 billion in 2027 at a CAGR of 9.89%.
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.
Cogeneration equipment is a system characterized as an energy system with the ability to simultaneously produce two valuable outputs. They are innovative methods for using an energy source more sustainably and effectively.
Europe was the largest region in the cogeneration equipment market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies involved in cogeneration equipment are steam turbines, gas turbines, combined steam, and reciprocating engines.A steam turbine is a process of extracting thermal energy from steam and converting it to mechanical work on a spinning output shaft.
It is operated by natural gas, biogas, coal, diesel, and other fuel types with high and medium capacities for commercial, industrial, and residential applications.
The increasing energy consumption is expected to propel the growth of the cogeneration equipment market going forward.Energy consumption refers to the volume of fuel, including natural gas, oil, propane, and electrical energy, that is consumed by a facility during any billing cycle.
Cogeneration is an extremely effective technology for producing energy.Cogeneration is important for enhancing the efficiency of energy and decreasing energy costs.
For instance, in July 2022, according to the Energy Information Administration, a US-based government administration that provides energy statistics and energy information, 2020 saw 11.5 quads of energy consumption, which increased to 12.2 quads of energy consumption in 2021. Therefore, the increasing energy consumption is driving the cogeneration equipment market.
Product innovation is a key trend gaining popularity in the cogeneration equipment market.Companies operating in the cogeneration equipment market are developing innovative products to sustain their position in the market.
For instance, in October 2021, Panasonic, a Japan-based electrical, appliances, and electronics manufacturing company launched energy production from chemical reactions.This produced energy is used in a 5kW type pure hydrogen fuel cell generator.
The pure hydrogen fuel cell generates electricity cleanly and effectively by utilizing the chemical energy of hydrogen or other fuels. By adding additional 5 kW units, the power output can be increased, achieving the electrical efficiency of 56%*1, applicable to cogeneration, and even in a power interruption, operations could continue.
In July 2022, Capital power corporation, a Canada-based power generation company acquired Midland Cogeneration for $894 million.With this acquisition capital power corporations’, annual dividend growth increases from 5% to 6% through 2025 as a result of this purchase.
This acquisition includes financing arrangements, the timing of the transaction completion, financial effects, updating dividend growth guidance through 2025, and positioning for prospective re-contracting of Midland Cogen after contract expirations in 2030 and 2035. Manulife investment management is a Canada-based financial service and asset management company.
The countries covered in the cogeneration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The cogeneration equipment market research report is one of a series of new reports 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.
