The Global Cogeneration Equipment Market size was valued at US$ 21.3 billion in 2021 and is anticipated to reach US$ 51.10 billion by 2026 and increase at a CAGR of 9.5% during 2021 and 2026.
Cogeneration is also termed as combined heat and power (CHP), is the use of energy in two forms at the same time, often mechanical and thermal energy, by maximizing the efficiency of fuel energy in a cost-effective and ecologically acceptable manner. Cogeneration equipment includes motors, pumps, compressors, steam turbines, air compressors, combustion chambers, gas turbines, and many more items utilized in cogeneration systems. With the use of a steam turbine and a gas turbine, cogeneration produces energy and usable heat in the same plant. Furthermore, the efficiency of a cogeneration system is around 90% since 40% of the energy can be transformed into electrical energy, 50% of the energy can be converted into heat, and only 10% of the energy is lost using this system. Steam turbines and engines, gas turbines and engines, blades, air compressors, combustion chambers, rotors, stationary nozzles, rotating and rigged pallets, boilers, generators, condensers, pumps, and many more items are used in cogeneration.
Cogeneration systems aid in the mitigation of climate change, and the growth in environmental concerns has resulted in an increase in demand for them. Furthermore, cogeneration reduces energy consumption and is a cost-effective method that increases energy supply security, resulting in an increase in demand for cogeneration systems, which might be a major development factor for the worldwide cogeneration equipment market throughout the forecast period. Furthermore, growing gas infrastructure around the world has increased demand for cogeneration systems, which might be a major development factor for the market. Over the projection period, demand is likely to be fueled by an increase in renewable energy projects in Asia Pacific and Latin America.
In combined heat and power (CHP) systems, natural gas is the most commonly used fuel. It is widely available, particularly in Russia, the United States, Canada, Iran, and Qatar. CHP equipment demand is predicted to rise in the near future due to falling natural gas prices and sufficient supply, as well as supporting government policies and ageing infrastructure. Residential buildings, oil and gas production facilities, small and large-scale enterprises, and commercial uses such as hospitals, universities, and retail malls are all examples of where CHP is used. Cogeneration systems can be used in both industrial and commercial settings, as well as in smaller home settings. Cogeneration plants create heat that is used in a variety of purposes, including industrial operations, space and water heating. Due to rising power consumption, the application scope of CHP systems in end-use sectors such as paper, food, chemical, oil, and refining is expected to expand throughout the projection period, complementing equipment demand. It is gaining popularity because to advantages such as lower operating costs, which are achieved by substituting low-cost power and heat energy for higher-cost electricity and boiler fuels.
Cogeneration Equipment Market Restraints:
One of the primary barriers for the cogeneration equipment market is the high initial investment requirement, as well as the difficulty in obtaining suitable utility connections. These systems are useful in the long run, but because to their complicated technological needs, their initial cost is relatively high when compared to traditional systems, making them impossible to purchase for many small and medium-sized enterprises and institutions.
Recent Developments in the Global Cogeneration Equipment Market:
American DG Energy Inc. has purchased 13 Tecogen combined heat and power (CHP) units for use in a number of new energy production projects announced by ADGE earlier this month. Tecogen systems announced that it has 75 KW of eight CM and 100 KW units of five In Verde.
On August 26th 2021, Mitsubishi Heavy Industries Ltd. And Toho Gas together declared that they have successfully conducted test operation of hydrogen (H2) mixed fuel combustion and city gas in a commercial gas engine for cogeneration system.
Market Size Available
2020 – 2025
2021 - 2026
By Product, Type, Consumption, Distribution Channel and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
American DG Energy Inc., Turner Crane, Allied Equipments Inc, Caterpillar Inc., GE Energy, Mitsubishi Heavy Industries Ltd., Baxi Group, Siemens AG, Rolls Royce PLC.,Alstorm Power,Cidea Uno Inc.
Global Cogeneration Equipment Market Segmentation:
By Fuel type:
Based on fuel type, in 2020, natural gas dominated the global cogeneration equipment market, and it is expected to continue to be the fastest-growing sector during the forecast period. This can be ascribed to its eco-friendly nature and high mileage.
By capacity type, the high-capacity segment held the largest market share in 2020, at roughly 43.6 percent, and is expected to hold this position throughout the forecast period. This is due to its widespread use in pulp and paper mills, the cement industry, and other sectors.
The industrial category accounted for roughly 30.56 percent of worldwide market share in 2020, according to application. This is due to an increase in power generation demand in a variety of businesses around the world, including power plants, pulp and paper, cement, and many others.
The Global Cogeneration Equipment Market Report includes the segmentation of Regions:
Because of the abundance of natural gas in nations like Germany and Russia, Europe is predicted to develop at the fastest rate over the forecast period. Over the next seven years, demand in the region is expected to be driven by cost and space constraints in big cities, as well as strict environmental restrictions.
Due to rising demand for CHP systems from the industrial sector in countries like China, India, and South Korea, Asia Pacific is likely to rise significantly over the forecast period. Demand in the Asia Pacific region is likely to be driven by India's growing power sector, which is expected to fulfil fast rising energy demand.
Due to reasons such as severe environmental regulations governing electricity use and a shift toward renewable energy, North America is likely to see a boom in demand. Over the projected period, the Middle East and Africa are expected to increase at a moderate rate.
Middle East and Africa
As a result of the worldwide economic slowdown, key sectors such as pulp and paper mills, cement, and many others were forced to halt operations for a limited time. Because of the government's rigorous rules, the sector has shrunk, resulting in a gradual drop in the global cogeneration equipment market. The power generation industry consumes a significant amount of cogeneration equipment around the world. Following the global recession, there has been a large surge in power usage, resulting in an increase in demand for cogeneration equipment all around the world. COVID, on the other hand, has a slow effect on the cogeneration equipment. Due to the lockdown, fuel production did not halt, resulting in an increase in fuel supply, which increased co-generation directly without affecting the market.
This drop in such businesses resulted in a drop in demand for cogeneration equipment, demonstrating the market's gradual fall. Globally, the construction industry accounts for a substantial portion of cogeneration utilization. Various large projects have been halted due to the outbreak of the COVID-19 pandemic, which has been blamed on the lockdown. As a result, demand for cogeneration equipment has decreased, resulting in the global market's downturn.
The companies covered in the report include:
Allied Equipments Inc
Mitsubishi Heavy Industries Ltd.
Rolls Royce PLC.
Cidea Uno Inc.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Cogeneration Equipment Market , By Fuel type
6.1.2 Natural gas/ LPG
6.1.6 Market Size Estimations & Forecasts (2021-2026)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Cogeneration Equipment Market , By Capacity
6.2.1 High capacity
6.2.2 Medium capacity
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Cogeneration Equipment Market , By Technology
6.3.1 Gas turbine
6.3.2 Steam turbine
6.3.3 Combined steam
6.3.4 Reciprocating engine
6.3.5 Market Size Estimations & Forecasts (2021-2026)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
6.4 Cogeneration Equipment Market , By Application
6.4.4 Market Size Estimations & Forecasts (2021-2026)
6.4.5 Y-o-Y Growth Rate Analysis
6.4.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Fuel type
7.2.3 By Capacity
7.2.4 By Technology
7.2.5 By Application
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Fuel type
7.3.3 By Capacity
7.3.4 By Technology
7.3.5 By Application
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Fuel type
7.4.3 By Capacity
7.4.4 By Technology
7.4.5 By Application
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Fuel type
7.5.3 By Capacity
7.5.4 By Technology
7.5.5 By Application
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Fuel type
7.6.3 By Capacity
7.6.4 By Technology
7.6.5 By Application
8. Key Player Analysis
8.1 American DG Energy Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Turner Crane
8.3 Allied Equipments Inc
8.4 Caterpillar Inc.
8.5 GE Energy
8.6 Mitsubishi Heavy Industries Ltd.
8.7 Baxi Group
8.8 Siemens AG
8.9 Rolls Royce PLC.
8.10 Alstorm Power
8.11 Cidea Uno Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Cogeneration Equipment Market By Region, From 2021-2026 ( USD Billion )
Global Cogeneration Equipment Market By Fuel type , From 2021-2026 ( USD Billion )
Global Biogas Market By Region, From 2021-2026 ( USD Billion )
Global Natural gas/ LPG Market By Region, From 2021-2026 ( USD Billion )
Global Coal Market By Region, From 2021-2026 ( USD Billion )
Global Diesel Market By Region, From 2021-2026 ( USD Billion )
Global Others Market By Region, From 2021-2026 ( USD Billion )
Global Cogeneration Equipment Market By Capacity, From 2021-2026 ( USD Billion )
Global High capacity Market By Region, From 2021-2026 ( USD Billion )
Global Medium capacity Market By Region, From 2021-2026 ( USD Billion )
Global Cogeneration Equipment Market By Technology, From 2021-2026 ( USD Billion )
Global Gas turbine Market By Region, From 2021-2026 ( USD Billion )
Global Steam turbine Market By Region, From 2021-2026 ( USD Billion )
Global Combined steam Market By Region, From 2021-2026 ( USD Billion )
Global Reciprocating engine Market By Region, From 2021-2026 ( USD Billion )
Global Cogeneration Equipment Market By Application, From 2021-2026 ( USD Billion )
Global Industrial Market By Region, From 2021-2026 ( USD Billion )
Global Commercial Market By Region, From 2021-2026 ( USD Billion )
Global Residential Market By Region, From 2021-2026 ( USD Billion )