Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cogeneration equipment market is projected to flourish at a CAGR of 9.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 55.7 billion is anticipated for the market in 2031. As of 2023, the market for structured cabling is expected to close at US$ 27.6 billion.
The increasing adoption of cogeneration equipment in industrial and commercial sectors, including manufacturing, healthcare, hospitality, and data centres, to meet their energy needs efficiently and economically drives the market demand. An increase in the number of households and the size of houses has augmented the total usage of energy. This has boosted the demand for cogeneration systems, as they are energy efficient in comparison to conventional systems.
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With the increase in demand for commercial buildings, the market for cogeneration systems is projected to expand as new buildings are being installed with new versions of equipment that tend to be more energy-efficient significant growth in residential and commercial energy markets is expected to drive cogeneration equipment market during the forecast period.
Commercial buildings, including retail stores, malls, offices, warehouses, hospitals, hotels, institutions, universities, and schools, require heat and electricity to properly function. The rise in demand for cogeneration systems is anticipated to boost the sales of cogeneration equipment in the near future. The demand for cogeneration equipment is high in emerging markets where there is a growing need for reliable and efficient energy solutions to support economic growth and infrastructure development.
Cogeneration systems are more environmentally friendly compared to conventional power generation, as they can be designed to use cleaner energy sources, including natural gas and renewables. Ongoing advancements in CHP technology, including improved system design, component efficiency, and control systems, have made cogeneration more accessible and cost-effective.
Competitive Landscape
Several national and multinational manufacturers of cogeneration equipment operate in the global cogeneration equipment market. Detailed profiles of manufacturers of cogeneration equipment have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
Transparency Market Research has profiled the following players in its global cogeneration equipment market report:
- Rolls-Royce plc
- Siemens
- ABB
- Baxi Group
- Andritz Energy and Environment
- BDR Thermea Group
- Mitsubishi Heavy Industries, Ltd.
- 2G Energy Inc.
- Clarke Energy Ltd.
- Capstone Turbine Corporation
- Innovative Steam Technology, Inc.
- Aegis Energy Services Inc.
- Kawasaki Heavy Industries Ltd.
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Key Takeaways from the Market Study
- As of 2022, the market was valued at US$ 25.3 billion.
- Based on fuel, the natural gas segment is expected to dominate the market during the forecast period.
- By application, the industrial segment is expected to account for high market share during the forecast period.
Cogeneration Equipment Market: Key Trends and Opportunistic Frontiers
- Industrialization and urbanization have increased significantly globally in the past few years. This has boosted the global demand for electricity, driving the demand for cogeneration equipment.
- Increase in awareness and utilization of cogeneration to reduce the effects of greenhouse gas and carbon dioxide is also driving the cogeneration equipment market
Cogeneration Equipment Market – Regional Analysis
- North America is the leading market for cogeneration equipment. The presence of a mature cogeneration equipment market due to a well-established industrial base and the availability of natural gas in the United States.
- Combined heat and power (CHP) systems are popular in various industries, including healthcare, manufacturing, and data centers. Government incentives, such as the Investment Tax Credit (ITC) and Production Tax Credit (PTC), have promoted CHP adoption.
- The cogeneration equipment market is growing in Asia Pacific rapidly due to increasing industrialization and urbanization. Government initiatives to reduce pollution and promote energy efficiency have led to a surge in CHP adoption, especially in the industrial and commercial sectors, driving the market demand in the region.
Key developments in the cogeneration equipment market
- Siemens has been at the forefront of the cogeneration market, offering a range of efficient cogeneration equipment. They have been actively involved in the development of high-efficiency gas turbines and combined-cycle power plants, which incorporate cogeneration principles.
- GE has focused on advancing gas turbine technology for CHP applications. They have introduced highly efficient gas turbines designed for cogeneration, which improve the overall performance of CHP systems.
Cogeneration Equipment Market – Key Segments
Capacity
- Up to 30 MW
- 31 MW - 60 MW
- 61 MW - 100 MW
Technology
- Steam Turbine
- Gas Turbine
- Combined Cycle Gas Turbine
- Reciprocating Engine
- Others (Including Piston Engine)
Fuel
- Biomass
- Coal
- Natural Gas
- Others (including Nuclear Power)
Application
- Residential
- Commercial
- Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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