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Market Overview:
The Cogeneration Equipment Market size is estimated to reach $53 Billion by 2030, growing at a CAGR of 7.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Cogeneration Equipment Market – By Type (Steam Turbine, Gas Turbine, Reciprocating Engine, Combined Cycle, Others (Fuel Cells, Microturbines), HRSGs (Heat Recovery Steam Generators), Auxiliary Coolers, Heat Exchangers, Pumps, Others), By Capacity (Up to 30 MW, 31–250 MW, 250-450 MW, above 450 MW), By Fuel Type (Natural Gas, Biomass, Coal, Diesel, Biogas, Wasteheat, Others), By Application (Industrial, Commercial, Residential), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
The need for energy efficiency is driving the demand for Cogeneration Equipment. Compliance with regulations is a key driver. Rising energy costs are contributing to the demand. Reliable power is another major factor fueling the growth of the Cogeneration Equipment industry during the forecast period.
North America Dominated the Market in 2023:
North America accounted for the largest share of 40% of the Cogeneration Equipment Market in 2023. North America leads the cogeneration equipment market due to its significant investments in energy infrastructure and technological advancements. For instance, in September 2023, Hitachi Energy announced an investment of $155 million in the expansion of its manufacturing facilities in the region, located in Pennsylvania, Virginia and Mexico. Rising demand for efficient energy solutions such as cogeneration systems is driving this expansion. North America's growing industrial base, backed by major companies, positions it as a dominant force in the cogeneration equipment market.
Cogeneration Equipment Market: Key Takeaways
Cost Savings:
Cost savings play a crucial role in driving the adoption of cogeneration equipment, especially in energy-intensive industries like healthcare. For example, Hospitals spend a huge amount of finances on energy, with a typical annual cost of $3.16 per square foot, as determined by the US Environmental Protection Agency (EPA). A 75-bed hospital could face an energy bill of $735,000 per year, which amounts to $9,800 per bed. Combined Heat and Power (CHP) systems are an option for reducing these costs enabling hospital to dedicate more resources to patient care. Again, CHP is a reliable, mitigating risk against outages and postpones the need for expensive boiler replacements or upgrades required for a regulatory compliance.
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Government Regulations:
Government regulations are a key driver in the cogeneration equipment market, as nations worldwide push for cleaner energy solutions. The Association of Southeast Asian Nations's (ASEAN) 10 members who represents 10% of the world's population are witnessing increasing energy demand resulting from population growth and development. To achieve this, the ASEAN Plan of Action for Energy Cooperation aims to have member states source 23 % of their total primary energy derived from renewable sources by 2025 with the intention of reducing carbon emissions and cutting back on reliance on coal. This target has now become part of the national energy plans of governments in the region, urging for greater use of cleaner energy technologies.
Scope of the Report:
Recent Developments:
- In July 2024, GE Vernova and Harbin Electric Corporation launched the Guangdong Huizhou CHP plant, powered by two hydrogen-ready 9HA.01 gas turbines. The plant will supply up to 1.34 GW of electricity and steam for Huizhou's chemical complex, with plans to blend 10% hydrogen in two years.
- In June 2024, the Uniper’s "Scholven 1" CHP plant was inaugurated in Gelsenkirchen, Germany, marking the shift from coal to gas and hydrogen. The 140 MW plant will provide steam, heat, and electricity, supporting regional industry and reducing CO2 and pollutant emissions in the Ruhr area.
- In June 2024, Turkish engineering, procurement, and construction contractor Iltekno announced it built a cogeneration power plant based on gas engines in Uzbekistan, the first in the country.
Cogeneration Equipment Market: Competitive Landscape
Key companies profiled in the Cogeneration Equipment Market are GE Vernova, Siemens AG, Mitsubishi Heavy Industries, Ltd., ABB Ltd., Caterpillar Inc., Cummins Inc., Capstone Turbine Corporation, MAN Diesel & Turbo SE, 2G Energy AG, Wärtsilä Corporation and others.
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