Cogeneration Equipment Market: Current Analysis and Forecast (2021-2027)


Emphasis on Fuel Type (Natural Gas/ LPG, Biogas, Coal, Diesel, And Others), Capacity (Up to 30 MW, 31MW -60 MW, and 61 MW- 100 MW Technology (Reciprocating Engine, Steam Turbine, Combined Cycle Gas Turbine, Gas Turbine, and Others), Application (Residential, Commercial, and Industrial), and Region and Country

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Research Methodology

Report Description

Cogeneration Equipment Market 2
Cogeneration Equipment Market 2


The Global Cogeneration equipment was valued at USD 22.25 bn in 2020 and to expected to grow at a CAGR around 9% during the forecast period (2021-2027). Cogeneration Equipment cater to significant market demand over the past few years and is expected to have substantial growth in the forecasted period as well. The frequent occurrence of power outages and increasing power shortages have initiated the development process of systems that are a consistent, uninterrupted, and sustainable source of power generation and supply.

Furthermore, the widespread adoption of micro-CHP systems in industrial, residential, and small and medium enterprise (SME) sectors coupled with the decreasing prices of natural gas owing to its abundant availability has positively influenced the demand for this equipment

The market is also receiving a boost due to increasing emphasis by governments of both developed and emerging nations on the production of clean, renewable, and efficient energy. Various technological innovations are also catalyzing market growth. For instance, the introduction of Tri- and Quattro-power generation systems has enabled the simultaneous production of three and more forms of energy, which assists in a better and more effective way of energy conversion. 

Cogeneration Equipment, Application, 2020

Cogeneration Equipment Market 3
Cogeneration Equipment Market 3

American DG Energy Inc., Turner Crane, Allied Equipments Inc., Caterpillar Inc., GE Energy, Mitsubishi Heavy Industries Ltd., Baxi Group, Rolls Royce PLC., Alstorm Power, Siemens AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.


Insights Presented in the Report

“Amongst Capacity, 61 MW to 100 MW segment holds the major share”

Based on capacity, the cogeneration equipment market is bifurcated into Up to 30 MW, 31MW -60 MW, and 61 MW- 100 MW. The 61MW to 100 MW caters to a significant market share in the cogeneration equipment market. The more than 61 MW-100 MW segment holds a considerable market share. It is mainly owing to the surging demand for cogeneration systems in power generation.

“Amongst technology, gas turbine segment holds the major share”

Based on technology, the cogeneration equipment market is categorized into the reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine, and others. The gas turbine segment caters to a substantial market share in the cogeneration equipment market. A cogeneration system drives a gas turbine by using primary energy (fuel) and produces multiple types of secondary energy continuously. In a gas turbine cogeneration system, fuel is used as the primary energy, and multiple types of energy are produced in order to use energy more effectively.

“Amongst application, residential segment holds the major share”

Based on application, the cogeneration equipment market is classified into residential, commercial, and industrial. The residential segment caters to a considerable share of the cogeneration equipment market. A surge in the number of households and size of houses have augmented the total usage of energy. This has bolstered the demand for cogeneration systems, as they are energy efficient in comparison to conventional systems.

“Europe represents one of the extensive market shares of global Cogeneration Equipment Market”

For a better understanding of the market dynamics of the global cogeneration equipment. Europe is anticipated to witness the highest growth rate during the forecast period, owing to the large-scale availability of natural gas in economies such as Russia and Germany. Space and cost restraints in cities, combined with strict environmental regulations, are expected to drive the demand for this equipment over the forecast period.


Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.

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1.1.    Market Definitions
1.2.    Limitation
1.3.    Stake Holders
1.4.    Currency used in Report


2.1.    Research Process of the Cogeneration Equipment Market
2.2.    Research Methodology of the Cogeneration Equipment Market
2.3.    Forecasting Method
2.4.    Respondent Profile
2.5.    Main Objective of the Cogeneration Equipment Market Study










7.1.    Natural Gas/ LPG
7.2.    Biogas 
7.3.    Coal 
7.4.    Diesel 
7.5.    Others 


8.1.    Up to 30 MW
8.2.    31MW -60 MW
8.3.    61 MW- 100 MW


9.1.    Reciprocating Engine
9.2.    Steam Turbine
9.3.    Combined Cycle Gas Turbine
9.4.    Gas Turbine
9.5.    Others  


10.1.  Residential
10.2.  Commercial
10.3.  Industrial


11.1.                     North America Cogeneration Equipment Market 
11.1.1.    United States
11.1.2.    Canada 
11.1.3.    Rest of North America
11.2.                     Europe Cogeneration Equipment Market 
11.2.1.    Germany
11.2.2.    France 
11.2.3.    Spain 
11.2.4.    Italy 
11.2.5.    United Kingdom
11.2.6.    Rest of Europe
11.3.                     Asia Pacific Cogeneration Equipment Market
11.3.1.    China 
11.3.2.    India 
11.3.3.    Australia
11.3.4.    Japan 
11.3.5.    Rest of Asia Pacific
12.   Rest Of the World Cogeneration Equipment Market


13.1.                     Market Drivers
13.2.                     Market Challenges
13.3.                     Impact Analysis








17.1.      Demand Side Analysis
17.2.      Supply Side Analysis
17.2.1.    Top Product Launches
17.2.2.    Top Business Partnerships
17.2.3.    Top Business Expansions, Investments, and Divestitures
17.2.4.    Top Merger and Acquisitions




19.1.      Competitive Landscape
19.1.1.    Company Shares, By Revenue


20.1.  American DG Energy Inc.
20.2.  Turner Crane
20.3.  Allied Equipments Inc.
20.4.  Caterpillar Inc.
20.5.  GE Energy
20.6.  Mitsubishi Heavy Industries Ltd.
20.7.  Baxi Group
20.8.  Rolls Royce PLC.
20.9.  Alstorm Power
20.10.   Siemens AG




Research Methodology

Research Methodology for the Global Cogeneration Equipment Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global cogeneration equipment market were the three major steps undertaken to create and analyze the adoption of a cogeneration equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Cogeneration equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Seek More Details About Research Methodology

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Cogeneration equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Cogeneration equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as fuel type, capacity, technology, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cogeneration equipment market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for uninterrupted and reliable power supply. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Cogeneration equipment market sector across the globe.


Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Cogeneration equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of the Cogeneration equipment market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global Cogeneration equipment market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Cogeneration Equipment Market 1
Cogeneration Equipment Market 1



Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cogeneration equipment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of fuel type, capacity, technology, application in the global Cogeneration equipment market.

The main objective of the Global Cogeneration equipment Market Study

The current & future market trends of the global Cogeneration equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the cogeneration equipment market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of fuel type, capacity, technology, application.
  • Define and analysis of the regulatory framework for the cogeneration equipment market industry.
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the cogeneration equipment market for the major region.
  • Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
  • Company profiles of the Cogeneration equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

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