Cogeneration Plant Market Trends and Forecast
The future of the global cogeneration plant market looks promising with opportunities in the hospital, shopping mall, and factory markets. The global cogeneration plant market is expected to grow with a CAGR of 7.1% from 2024 to 2030. The major drivers for this market are growing focus on reducing greenhouse gas emissions and rising energy costs across the globe.
• Lucintel forecasts that topping cycle plant is expected to witness higher growth over the forecast period.
• Within this market, hospital is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Cogeneration Plant Market
• United States: In the United States, companies like General Electric (GE) and Siemens have been actively involved in advancing cogeneration technologies. GE has announced collaborations with utilities and industrial partners to deploy efficient combined heat and power (CHP) systems across various sectors, emphasizing energy savings and emission reductions. Siemens has introduced advanced gas turbine-based cogeneration solutions aimed at enhancing energy efficiency and operational flexibility for industrial and municipal applications. Government initiatives in the U.S., such as tax incentives and regulatory support for CHP systems under the Energy Policy Act, encourage investments in cogeneration plants to improve energy resilience and reduce greenhouse gas emissions.
• India: In India, companies like Thermax Limited and Triveni Turbine Ltd. are leading players in the cogeneration plant market. Thermax Limited has implemented cogeneration projects in industries such as sugar, paper, and chemicals, focusing on energy efficiency and cost savings. Triveni Turbine Ltd. specializes in providing steam turbines for cogeneration applications, targeting sectors seeking reliable and efficient power generation solutions. Government targets in India include promoting cogeneration as part of the National Action Plan on Climate Change, aimed at reducing carbon intensity and enhancing energy security through efficient use of resources.
• China: In China, companies such as Shanghai Electric Group and Harbin Electric Corporation are prominent in the cogeneration plant market. These companies have invested in developing integrated energy solutions, including cogeneration plants powered by natural gas and renewable energy sources, to support industrial and urban development. Government initiatives in China support the deployment of cogeneration plants to optimize energy efficiency, reduce air pollution, and meet growing electricity demands sustainably. Policies include incentives for clean energy projects and regulatory frameworks to promote CHP systems in the industrial and residential sectors.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Cogeneration Plant Market by Segment
The study includes a forecast for the global cogeneration plant market by type, application, and region.
Cogeneration Plant Market by Type [Value from 2018 to 2030]:
• Topping Cycle Plants
• Bottoming Cycle Plants
Cogeneration Plant Market by Application [Value from 2018 to 2030]:
• Hospitals
• Shopping Malls
• Factories
• Others
Cogeneration Plant Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Cogeneration Plant Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cogeneration plant companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cogeneration plant companies profiled in this report include-
• Capstone Turbine
• Javac
• Magnabosco
• Terasaki Electric Circuit Breaker
• Termogamma Energy Solutions
• Power Cogeneration Plant Company
• Thermax
• MWM
• CGT
• Cogen
Recent Development in the Cogeneration Plant Market
• General Electric (GE): General Electric has launched the LM2500XPRESS Power Plant Solution, which integrates a gas turbine with a steam turbine for the cogeneration applications. This initiative aims to enhance energy efficiency by utilizing exhaust heat from the gas turbine to generate additional power through the steam turbine, catering to industrial and municipal needs for combined heat and power (CHP) systems.
• Siemens AG: Siemens has introduced the SGT-8000H series of gas turbines optimized for cogeneration plants. These turbines offer high efficiency in power generation and heat recovery, supporting industries in reducing energy costs and greenhouse gas emissions. SiemensÄX%$%X initiative includes the integration of digital solutions for enhanced performance monitoring and operational flexibility of CHP systems.
• Mitsubishi Heavy Industries (MHI): Mitsubishi Heavy Industries has developed the M501JAC gas turbine for the cogeneration applications, featuring advanced technologies for improved efficiency and reliability. The turbine is designed to operate with high fuel flexibility, accommodating various gas qualities and supporting sustainable energy solutions in the industrial and utility sectors.
• Caterpillar Inc.: Caterpillar Inc. has expanded its portfolio of gas generator sets for cogeneration plants with the launch of the Cat® G3516H. This initiative focuses on providing robust and efficient power solutions for combined heat and power applications, ensuring reliability and cost-effectiveness for industrial and commercial customers.
Features of the Global Cogeneration Plant Market
Market Size Estimates: Cogeneration plant market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Cogeneration plant market size by type, application, and region in terms of value ($B).
Regional Analysis: Cogeneration plant market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the cogeneration plant market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the cogeneration plant market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for cogeneration plant market?
Answer: The global cogeneration plant market is expected to grow with a CAGR of 7.1% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the cogeneration plant market?
Answer: The major drivers for this market are growing focus on reducing greenhouse gas emissions and rising energy costs across the globe.
Q3. What are the major segments for cogeneration plant market?
Answer: The future of the cogeneration plant market looks promising with opportunities in the hospital, shopping mall, and factory markets.
Q4. Who are the key cogeneration plant market companies?
Answer: Some of the key cogeneration plant companies are as follows:
• Capstone Turbine
• Javac
• Magnabosco
• Terasaki Electric Circuit Breaker
• Termogamma Energy Solutions
• Power Cogeneration Plant Company
• Thermax
• MWM
• CGT
• Cogen
Q5. Which cogeneration plant market segment will be the largest in future?
Answer: Lucintel forecasts that topping cycle plant is expected to witness higher growth over the forecast period.
Q6. In cogeneration plant market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cogeneration plant market by type (topping cycle plants and bottoming cycle plants), application (hospitals, shopping malls, factories, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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