Cogeneration Equipment Market Updates

Global Cogeneration Equipment Market size was valued at USD 27.2 Billion in 2023 and is poised to grow from USD 29.57 Billion in 2024 to USD 57.6 Billion by 2032, growing at a CAGR of 8.7% in the forecast period (2025-2032).

As a reaction to growing demands for energy efficiency, leading companies in the highly competitive cogeneration equipment industry are diversifying their product portfolios and looking at advancing technologies. Companies are integrating renewable energy sources with cogeneration equipment by forming alliances, mergers & acquisitions, and integration solutions. This enhances their market position by providing a complete way of generating and utilizing energy. 'GE Vernova', 'Tecogen', 'Mitsubishi Power', 'Caterpillar', 'Cummins Inc.', 'MAN Energy Solutions', 'Bosch Thermotechnology', 'Capstone Turbine Corporation', 'ABB Ltd.', 'Dresser-Rand Group', 'Ansaldo Energia', 'Rolls-Royce Power Systems', 'Veolia North America', 'Ormat Technologies', 'Trane Technologies'

Governments globally are introducing legislation and making financial incentives for encouraging sustainability and energy efficiency. Regulations like carbon dioxide emissions reduction measures and subsidies to renewable energy sources are spurring the installation of cogeneration units in Europe as well as North America and increasing the commercial and residential sector's energy efficiency.

Adoption of Renewable Energy Source: One of the key trends driving the growth of the cogeneration equipment industry is the greater adoption of renewable energy sources, including wind and solar power. Carbon footprints are minimized, and energy efficiency is optimized when these renewable sources are added to cogeneration systems. In North America and Europe, where there is a high level of government incentive for renewable energy, this trend is particularly common.

How Europe Leads the Way in Cogeneration Equipment Market Growth?