Cogeneration Equipment Market

Market Overview:

The global cogeneration equipment market size reached US$ 27.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032.

Cogeneration or combined heat and power (CHP) equipment is used to simultaneously produce thermal and electrical energy from a single fuel source. These fuel sources can be natural gas, biomass, wood, coal, waste heat and oil. Cogeneration equipment includes gas and steam turbines, electric generators and heat recovery systems that provide power to equipment and machines such as fans, pumps, refrigerators, dehumidifiers and steamers. This equipment works more efficiently and has a smaller carbon footprint than other conventional systems. For instance, in a rice mill that requires mechanical energy for milling and heat for paddy drying, a cogeneration system can use waste products such as rice husk in place of fuel to produce the needed energy output simultaneously, thereby significantly reducing fuel consumption.

The growing energy demand across the globe is the key factor driving the market growth. 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, 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 the 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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cogeneration equipment market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on fuel, capacity, technology and application.

Breakup by Fuel:

• Natural Gas   
• Biomass
• Coal
• Others
   

Breakup by Capacity:

• Up to 30 MW
• 31MW -60 MW
• 61 MW- 100 MW
   

Breakup by Technology:

• Reciprocating Engine
• Steam Turbine
• Combined Cycle Gas Turbine
• Gas Turbine
• Others
   

Breakup by Application:

• Commercial
• Industrial
• Residential
   

Breakup by Region:

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
   

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Kawasaki Heavy Industries, Ltd., Bosch Group, Innovative Steam Technologies Inc., Kohler Co., Mitsubishi Heavy Industries, Ltd., Wood PLC (Foster Wheeler AG), ANDRITZ AG, Siemens Aktiengesellschaft, 2G Energy AG, ABB Group, Aegis Energy, EDF Group, BDR Thermea Group B.V., Baxi Group, Capstone Turbine Corporation, and Rolls-Royce plc. etc.

IMARC Group’s latest report provides a deep insight into the global cogeneration equipment market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global cogeneration equipment market in any manner.

Report Coverage: