Global Cogeneration Equipment Market to Grow at 8.71% During 2023-2028, Impelled by Rising Demand for Renewable Energy

According to the latest report by IMARC Group, titled "Cogeneration Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cogeneration equipment market size reached US$ 25.6 Billion in 2022. Cogeneration equipment is widely utilized to generate electrical and thermal energy from a single fuel source, which includes oil, natural gas, biomass, wood, coal, and waste heat. It consists of electric generators, gas and steam turbines, and heat recovery systems that assist in powering various appliances and machines, such as pumps, fans, refrigerators, dehumidifiers and steamers. These systems provide excellent efficiency while having a smaller carbon footprint when compared to other conventional power-generation systems since the process of cogeneration utilizes the heat circulating in a system that is otherwise lost in their traditional counterparts. The usage of waste products as an essential part of the system enables cogeneration equipment to significantly minimize the overall fuel consumption, thereby gaining widespread prominence among the end users.
 

Global Cogeneration Equipment Market Trends:

The global market is primarily driven by the increasing demand for renewable energy across the globe. Rising incidences of power outages and the growing dependency on electrical appliances have impelled the need for an uninterrupted power supply. Supported by an enhanced focus on sustainable development and the escalating depletion of fossil fuels, this has created a rising requirement for unconventional energy generation, wherein cogeneration equipment forms an indispensable component. Along with this, governments of numerous countries are taking initiatives to promote the use of clean energy and develop the overall infrastructure of renewable energy projects, which is expected to provide an impetus to the market growth. Furthermore, key players are continually engaging in research and development (R&D) activities to launch efficient tri- and quattro-power generation systems to enable the simultaneous production of three and more forms of energy. They are also integrating fuel cell technology with power and heat generation systems and advanced steam turbines with enhanced operational flexibility, which are gaining widespread popularity among the end users. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.71% during 2023-2028.
 

Market Summary:

• On the basis of the fuel, the market has been divided into natural gas, biomass, coal and others.
• Based on the capacity, the market has been classified into up to 30 MW, 31 MW - 60 MW and 61 MW - 100 MW.
• On the basis of the technology, the market has been categorized into reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine and others.
• Based on the application, the market has been segregated into commercial, industrial and residential segments.
• On the geographical front, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include 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.
   

Report Scope:

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