Global Cogeneration Equipment Market Report and Forecast 2023-2028

Global Cogeneration Equipment Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global cogeneration equipment market is projected to grow at a CAGR of 6% between 2023 and 2028 to reach a value of USD 41.6 billion by 2028. Aided by the increasing focus on sustainable energy solutions and the growing need for energy efficiency in industries and residential settings, the market is expected to grow significantly by 2028.

Cogeneration, also known as Combined Heat and Power (CHP), is an energy-efficient technology that simultaneously produces electricity and useful thermal energy from a single energy source, typically natural gas, biomass, or coal. It is a flexible technology that can serve a range of sizes and applications, including residential, commercial, and industrial.

As climate goals become increasingly ambitious, nations are adopting cogeneration as a key strategy to reduce greenhouse gas emissions and optimise energy use. This factor is bolstering the cogeneration equipment market growth. CHP systems can operate at efficiencies of 80% or higher, compared to the roughly 50% efficiency of traditional separate heat and power generation, making cogeneration an attractive option for businesses and policymakers alike.

The move toward decentralised energy systems and self-sufficiency is also boosting the adoption of cogeneration equipment. Such systems are resilient, and they reduce dependency on central power stations, which is crucial during peak demand periods and emergencies.

Technological advancements, such as the integration of IoT devices for intelligent control of cogeneration systems and the development of smaller, modular units, are making CHP systems more accessible and manageable. These advancements are expected to drive future market growth.

While Europe and North America account for a significant portion of the cogeneration equipment market share, owing to early adoption and stringent energy efficiency goals, Asia Pacific is emerging as a significant market. Fast-growing economies, increasing urbanisation, and strong industrial sectors in countries like China and India are key factors contributing to this growth.

Meanwhile, the emerging markets, particularly in Asia and Africa, present significant opportunities for the cogeneration equipment market expansion. Rapid industrialisation, urbanisation, and increasing energy demand in these regions are creating a need for efficient and reliable power solutions.

Market Segmentation

The market can be divided based on fuel, capacity, technology, application, and region.

Market Breakup by Fuel

• Natural Gas
• Biomass
• Coal
• Others

Market Breakup by Capacity

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

Market Breakup by Technology

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

Market Breakup by Application

• Commercial
• Industrial
• Residential

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cogeneration equipment market. Some of the major players explored in the report by Expert Market Research are as follows:

• Kawasaki Heavy Industries Ltd.
• Bosch Terotechnology Limited
• Clarke Energy
• Mitsubishi Heavy Industries Ltd.
• Andritz Energy & Environment Gmbh
• Siemens AG
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.