Cogeneration Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Cogeneration Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global cogeneration equipment market size reached US$ 25.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.6 Billion by 2028, exhibiting a growth rate (CAGR) of 8.71% during 2023-2028.

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 2023-2028. 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.

Key Questions Answered in This Report

1. What was the size of the global cogeneration equipment market in 2022?
2. What is the expected growth rate of the global cogeneration equipment market during 2023-2028?
3. What are the key factors driving the global cogeneration equipment market?
4. What has been the impact of COVID-19 on the global cogeneration equipment market?
5. What is the breakup of the global cogeneration equipment market based on the fuel?
6. What is the breakup of the global cogeneration equipment market based on the capacity?
7. What is the breakup of the global cogeneration equipment market based on the technology?
8. What is the breakup of the global cogeneration equipment market based on the application?
9. What are the key regions in the global cogeneration equipment market?
10. Who are the key players/companies in the global cogeneration equipment market?