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.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 27.8 Billion
Market Forecast in 2032
US$ 54.9 Billion
Market Growth Rate (2024-2032)
7.6%
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:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Fuel, Capacity, Technology, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered
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.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global cogeneration equipment market was valued at US$ 27.8 Billion in 2023.
We expect the global cogeneration equipment market to exhibit a CAGR of 7.6% during 2024-2032.
The growing demand for uninterrupted and sustainable source of power generation and supply, along with the rising applications of cogeneration equipment over conventional counterparts owing to their smaller carbon footprint, are primarily driving the global cogeneration equipment market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries, thereby limiting the demand for cogeneration equipment.
Based on the fuel, the global cogeneration equipment market can be segmented into natural gas,
biomass, coal, and others. Among these, natural gas holds the majority of the total market share.
Based on the capacity, the global cogeneration equipment market has been divided into up to 30 MW, 31 MW - 60 MW, and 61 MW - 100 MW.
Based on the technology, the global cogeneration equipment market can be categorized into reciprocating engine, steam turbine, combined cycle gas turbine, gas turbine, and others. Among these, reciprocating engine accounts for the largest market share.
Based on the application, the global cogeneration equipment market can be bifurcated into commercial, industrial, and residential. Currently, the commercial sector holds the majority of the global market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global cogeneration equipment market 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. etc.
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