The global cogeneration equipment market size reached US$ 27.8 Billion in 2023. Looking forward, the market is projected to reach US$ 54.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.85% during 2023-2032.
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.
This 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.
2. What is the expected growth rate of the global cogeneration equipment market during 2024-2032?
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?
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
This report 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. The 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.This 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 2023?2. What is the expected growth rate of the global cogeneration equipment market during 2024-2032?
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?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Cogeneration Equipment Market
6 Market Breakup by Fuel
7 Market Breakup by Capacity
8 Market Breakup by Technology
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
- Rolls-Royce plc etc.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 134 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 27.8 Billion |
| Forecasted Market Value ( USD | $ 54.9 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
