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Microturbines Market

Market Insights on Microturbines covering sales outlook, demand forecast & up-to-date key trends

Microturbines Products Market By Power Rating (12 kW-50 kW, 50 kW-250 kW and 250 kW-500 kW, & 501kW-1000kW), End User (Industrial, Commercial and Residential), Application (Combined Heat and Power (CHP), Standby Power) & Region - Forecast to 2022-2032

Microturbines Market Overview

During the projected period, the global microturbines market is expected to rise at a healthy CAGR of 10.8%.

“Microturbine manufacturers are prioritizing on opportunities that demand products with small size, lightweight, high efficiency, low emissions, cheap operating costs, and capacity to generate electricity from waste fuels.”

Waste heat recovery can be accomplished with over 80% of the efficiency level, with microturbines. With increasing energy consumption across the globe.

The market for microturbines recorded significant growth within the last couple of years and is expected to witness twofold growth over the forecast period. The growing energy need is anticipated to continue pushing the demand for microturbine systems. North America is estimated to continue the monopoly in the market globally.

Attributes Details

Microturbines Market Value in 2020

US$ 55 Mn

Microturbines Market CAGR (2022-2032)

10.8%

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How is the Adoption Scenario of Microturbines?

“Economic benefits of adopting microturbines, increased attempts to minimise global greenhouse gas emissions, and expanding acceptance of CHP will contribute positively to the market growth.”

  • Cost-effective Power Generation to Drive Demand

As the demand and applications of energy are increasing, the need for more sources supporting low emission power generation is rising as well. This plays a key role in fuelling the demand for microturbines. Moreover, power generation plants, as well as consumers, are increasingly looking for cost-effective operations in order to achieve profitable power generation and supply.

  • Innovative Technology to Play a Crucial Driver

One of the most crucial drivers of the market includes the ability of microturbine systems to operate on multiple fuels. The use of materials, including thermal barrier coatings and ceramics improves the efficiency of microturbine systems, eventually increasing the resultant engine operating temperature.

Such technological advancements in microturbines for power generation are estimated to further bolster the market. Hybrid electric vehicles raise the maximum demand for low power rating microturbines. As major OEMs are increasingly investing in R&D activities for enhanced microturbines efficiency, the market is projected to gain traction in the near future.

  • Awareness about Clean Energy and CHP to Fuel the Market

The clean energy trend compels the reduction of greenhouse gas and other emissions. Furthermore, the high efficiency-low carbon emission characteristics of natural gas-fired power plants are driving the market for microturbines globally.

Cogeneration of power and heat allows achieving high-efficiency energy generation with substantial primary energy savings, up to 40%, which is majorly driving the demand for microturbines, especially from CHP plants.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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What are the Key Segments of the Microturbines Market?

“The commercial sector's potential will result in an expansion in the number of retail malls, sports complexes, resorts, and hotels. The rise of the digital economy, IT, and telecommunications industries has led to a surge in the construction of office complexes that require constant electricity.”

On the basis of application, the market is segmented into CHP generation and standby power. Growing demand for CCHP and CHP is expected to positively shape the market of microturbines. The CHP generation segment is foreseen to dominate the market, accounting for more than half of the total market revenues by 2020 end.

Based on the end-use, the global microturbines market is segmented into industrial, commercial, and residential. The industrial end-use segment currently accounts for the largest market share of over 50% globally, which is anticipated to remain the largest end-use segment during the forecast period as well.

What is the Growth Potential of North America Microturbines Market?

“Microturbines are highly popular in North America. The United States leads the North American market, accounting for over half of total global market sales. The increased awareness of one's carbon footprint will promote market growth in the United States.”

Strict regulatory intervention by various environmental organisations, including CAA is estimated to drive the market in North America. While N. America is expected to retain the top market position, the U.S. will remain the clear leader through to 2020.

The second-largest market for microturbines is Europe. Recently reformed policies by EU NEC (European Union National Emission Ceilings) have had an optimistic impact on the market. Europe is expected to witness strong demand for microturbines for power generation during the forecast period.

The Asia Pacific is reportedly the fastest-growing market for microturbines. Owing to the growing demand for fuel-efficient vehicles from developing economies, this region is estimated to record substantial expansion by 2020 end.

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Key Segments

Attributes

Details

Forecast Period

2022-2032

Historical Data Available for

2014-2020

Market  Analysis

US$ Mn for Value

By Power Rating

 

  • 12 kW–50 kW
  • 50 kW–250 kW
  • 250 kW–500 kW
  • 501 kW-1000kW

By Application

  • Combined Heat and Power (CHP)
  • Standby Power

By End User

  • Industrial
  • Commercial
  • Residential

By Region

  • North America
  • Latin America
  • Asia Pacific
  • Japan
  • Western Europe
  • Eastern Europe
  • Middle East & Africa

By Players

  • Microturbine LLC
  • NewEnCo
  • Ansaldo Energia S.p.A
  • FlexEnergy
  • NewEnCo Ltd.
  • Elliot Company Inc.
  • Ingersoll-Rand Company

Frequently Asked Questions

With a projected CAGR of 10.8% during the forecast period, the microturbines market is being driven by factors such as rising global energy demand and accompanying investments in power plants.

The microturbines Market is expected to value at US$ 120 Mn by 2028.

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Nikhil Kaitwade
Principal Consultant
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