During the projected period, the global microturbines market is expected to rise at a healthy CAGR of 10.8%.
Microturbine manufacturers are prioritizing opportunities that demand products with small sizes, 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 | USD 55 Million |
| Microturbines Market CAGR (2022 to 2032) | 10.8% |
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The economic benefits of adopting microturbines, increased attempts to minimize global greenhouse gas emissions, and expanding acceptance of CHP will contribute positively to 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 Research and Development 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 for 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.
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.
Principal Consultant
Microturbines are highly popular in North America. The USA 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 USA.
Strict regulatory intervention by various environmental organizations, including CAA is estimated to drive the market in North America. While N. America is expected to retain the top market position, the USA will remain the clear leader through 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.
| Attributes | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2014 to 2020 |
| Market Analysis | USD Million 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; 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 |
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The micro turbines market is expected to register a CAGR of 10.8% from 2022 to 2032.
The commercial sector is a key driver in the microturbines market.
The North American region is anticipated to dominate the microturbines market during the forecast period.
The micro turbines market is likely to hold a valuation of USD 188.30 million by 2032.
The current valuation of the microturbines market in 2022 is USD 67.52 million.
1. Executive Summary | Microturbines Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. CHP Generation 5.2. Standby Power 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End Use Industry 6.1. Industrial 6.2. Commercial 6.3. Residential 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia & Pacific 7.6. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia & Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Brayton Energy 16.2. Capstone Turbine Corporation 16.3. FlexEnergy 16.4. Global Microturbine LLC 16.5. NewEnCo 16.6. Takuma Co Ltd 16.7. Bowman Power Group Ltd. 16.8. Geveke Power Systems 16.9. BPC Energy 16.10. Ansaldo Energia S.p.A 16.11. Elliott Co. 17. Assumptions & Acronyms Used 18. Research Methodology
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Microturbines Market
