Microturbine Market Size, Share, Growth, Industry Report, Key Players, Price, Trends and Forecast Period 2023-2028
The ‘Global Microturbine Market Share, Size, Growth, Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global microturbine market, assessing the market on the basis of its segments like power rating, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Microturbine Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2022-2027): 8.5%
The global microturbine market is expected to register growth during the forecast period on account of the surging demand for lower-emission power generation sources. Microturbines provide a wide variety of advantages such as the ability to run on numerous fuels, compact size, increased efficiency resulting in lower cost of electricity generation, and fewer moving parts. These advantages are expected to enhance the market demand among the end use industries.
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The rising oil and gas prices over the past few years and increase in oil projects are expected to propel the market growth of microturbines. The increasing adoption of microturbine systems in oil and gas projects is expected to help oil and gas producers in reducing their energy costs significantly and increase efficiency for operational and drilling purposes. This is further expected to drive the microturbine market over the coming years.
With the surging demand for energy sources and rising concern for the environment, global warming and pollution levels, the market demand for microturbines is expected to increase. This can be attributed to the heightened usage of renewable energy due to the growing awareness regarding the safety of the environment.
The development of urban areas along with the expansion of commercial trade hubs is likely to bolster the demand for microturbines. The increasing number of sports complexes, shopping malls, hotels, and resorts along with the growing IT and telecommunication sector is expected to aid the market growth.
Microturbine Industry Definition and Major Segments
Microturbines are small fuel-burning turbines that are utilised in local or mobile power generation as well as mechanical drive applications. It is a power generation system that is based on a combination of a small gas turbine as well as a directly driven high-speed generator. Further, the gas turbine incorporates an exhaust gas recuperator which enhances the productivity of the system. These turbines also have a combustor that can manage different fuels like diesel, natural gas, bio-gas, and ethanol.
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Based on power rating, the market is classified into:
- 12 kW-50 kW
- 50 kW-250 kW
- 250 kW-500 kW
- Others
By application, the market is bifurcated into:
- Standby Power
- Combined Heat and Power (CHP)
On the basis of end use, the market is classified into:
- Commercial
- Industrial
- Residential
- Others
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East and Africa
Microturbine Market Trends
The surging electricity tariff rates along with depleting energy resources are expected to boost the market growth of microturbines over the coming years. With the rising initiatives by various governments to enhance the energy infrastructure, the market revenue of microturbines is expected to fuel across the globe.
Geographically, the North America region is anticipated to drive the microturbine market growth on account of increasing usage in mining, construction, pharmaceutical, and wastewater treatment industries, especially in the United States. The rising development in shale gas across the region is expected to enhance market growth over the coming years.
Meanwhile, Europe is expected to gain momentum in the microturbine market share over the coming years on account of the strict environmental rules for reducing emissions. Countries like Finland, the Netherlands, and Norway, among others, are rapidly adopting microturbine systems in support of increasing policies by governments encouraging clean fuel technology.
Key Market Players
The major players in the global microturbine market report are Herbalife Ansaldo Energia S.p.A., Capstone Turbine Corporation, Brayton Energy, LLC, and Bladon Jets Holdings Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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