Global Microturbine Market is expected to grow owing to increasing global electricity demand & subsequent investments in power plants throughout the forecast period.
According to TechSci Research report, “Microturbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Microturbine Market is expected to register robust growth during the forecast period owing to rising requirement and demand for low-emission energy generation is driving the expansion of the worldwide microturbine market. Furthermore, the growth in demand for clean and green energy is propelling the worldwide microturbine market throughout the forecast period. Growing environmental concerns and pollution levels are driving the demand for microturbine in the global market. Furthermore, economic advancements are adding to the worldwide microturbine market growth and development.
There is a growing trend towards decentralized power generation, wherein energy is produced closer to the point of consumption. Microturbines are well-suited for this trend as they provide efficient and compact distributed energy solutions. With the rise of microgrids and on-site power generation, microturbines are gaining popularity in various applications, including commercial buildings, industrial facilities, and remote communities. Sustainability plays a significant role in the energy industry, and microturbines offer a cleaner and more sustainable alternative to traditional power generation methods. Microturbines running on natural gas, biogas, or renewable fuels have lower emissions compared to fossil fuel-based power plants. As businesses and governments prioritize environmental conservation, the demand for eco-friendly microturbine solutions continues to rise.
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The Global Microturbine Market is segmented based on power rating, application, end-user and region. Based on power rating, the market is bifurcated into up to 50 kw, 51 kw-250 kw, 251-500 kw, and 501-1000 kw. Based on application, the market is bifurcated into combined heat & power (chp) and standby power. Based on end-user, the market is bifurcated into residential, commercial and industrial. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on application, Combined Heat & Power (CHP) segment is expected to dominate the market during the forecast period. Combined Heat and Power (CHP), also known as cogeneration, is a highly efficient method of simultaneous electricity and heat generation from a single fuel source. Microturbines play a crucial role in CHP systems, offering distributed energy solutions for a wide range of industries and applications. CHP systems are renowned for their exceptional energy efficiency, often achieving efficiencies of 80% or higher. By generating electricity and capturing waste heat concurrently, CHP systems minimize energy losses associated with conventional power generation methods that separate electricity and heat production.
Microturbines integrated into CHP systems contribute to this energy efficiency, enabling industries and facilities to reduce energy consumption and operating costs. CHP systems with microturbines have extensive applications in industries and commercial establishments. Manufacturing, food processing, chemicals, and pharmaceutical industries benefit from CHP systems by utilizing waste heat for process heating, space heating, and cooling. Moreover, commercial buildings, hotels, hospitals, and universities deploy CHP systems to efficiently meet their electricity and thermal energy requirements.
Based on end-user, Commercial segment is projected to dominate the market throughout the forecast period. Microturbines offer efficient and dependable distributed energy solutions for commercial establishments, enabling them to meet their electricity and thermal energy requirements while reducing energy costs and environmental impact. Commercial buildings, such as office complexes, hotels, shopping malls, and retail outlets, have substantial energy demands. Microturbines provide energy-efficient combined heat and power (CHP) solutions that can significantly lower energy consumption and operating expenses for these establishments.
By generating electricity and capturing waste heat for space heating or cooling, microturbines optimize energy utilization and deliver long-term cost savings. Uninterrupted power supply is crucial for the smooth functioning and customer service of commercial establishments. Microturbines serve as reliable backup power sources, ensuring energy resilience and business continuity during grid outages or disruptions. Microturbine-based backup power systems are particularly essential for industries where power interruptions can result in substantial financial losses.
Key market players in the Global Microturbine Market are:-
- Capstone Turbine Corporation
- FlexEnergy, Inc.
- Ansaldo Energia S.p.A.
- Brayton Energy, LLC
- Eneftech Innovation SA
- Microturbine technology BV
- Wilson Solarpower Corporation
- ICR Turbine Engine Corporation
- Calnetix Technologies LLC
- Toyota Motor Corporation
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“The North American region is witnessing increasing interest in clean energy solutions and reducing greenhouse gas emissions. Microturbines are considered a cleaner and more efficient alternative to traditional power generation methods, especially when running on natural gas or renewable fuels like biogas and hydrogen. As governments and industries seek to meet emission reduction targets, microturbines are gaining traction as a sustainable energy solution.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Microturbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, Segmented By Power Rating (Up to 50 kW, 51 kW-250 kW, 251-500 kW, and 501-1000 kW), By Application (Combined Heat & Power (CHP) and Standby Power), By End-user (Residential, Commercial and Industrial), By Region,” has evaluated the future growth potential of Global Microturbine Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Microturbine Market.
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