Microturbine Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Microturbine Market grew at a CAGR of 10.5% between 2017-2021 and is estimated to be US$ 86.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 9.49 % and is expected to reach a valuation of US$ 212.2 Mn by 2032 end.
Microturbine manufacturers prioritize opportunities where the product is required to meet the demands of small size, lightweight, high efficiency, and low emissions. These products should also be cost-efficient to run.
RISING DEMAND FOR ELECTRICITY WILL BOOST THE MARKET FOR MICROTURBINE MARKET
The power industry is in great demand, which has been due to population growth and industrialization across several countries worldwide. This increase in electricity demand has been met by implementing projects that will increase the energy demand. To meet this demand, the public and private segments are raising market forces through new powerhouses and power plant capacities, primarily gas-based turbines, due to their economic costs and fewer harmful pollutants released into the atmosphere. Government regulation has also enforced emission norms which make firms adopt these turbines on a large scale, driving growth for this market over the forecast period.
FLUCTUATIONS IN THE OIL& GAS PRICES HAMPER THE MARKET GROWTH
The rise of the oil and gas industry has caused a great disturbance in the cost of natural gas, petrol, and fuel. Most nations within the geographical region occupy a significant share of gas reserves. The area is very opposed thanks to increasing ministerial and ethnic problems. The coronavirus pandemic has conjointly caused the demand for gas to decrease considerably.
THE RISE IN THE INSTALLATION OF COMBINED HEAT & POWER (CHP) PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Growth in renewable energy technology is one of the major drivers attributed to the development of the global CHP market. The government across several countries has started focusing on enforcing renewable energy sources to reduce rising air pollution levels. The government has also imposed stringent emission norms to reduce pollution. The investment in the combined heat and power segment is also widely increasing globally. The CHP accounts for most of the market share in installing such turbines. Thus, drives growth in the market during the forecast period.
The coronavirus has become a global health threat and has affected nearly 200 countries around the globe. This is due to the business sectors affected by the pandemic, like manufacturing, hospitality, and others. The supply chain is compromised due to many countries closing their borders and imposing restrictions on travel.
As a result, companies cannot produce their products as demand decreases in many industries like manufacturing and power generation. This results in the rising cost of key raw materials, including microturbines associated with most new projects across India.
Market Segments Covered in Report
By Power Rating :
By Application :
By End User :
By Region and Country:
Why are 51- 250kW power ratings projected to ensure the most revenue during the forecast period?
The highest revenue share belonged to the power rating of 51-250kW. Microturbines with a power rating below 250kW are highly preferred in commercial and industrial sectors across the globe. The adoption of combined heat and power plants is widely increasing across countries. Grid-connected combined heat and power systems are entering the market, leading to increasing demand for these turbines. However, microturbine power ratings from 251-500 kW are commercially available and may be successful in various applications, including schools, offices, hospitals, restaurants, hotels, etc.
Why is the Combined Heat and Power (CHP) segment expected to expand the fastest during the forecast period?
The combined heat and power (CHP) industry commands the lion’s market share here. CHP is widely used nowadays, and investment in this industry is also rising. The demand for efficient energy with lower emissions is likewise very high worldwide. These turbines have become a useful tool for achieving goals and reducing environmental pollution as worries about rising emissions and ecological safety have grown. Numerous global sectors are also rapidly implementing CHP systems. Numerous businesses employ CHP, such as rubber mills, wastewater treatment facilities, and the residential sector. This promotes an increase in the use of CHP.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to multiple significant players, the market is highly fragmented, which has shaped the global competitive landscape. According to analysis, Capstone Turbine is the market leader in the microturbine sector.
Some of the key developments that have taken place in the Microturbine Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power Rating, Application, End User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 9.4%.
The demand for microturbine systems is expected to increase further due to the rising energy needs. According to estimates, North America will maintain its market monopoly.
Major global Microturbine Market players are Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company.
Market expansion limits the variability in raw material prices used in microturbine systems.
The North America region is expected to account for the largest market revenue share in the Global Microturbine market.
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