Micro Turbine Market Overview
The global microturbine market is expected to garner a lucrative CAGR of 10% during the forecast period, as per the latest study conducted by Market Research Future (MRFR). Rising adoption of microturbines as a distributed energy generation source has led to significant market growth by the end of 2023. The shift towards ascending growth of the global microturbine adoption is attributed to an increasing focus on green energy generation along with heat production for various industrial, commercial, and residential activities. Further, burgeoning demand for cogeneration application is also contributing majorly to the shift of trends towards micro turbine adoption. Other factors fueling market growth for microturbines include the aging of grid infrastructure, easier fuel availability, proliferated demand for clean energy and an ascending need for green energy.
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Market Segmentation
The global microturbine market is segmented by MRFR on the basis of application, power rating, end-use, and region.
Market segmentation based on application includes cogeneration and standby power. Cogeneration indicates the simultaneous generation of electricity and useful heat. Whereas, standby power is the power consumed by a gadget when it is not in use. Ascending environmental concerns for global warming, and extinction of non-renewable resources of energy due to heavy usage of fossil fuels for energy generation are driving the cogeneration segment into a dominant market position.
Based on end-use, the global microturbine market is segmented into commercial, residential, and industrial. Segmentation based on power rating includes 12 KW-50kW, 50kW-250kW, and 250kW-500kW market segments.
Detailed Regional Analysis
The global microturbine market is regionally segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
North America is anticipated to pose as the largest market for microturbines due to a massive shift of power generation resources influenced by the rapid adoption of initiatives to lower carbon emissions and the elevated demand for energy in the region. The biggest country-specific market in North America for microturbines is the U.S. It is expected to garner significant growth owing to a blossoming demand for alternative energy sources. Additionally, the possibility of more coal and nuclear power plants getting decommissioned, along with the introduction of stricter environmental regulations are also projected to augment the microturbine market growth. Canada is expected to follow the U.S. in terms of market growth for microturbines during the forecast period.
Owing to blooming investments in new technology coupled with environmental restraints introduced by the government, the energy generation industry in Europe is estimated to elevate and gradually shift their focus on green energy, fueling significant growth to the microturbine market. France, Germany, and the UK are anticipated to stand at the forefront of country-specific markets for microturbines, followed by the rest of Europe.
Asia Pacific is projected to exhibit lucrative growth in the microturbine market during the forecast period. Propelling industrialization and urbanization along with rising environmental concerns in the region, the APAC is anticipated to garner substantial microturbine market growth. The largest country-specific markets in the APAC region are China, Japan, and India, followed by the rest of Asia Pacific.
Prominent Market Players
Some key players in the global microturbine market include Bladon Jets (Isle of Man), Ansaldo Energia S.P.A (Italy), Brayton Energy LLC. (USA), FlexEnergy, Inc. (the USA), Toyota Motor Corporation (Japan), Capstone Turbine Corporation (USA), Microturbine Technology BV (the Netherlands), Calnetix Technologies LLC (USA), ICR Turbine Engine Corporation (USA), Eneftech Innovation SA (Switzerland), and Wilson Solarpower Corporation (USA).
Industry Update
March 2019: Techrules, a leading Chinese automotive R&D company has developed its groundbreaking Turbine-Recharging Electric Vehicle (TREV) System. The TREV system is the company’s proprietary series hybrid powertrain technology that comprises a microturbine generator which delivers extraordinary levels of efficiency and performance while having minimal impact on the environment, primarily upon the use of renewable resources.
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