Global
Micro Turbine Market Overview
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. The Global
Micro Turbine 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).
Global Micro Turbine 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.
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.
