Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global microturbines market was estimated at a value of US$ 91.8 million in 2021. It is anticipated to register an 8.6% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 209.6 million by 2031.
In recent years, microturbines have become a highly preferred method of generating electricity due to their superior performance, low exhaust pollution levels, and lack of need for costly exhaust cleanup. Micro-grids and mini-grids that are created with microturbine grid technology can supply power to isolated areas.
In order to meet the growing need for sustainable energy, a number of businesses in the global microturbines market are utilizing a variety of tactics to optimize the features and advantages offered by this cutting-edge technology.
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Market Trends for Microturbines
- The industrial category accounted for a significant 54.7% of the global microturbine market in terms of end users in 2021. Due to an increase in demand for microturbines for CHP applications in the industrial sector, it is predicted to continue to be the leading category during the projection period. The oil and gas sector relies heavily on microturbines. They are employed in both onshore and offshore oil and gas applications.
- In 2021, the combined heat and power category accounted for a significant 60.6% of the worldwide market in terms of application. This is because microturbines can give end users of these turbines a financial benefit in addition to the high efficiencies they can attain when used for CHP applications. A very effective CHP system can increase fuel efficiency and lower end consumers' net utility expenses overall. The market statistics for microturbines are driven by several variables.
Global Microturbines Market: Key Players
A substantial investment in research and development results in the launch of innovative microturbine technologies that support a wide range of distributed energy generating applications. Partnerships and collaborations with a strategic focus expand market reach and encourage the creation of all-encompassing energy solutions. Competitive products are ensured with a focus on efficiency improvements and technical breakthroughs.
Businesses launch marketing campaigns to raise awareness of the advantages of microturbines for decentralized power generation. Sustained development and profitability in the worldwide microturbines market are facilitated by responding to changing energy landscapes and particular market demands. The following companies are well-known participants in the global microturbines market:
- Capstone Turbine Corporation
- Ansaldo Energia
- TurboTech Precision Engineering Pvt. Ltd.
- Aurelia Turbines Oy
- Bowman Power,
- FlexEnergy.
- Bladon Jets
- ICR Turbine Engine Corporation (ICRTec)
- Micro Turbines Technology BV
- 247 Solar
Key Findings of the Market Report
- Microturbines may produce power more affordable than traditional/conventional ways because of their high efficiency.
- The government offers financial incentives to end users that generate energy for remote operations and applications.
- Governments in North America and Europe to assist consumers in obtaining guaranteed low-cost power generation currently provide financial plans and capital subsidy incentives.
- Microturbine technology has been deployed more quickly thanks to the government ITC, which also sends a strong message to the microturbine manufacturing sector to keep funding research and development and grow its workforce and manufacturing base in the United States.
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Global Market for Microturbines: Regional Outlook
Various reasons are propelling the growth of the microturbines market throughout the region. These are:
- In 2021, North America accounted for a significant portion of the market with 43.6%. Over the course of the forecast period, the market in the area is anticipated to rise at a noteworthy rate. This is mostly due to the region's growing adoption of distributed energy generation and the increase in oil and gas output.
- In terms of market value, the United States dominates the microturbine industry in North America. Microturbines, another kind of distributed generating technology, and CHP applications are supported by the government and governed by regulations in the region.
Global Microturbines Market Segmentation
Power Rating
- 12 - 50 KW
- 51 - 250 KW
- Above 250 KW
Application
- Combined Heat & Power
- Standby Power
End User
- Residential
- Commercial
- Industrial
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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