The global Micro Turbine Market is expected to reach USD 251.0 million by 2022, and is projected grow at a CAGR of 10.2% during the forecast period 2022 to 2030.
Micro Turbine Market Overview:
A micro turbine is a small, low-combustion rotary engine that runs on liquid and gaseous fuels. It is a novel distributed generation technology used for stationary energy generation applications. These turbines emit electricity and heat respectively on a very small scale. They offer many advantages over alternative technologies such as low emissions, small and versatile moving components, greater efficacy, compact size and lower electricity prices. These turbines have relatively low operating and maintenance costs. The global impact of COVID-19 has been unprecedented and devastating, with all regions experiencing lower-than-expected demand relative to pre-pandemic levels. The global market declined by -23.1% in 2020.
Micro Turbine market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Micro Turbine market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Micro Turbine Market Dynamics and Growth Factors:
Growing demand for clean energy is driving the demand for micro turbine market rapidly in the global market. In order to reduce global warming, various conventions related to climate change, such as the United Nations Framework Convention on Climate Change (1992) and the Kyoto Protocol (1997), limit the use of fuels that emit harmful gases, and thus the supply of clean energy is urgently needed. Growing demand for green energy is driving market demand.
The demand for micro turbine market is continuously increasing in the global market. Previously, nuclear power plants were considered cheap, clean and reliable sources of energy, but this perception is changing after the Fukushima nuclear accident. In addition, the second nuclear power plant plan was suspended, and the overhead cost of nuclear power plants is high. The lack of other alternatives provides tremendous growth opportunities to the market during the projected period in the global market.
The demand for micro turbine market is growing tremendously in the global market, but several factors are restraining the growth. Falling prices of substitutes for micro turbine, which are crude oil and gas, hamper the growth of the market in the global market as the use of crude oil will be cheaper and lead to higher profits compared to the use of the micro turbine industry. In addition, crude oil produces more energy than micro turbine because the calorific value of crude oil is higher than that of micro turbine.
Value chain analysis:
Demand for the micro turbine market is growing at an alarming rate due to the various benefits associated with the market that add value to society. High-efficiency, lightweight, and miniaturized power generation is possible by using the micro turbine market. Demand for micro turbine power generation is increasing in various end-use industries because it offers low cost advantages.
- December 2021- Capstone Green Energy Corporation has announced that its U.S. distributor, Lone Star Power Solution has secured a contract to provide CHP clean energy system to a major hospital in Alabama. The microturbine will be 600 kW and will be fueled by LPNG. The system is expected to be commissioned by 2022.
- July 2021– Capstone Green Energy Corporation announced to provide two C65 microturbines to Innovametall Stahl-und Metallbau for use in an ultra-low level of emissions CHP system. The contract was secured by Wels Strom GmbH, distributor of capstone in Austria and Germany. The system will be the first gas turbine system in Europe that will run on hydrogen.
The Micro Turbine market research report is categorized based on type, applications and region.
Market Key Players:
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 and others.
- 12 kW~ 50 kW
- 50 kW~ 250 kW
- 250 kW~ 500 kW
- Combined Heat & Power
- Standby Power
Geographically, the global Micro Turbine market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
North America region has dominated the market in the year 2021. The government and the private sectors are focusing on phasing out nuclear and coal power plants. The U.S. holds the majority of the market share in the North America region. The government in the country has also implemented stringent emission policy which leads to the high installation of such turbines specifically in CHP applications.
Asia Pacific region is projected to grow at a significant CAGR throughout the forecast period. The population of the region is incredibly high which ends up in high electricity demand and consumption within the region. The installation of CHP systems is widely increasing leading to the high installation of such turbines in this region. Countries such as India, China, Australia, and others are experiencing high demand for such turbines and are likely to extend their installation throughout the forecast period.
Europe region is also likely to witness growth during the forecast period. This region has several upcoming projects lined up in this market during the forecast period. This region is also increasing focus on the installation of CHP plants. The focus towards reducing air pollution is also increasing. Thus, drives growth in the Europe region in this market. Additionally, the Europe region is likely to significant witness growth throughout the forecast period. This region has had many upcoming projects throughout the forecast period. This region is additionally increasing the focus towards the installation of new CHP plants. The government has adopted several policies to reduce carbon emission which leads to growth in these turbines market.
Besides, the Middle East and Africa, and Latin America is also anticipated to grow significantly throughout 2022-2029. The demand for power supply is increasing in both regions along with the increasing installation of renewable energy. The investment in renewable is increasing widely in the Middle East and Africa region.
- North America
- Rest of North America
- The Netherlands
- Nordic Countries
- Benelux Union
- Rest of Europe
- Rest of Southeast Asia
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Micro Turbine Market report scope
CAGR of 10.2% from 2022 to 2030.
12 kW~ 50 kW, 50 kW~ 250 kW, 250 kW~ 500 kW
Combined Heat & Power, Standby Power
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
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
Key Takeaways from this Micro Turbine Report
- Estimate Micro Turbine market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Micro Turbine market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
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