The new report by Expert Market Research titled, ‘Global Microturbine Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global microturbine market, assessing the market based on its segments like power rating, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 219 million
- Forecast CAGR (2021-2026): 8.5%
- Forecast Market Size (2026): USD 360 million
The market for microturbine has seen substantial growth due to factors such as the potential of microturbine systems to function on different fuels. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the microturbine market. The use of materials, including thermal barrier coatings and ceramics, increases microturbine systems' performance and eventually raises the engine's operating temperature. Such technical developments in microturbines are expected to further improve the industry. For microturbines with low power ratings, hybrid electric cars raise the maximum requirement. The market is expected to gain traction in the near future due to major OEMs increasingly investing in R&D activities to improve the efficiency of microturbines. In addition, both power generation plants and consumers are actively searching for cost-effective power to achieve profitable energy output and supply.
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Industry Definition and Major Segments
Microturbines are mini combustion turbines that usually use gaseous or liquid fuels to power an electric motor. The design similarity to a large turbine that provides the engineering base has accelerated the manufacturing of the microturbine. Fuels used to operate the microturbine are natural gas, other gaseous liquids, waste heat from a thermal power plant, and liquid petroleum fuels.
Based on the power rating, the industry is divided into:
- 12 kW-50 kW
- 50 kW-250 kW
- 250 kW-500 kW
Based on the application, the industry is divided into:
- Standby Power
- Combined Heat and Power (CHP)
Based on the end use, the industry is divided into:
- Commercial
- Industrial
- Residential
The regional markets for microturbine include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Geographically, North America, led by Europe and Asia-Pacific, is the main market for microturbines. The US has accounted for the majority share in the North American region in recent years. Ageing power plants and frequent natural disasters in this area have generated tremendous growth opportunities for micro-turbine demand. Over the last decade, there has been an increased focus on producing electricity from clean and non-polluting sources. Several deals on climate change have been implemented, in addition to the detrimental effects of global warming. The use of fossil fuels, including crude oil, coal and natural gas, leads to high levels of greenhouse gas emissions, such as carbon dioxide (CO2) and carbon monoxide (CO). Microturbines emit very low emissions in terms of sulfur oxide (SO) and nitrogen oxide (NO) concentrations relative to fossil fuels, contributing to their growing adoption.
Key Market Players
The major players in the market are Ansaldo Energia S.p.A., Capstone Turbine Corporation, Brayton Energy, LLC, Bladon Jets Holdings Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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