The global microturbines market was valued at US$ 67.52 million in 2022 and is expected to be valued at US$ 188.3 million by 2032, increasing at a CAGR of 10.8% between 2022 and 2032.
Environmentalists see coal-fired power plants adversely because they spew massive amounts of dangerous gases into the atmosphere. Nuclear-powered turbines have long-term environmental impacts. As a result, governments all over the world are concentrating their efforts on lowering greenhouse gas emissions and replacing coal and nuclear power turbines.
Power demand is expected to rise as the world’s population expands. Furthermore, industrialization in undeveloped economies is reaching completion. Power plants are increasing their capacity by adding more powerhouses or improving power plant capabilities. Gas turbines are often preferred since they are less expensive and produce fewer harmful pollutants. Renewable energy is widely recognised as the centre of the microturbines industry.
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At the same time, the fact that cost of coil & gas fluctuates throughout the year can’t be ignored. Plus, there are geopolitical tensions all over; which are likely to cause uncertainty with regards to supplying oil & gas. These disruptions could hamper the microturbines market going forward.
Amongst the end-users, the industrial vertical holds the largest market share and is expected to witness a whopping CAGR of ~11% between 2022 and 2032. Plus, installation of microturbines at the commercial level is expected to witness a growth rate of ~10% in the near future. The residential-level applications, as of now, account for ~20% of the market share. This share is expected to increase in the near future on the back of growing awareness regarding the same. Developments of shale gas could also add to the market revenue going forward.
Future Market Insights has entailed these facets with future perspectives in its latest market study entitled ‘Microturbines Market’. The team of analysts and consultants has its 360-degree view through bottom-up approach to execute.
“With microturbines turning out to be frugal, the global microturbines market is slated to grow on an impertinent note going forward”, says an analyst from Future Market Insights.
Key Takeaways from Microturbines Market
- North America holds the largest market share due to several private and government sectors are emphasizing phasing out coal power and nuclear plants. The government of the US has implemented strict emission policy leading to higher installation of the turbines, particularly in the CHP applications.
- Europe is expected to witness a significant market share in the forecast period due to various projects lined up including massive installation of CHP plants. Concerns about air pollution are also on the rise.
- The Asia-Pacific is expected to grow at a rapid rate in the microturbines market in the forecast period due to countries like Australia, India, and China being subject to higher installation of the tributes.
- MEA is expected to grow based on renewable energy plants being increasingly installed all across. Russia, the UK, and Germany are at the forefront herein.
- Capstone Green Energy Corporation, in December 2021, did announce that Lone Star Power Solution, i.e. its distributor based out of the US, inked a contract for providing CHP clean energy system to a hospital situated in Alabama. The capacity of this microturbine is 600 kW.
- Capstone Green Energy Corporation, in July 2021, did announce provision of two C65 microturbines to ‘Innovametal Stahl and Metallbau for usage at an ultra-low level of the emissions CHP system. Wels Storm GmbH had signed the contract. The system holds the distinction of being the very first gas turbine system running on hydrogen.
Key Players are Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., Ingersoll-Rand Company
What does the Report state?
- The research study is based on power rating (12 – 50 kW, 50 – 250 kW, 250 – 500 kW, and 501 – 1000 kW), By application (CHP (Combined Heat and Power) and standby power), and end-user (industrial, commercial, and residential).
- The key participants are focusing on opportunities demanding highly-efficient, lightweight products with being lightweight and small size. This factor is bound to give a different perspective to microturbines market.
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By Power Rating
- 12 kW–50 kW
- 50 kW–250 kW
- 250 kW–500 kW
- 501 kW-1000kW
- Combined Heat and Power (CHP)
- Standby Power
By End User:
- North America
- Latin America
- Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa