Microturbines Market to Reach US$ 209.6 Mn by End of 2031, TMR Study
Growing concerns of global warming have propelled the need for low exhaust emission level microturbines, thereby creating business growth opportunities
Wilmington, Delaware, United States, Jan. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global microturbines market is projected to grow at a CAGR of 8.6% from 2022 to 2031. Microturbines are gas turbines with their own generators specifically meant for small-scale functioning. As a result of fuel combustion in microturbines, the heat produced is used in the optimization of energy. The compact size and high efficient performance of microturbines is a prime factor, which is expected to augment the market growth during the forecast period.
The ability of microturbines to run on multiple fuels is another factor expected to aid in market expansion during the forecast period. Additionally, the use of microturbines also helps in reducing electricity costs. This is anticipated to propel the market during the forecast period. The rise in prices of oil and gas is projected to further boost the overall market growth in the next few years.
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According to the TMR report, the global microturbines market was valued at US$ 91.8 Mn in 2021 and is anticipated to reach US$ 209.6 Mn by the end of 2031. The presence of age-old power infrastructure augments the need for better infrastructural development especially in the developed nations. This is further expected to boost the demand for on-site microturbine generation technologies, ultimately aiding in microturbines industry growth during the forecast period.
Key Findings of Study
- Low Operational and Maintenance Cost of Microturbines Projected to Spur Market Growth: Microturbines have small size, require low capital costs and requires less maintenance costs as well. These factors are expected to help the microturbines market witness high demand from power generation industry. The increasing popularity of microturbines across multiple end-use industries due to their efficient performance is projected to create business opportunities for the market in the next few years.
- Rise in Demand from Industrial Sector Anticipated to Drive Microturbines Market: Majority of combined heat and power (CHP) applications in the industrial sector are preferring microturbines for operational purposes. The increasing demand from oil and gas operations for both onshore and offshore applications is also anticipated to aid in microturbines market expansion in the near future.
Key Drivers
- Increase in demand from residential, commercial, and industrial applications is projected to increase the sale of microturbines during the forecast period
- Rise in expenditure on distributed energy generation and onsite power generation is expected to promote the global microturbines market during the forecast period
- Rise in demand for electricity from industrial sector for energy efficient operations etc., is projected to spur the microturbines market growth.
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Regional Growth Dynamics
- North America dominated the global market, attributed to the presence of several coal and nuclear power plants and the use of microturbines in such plants
- Implementation of stringent eco-friendly industry-emission laws imposed by the ruling governments of Canada and the United States would further help North America to earn high global market share in the near future.
- Asia Pacific is likely to rise at a significant growth rate in the forecast duration on account of the rise in demand for electricity and increasing usage of CHP systems in commercial and industrial applications in emerging nations
Key Players
Some notable players in the global microturbines market include Muicro Turbines Technology BV, 247 Solar, ICR Turbine Engine Corporation (ICRTec), Bladon Jets, Aurelia Turbines Oy, Capstone Turbine Corporation, Bowman Power, Ansaldo Energia, FlexEnergy, TurboTech Precision Engineering Pvt. Ltd., Dreser-Rand, and Bladon Micro Turbine.
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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
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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