Micro Turbine Market Size Overview:
Micro Turbine Market Size is projected to be worth USD 250 Million by 2030, registering a CAGR of 10% during the forecast period (2022 - 2030)
The global Micro Turbine Market Size is growing at a rapid pace. The market growth attributes to the increasing adoption of microturbine technology in distributed energy generation. Besides, the increasing demand for clean energy, aging grid infrastructure, and rising crude oil prices drive the growth of the market. The rising preference of green energy generation for producing combined heat for industrial, commercial, and residential activities boost the size of the Micro Turbine Market Size.
Micro turbines are increasingly used for power generation due to its compact size, lightweight, and higher efficiency. Increasing industrial uses, such as power generators large ships, accelerate market growth.
Additionally, the notable increase in the renewable energy sectors worldwide, alongside advances in manufacturing techniques and related technologies, define the market landscape. Rising demand for power and increasing greenhouse gas emissions increase the market size, promoting renewable energy sources such as gas energy. Favorable government policies and receding fossil fuel reserves influence the growth of the market.
Global Micro Turbine Market Size – Segments
The report is segmented into four dynamics;
By Application : Cogeneration and Standby Power.
By Power Rating : 12 kW -50 kW, 50 kW-250 kW, 250 kW-500 kW.
By End-Use : Industrial, Commercial, and Residential.
By Regions : Europe, Asia Pacific, Americas, and the Rest-of-the-World.
Global Micro Turbine Market Size – Regional Analysis
North America dominates the global Micro Turbine Market Size. The market growth attributes to the growing awareness of carbon footprint and increased energy consumption in the region. Besides, increased demand for alternative energy sources and the rising number of coal nuclear power plants drive the growth of the market.
Moreover, stringent environmental regulations to control rising environmental concerns substantiate the Micro Turbine Market Size size. Also, rising numbers of retiring power plants, fluctuating weather situations, and unreliable grid operations in the region create growth opportunities for the micro turbines market.
Europe stands second in the global Micro Turbine Market Size. The growth is driven by the high investments in gas energy sectors in the region. Additionally, favorable government regulations to promote renewable energy accelerate the revenue growth in the market. Also, the largest energy consumption has increased micro-farm capacities.
Furthermore, the growing innovation and technological advances in pressure Micro propel the growth of the regional market. Spain, the U.K., France, and Ireland hold considerable shares in the regional market due to the spurting growth in these countries' renewable energy sectors.
The Asia Pacific region is a sizable market for micro turbines globally. Factors such as the saturation of natural gas locations and competition from solar energy foster the regional market's growth. Furthermore, substantial investments in energy plants and equipment, augmenting adoption of microturbines, and growing power generation in the region substantiate the market growth.
The commencement of numerous gas power projects and a shift from the OG sector boost the regional market growth. Moreover, the vast consumption of energy and rising awareness of renewable sources in the region substantiate market growth. India and China hold substantial shares in the regional market, heading with momentous capacity additions.
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Global Micro Turbine Market Size – Competitive Landscape
Highly competitive, the Micro Turbine Market Size appears fragmented, with several notable players forming a competitive landscape. To gain a larger competitive share, industry players adopt strategic approaches such as mergers acquisitions, collaborations, expansions, and product/technology launches.
Technology providers strive to develop new manufacturing techniques and larger efficient turbine blades. They use time-tested methods and best practices to bring together various point systems and technologies into a security-rich, integrated environment to enhance resource planning and asset management.
Industry/ Innovation/ Related News:
August 24, 2020 ---- Capstone Turbine Corp.(the US), a leading gas turbine manufacturer specializing in microturbine power, heating, and cooling cogeneration systems, announced the development of an operable hydrogen microturbine. Working with the US Dept. of Energy's Argonne National Laboratory, the company has demonstrated that the Capstone microturbine can operate on 70% hydrogen and 30% natural gas before adding specialized hardware or software.
The next testing stage involves replacing injectors with Capstone's hydrogen compatible design to ensure combustion stability and flashback margin. The testing would increase the hydrogen levels until reaching 100%.
Players leading the Micro Turbine Market Size are FlexEnergy, Inc. (US), Capstone Turbine Corporation (US), Ansaldo Energia S.p.A (Italy), Brayton Energy LLC. (US), Microturbine Technology BV (the Netherlands), Eneftech Innovation SA (Switzerland), Wilson Solarpower Corporation (US), Calnetix Technologies LLC (US), ICR Turbine Engine Corporation (US), Toyota Motor Corporation (Japan), and Bladon Jets (Isle of Man), among others.