Market Overview
The Global Micro Turbine Market was worth US$ 0.12 Billion in 2022 and is anticipated to reach US$ 0.28 Billion by 2032, with a notable CAGR of 10% during the projection period from 2023 to 2032.
One of the key factors driving the expansion of the Global Micro Turbine Market is the rising need for sustainable energy.
Another significant driver of the market's growth is the creation of micro-turbines that can utilize different types of fuels.
The rising need for energy resources is another aspect promoting industry expansion. Due to the widespread acceptance of climate change, non-polluting energy sources are now prioritized above traditional fuels like crude oil, natural gas, and other fossil fuels, which emit large volumes of greenhouse gases.
Travel restrictions were put in place by governments around the globe during the COVID-19 Pandemic to stop the virus from spreading, which reduced the demand for and price of crude oil. Due to falling oil prices and the global lockdown imposed by governments, there was a decline in the demand for micro turbines. At the same time, electricity demand fell dramatically because businesses and institutions were not allowed to operate.
Key Players:
· Capstone Turbine Corporation (US)
· FlexEnergy, Inc. (US)
· Ansaldo Energia S.p.A. (Italy)
· Brayton Energy, LLC (US)
· Eneftech Innovation SA (Switzerland)
· Microturbine technology BV (the Netherlands)
· Wilson Solarpower Corporation (US)
· ICR Turbine Engine Corporation (US)
· Calnetix Technologies LLC. (US)
· Toyota Motor Corporation (Japan)
· Bladon Jets (Isle of Man)
Market Segmentation
The Global Micro Turbine Market is segmented by power rating, application, and end user.
Based on power rating, the Global Micro Turbine Market is divided into 12 kW – 50 kW, 50 kW – 250 kW, and 250 kW – 500 kW. The 50-250 kW category is anticipated to hold a significant proportion of the market share during the forecast timeframe. Microturbines with power ratings ranging from 51kW to 250kW are highly favored by the commercial and industrial sectors globally.
Based on application, the market is divided into standby power and combined heat and power (CHP). The combined heat and power (CHP) sector dominates the global micro turbines market. CHP is a widely used technology, and investment in this sector is also increasing. Significant growth in the standby power category is projected during the forecasted period.
Based on the end-user, the Global Micro Turbine Market is segmented into residential, commercial, and industrial sectors. The industrial segment is projected to have a significant market share over the projection period.
Regional Classification
The Global Micro Turbine Market is segmented into five major regions: North America, Europe, Asia Pacific, the Middle East, and Africa, and Latin America.
The North American region dominated the Global Micro Turbine Market in 2021. The United States holds a significant Global Micro Turbine Market share in North America. The country's government has also enacted stringent pollution regulations, which has prompted the widespread installation of these turbines, particularly in CHP applications.
Europe is expected to dominate the Global Micro Turbine Market because of its geographic location, which restricts the application of solar energy, and poor hydroelectric generation.
The Asia Pacific region is expected to rise at a significant CAGR during the projection period. The market is projected to expand because of the region's increased power demand and weak grid connectivity.
Industry News
Many businesses are engaging in an increasing number of development projects in order to improve their global market share.
The leading companies in the Global Small Gas Turbines Market are Bladon Jets, Microturbine Technology BV, Capstone Turbine Corporation, ICR Turbine Engine Corporation, Calnetix Technologies LLC, Eneftech Innovation SA, Toyota Motor Corporation, Flexenergy, Inc, NewEnCo, Ansaldo Energia S.P.A., Brayton Energy LLC, and Wilson Solarpower Corporation.
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