NEWARK, Del, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The global microturbines market stood at US$ 67.52 Million in the year 2022 and is expected to reach US$ 188.3 Million by the year 2032 at a CAGR of 10.8% between 2022 and 2032.
Coal-driven power plants are looked upon as detrimental to the environment as they tend to release large quantities of toxic gases into the atmosphere. Turbines driven by nuclear power end-up having long-lasting effects on the surroundings. As such, the governments all over are strongly focused on reduction of greenhouse gases and replacement of turbines that run on coal and nuclear power.
With population explosion, demand for power is expected to multiply going forward. Plus, industrialization is at its peak in developing economies. The power plants are increasing the capacity of their powerhouses either by installing novel powerhouses or enhancing capabilities of power plants. Gas-based turbines are basically being preferred as they are frugal and release less harmful substances. Renewable energy is being looked upon as the epicentre of microturbines market.
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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.
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Competitive Analysis
- 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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Key Segments
By Power Rating
- 12 kW–50 kW
- 50 kW–250 kW
- 250 kW–500 kW
- 501 kW-1000kW
By Application:
- Combined Heat and Power (CHP)
- Standby Power
By End User:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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