New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Micro turbine Market Research Report, by Power Rating, Region, End-Use, and Application- Forecast Till 2030”, the global market for Microturbines are predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 10.0%. The reports further anticipate the market to acquire a valuation of around USD 250 Million by the end of 2030.
Micro Turbine Market Overview:
A distributed source of energy generation utilized with the rising energy consumption is called a microturbine. The global market for microturbines has expanded tremendously in recent years. The escalating demand for aging grid infrastructure and clean and green energy is believed to be the main parameter supporting market development. Furthermore, the easy availability of fuel is also likely to boost the market's development over the assessment years. Moreover, with the rising environmental concerns of global warming, several agreements associated with the same issue have been made to boost the market's performance across the globe.
Competitive Analysis
The listing of the prominent leaders across the global market for microturbines includes players such as:
- Bladon Jets (Isle of Man)
- Capstone Turbine Corporation (US)
- Microturbine technology BV (the Netherlands)
- FlexEnergy, Inc. (US)
- Wilson Solar power Corporation (US)
- Ansaldo Energia S.p.A. (Italy)
- ICR Turbine Engine Corporation (US)
- Brayton Energy, LLC. (US)
- Calnetix Technologies LLC. (US)
- Eneftech Innovation SA (Switzerland)
- Toyota Motor Corporation (Japan)
- Among others.
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Micro Turbine Market USP Covered
Market Drivers
The global market for microturbines has expanded tremendously in recent years. The escalating demand for aging grid infrastructure and clean and green energy is believed to be the main parameter supporting market development. Furthermore, the easy availability of fuel is also likely to boost the market's development over the assessment years. Moreover, with the rising environmental concerns of global warming, several agreements associated with the same issue have been made to boost the market's performance across the globe. Earlier nuclear power plants were clean, reliable as well affordable sources of energy, but after the Fukushima nuclear accident, the perception changed rapidly. In addition, the overhead cost of nuclear power is more, given that two nuclear plans have been stopped. As there is no other substitute, it offers massive development opportunities for the market during the predicted timeframe.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 10% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Power Rating and End-Use |
| Key Market Opportunities | Retiring power plants Fluctuating weather situations Unreliable grid operation |
| Key Market Drivers | Increased demand for alternative energy sources Rising number of coal and nuclear power plants to be decommissioned coupled with stringent environmental regulations |
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Market Restraints
On the other hand, several parameters may restrict the performance of the market. The main aspect challenging the development of the market is the tremendously growing demand for these turbines, which puts immense pressure on the market players to boost the production process. Furthermore, the cheaper alternatives available globally are another crucial parameter restricting the performance of the market across the world. In addition, the calorific value of crude oil is greater than the microturbine and therefore generates more energy than the microturbine, limiting the market's performance.
Micro Turbine Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the micro turbine market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Micro Turbine Market Segment Analysis
Among all the power ratings, the 12KW – 50KW segment is anticipated to ensure the leading position across the global market for microturbines over the assessment era.
Among all the application areas, the power quality segment is predicted to secure the top spot across the global market for microturbines over the assessment era.
Among all the end-users, the commercial purposes are anticipated to ensure the leading position across the global market for microturbines over the assessment era.
Micro Turbine Market Regional Analysis
The global market for the micro turbine is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the North American region is anticipated to ensure the leading position across the global market for microturbines over the assessment era. The rising energy consumption across the region is the main aspect causing the growth of the regional market. Furthermore, the increasing awareness regarding carbon footprint is also likely to catalyze regional market development.
The European regional market for microturbines is predicted to display significant development over the assessment period. The development of the regional market is ascribed to the increasing demand for energy and strict rules and regulations regarding environmental protection.
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The Asia-Pacific regional market for microturbines is predicted to display maximum development over the coming years, given the increasing demand for energy and the rapidly growing population.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
