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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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