Global Microturbine Market Outlook Report - Market Size, Share Analysis and Forecast (2024-2032)

Global Microturbines Market Outlook

The global microturbine market attained USD 279.72 million in 2023. The market is projected to grow at a CAGR of 8.6% between 2024 and 2032, to reach USD 587.33 million by 2032.

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Growing Emphasis on Clean Energy Generation to Boost the Market Growth of Microturbine

There has been an increased emphasis on the generation of energy from renewable and non-polluting sources over the last decade. In addition to the adverse effects of global warming, several climate change agreements have been adopted. High levels of greenhouse gas emissions such as carbon dioxide (CO2) and carbon monoxide contribute to the use of fossil sources, including crude oil, coal and natural gas (CO). Compared to fossil fuels, microturbines emit very low emissions in terms of sulphur oxide (SO) and nitrogen oxide (NO) concentrations, leading to its increasing adoption. The largest market for microturbines is North America, followed by Europe and the Asia Pacific. In recent years, the US has accounted for the majority share in the North American region. In this region, ageing power plants and recurrent natural disasters have created tremendous growth opportunities for the demand for microturbines.

Microturbine Industry Segmentation

Microturbines are mini combustion turbines that normally control an electric engine on gaseous or liquid fuels. The production of the microturbine was accelerated by the design resemblance to a large turbine that provides the engineering basis. Natural gas, other gaseous liquids, waste heat from a thermal power plant, and liquid petroleum fuels are the fuels used to service the microturbine.

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By power rating, the market is divided into:

• 12 kW-50 kW
• 50 kW-250 kW
• 250 kW-500 kW
• Others

On the basis of application, the market is segmented into:

• Standby Power
• Combined Heat and Power (CHP)

Based on end use, the market is divided into:

• Commercial
• Industrial
• Residential
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements to Boost the Market Growth of Microturbine

The potential of microturbine systems to run on different fuels is one of the most important industry factors. The use of materials, including thermal barrier coatings and ceramics, enhances the performance of microturbine systems and ultimately raises the working temperature of the engine. It is predicted that such technological advances in microturbines would strengthen the industry further. Hybrid electric cars boost the maximum requirement for microturbines with low power ratings. Due to major OEMs increasingly investing in R&D activities to increase the performance of microturbines, the market is expected to gain momentum in the near future. Moreover, in order to achieve profitable electricity production and supply, both power generation plants and customers are constantly looking for cost-effective operations.

Key Industry Players in the Global Microturbine Industry

The report gives a detailed analysis of the following key players in the global microturbine market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Ansaldo Energia S.p.A.
• Capstone Turbine Corporation
• Brayton Energy, LLC
• Bladon Jets Holdings Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Microturbine Market Report Snapshots

Microturbine Market Size

Microturbine Market Growth

Microturbine Companies