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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global microturbine market attained a value of nearly USD 279.72 million.
The market is projected to grow at a CAGR of 8.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 587.33 million by 2032.
Cost-effective power generation, and falling oil and gas prices are the key factors driving the growth of the market.
The key market trends of the market include replacement of phased-out nuclear and coal plants and rising awareness about clean energy and CHP.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading power ratings of microturbine in the market are 12 kW-50 kW, 50 kW-250 kW, and 250 kW-500 kW, among others.
The major applications in the market are standby power and combined heat and power (CHP).
The leading end uses in the market are commercial, industrial, and residential, among others.
The key players in the global microturbine market are Ansaldo Energia S.p.A., Capstone Turbine Corporation, Brayton Energy, LLC, and Bladon Jets Holdings Limited, among others.
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