Microturbine Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Microturbine Market grew at a CAGR of 10.5% between 2017-2021 and is estimated to be US$ 86.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 9.49 % and is expected to reach a valuation of US$ 212.2 Mn by 2032 end.
Microturbine manufacturers prioritize opportunities where the product is required to meet the demands of small size, lightweight, high efficiency, and low emissions. These products should also be cost-efficient to run.
ChemView Consulting has analyzed that the requirements for power are surging across the globe as major population expansion and infrastructural advancements contribute to this surge in demand. As well, industrialization is growing throughout several emerging nations, and in several countries, several smart cities and smart building projects have been undertaken that will increase energy demand. The common public and private sectors are investing in new generation capacity or expanding their existing plant capabilities to meet this energy demand.
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Segments Covered in Report
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 :
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Microturbine Market
- Based on the Power Rating, The highest revenue share belonged to the power rating of 51-250kW. Microturbines with a power rating below 250kW are highly preferred in commercial and industrial sectors across the globe. The adoption of combined heat and power plants is widely increasing across countries. Grid-connected combined heat and power systems are entering the market, leading to increasing demand for these turbines.
- Based on the application, The combined heat and power (CHP) industry commands the lion’s market share here. CHP is widely used nowadays, and investment in this industry is also rising. The demand for efficient energy with lower emissions is likewise very high worldwide. These turbines have become a useful tool for achieving goals and reducing environmental pollution as worries about rising emissions and ecological safety have grown.
- Based on Region, the North American market held a sizeable revenue share of 41.0%. The phase-out of nuclear and coal-fired power facilities is a priority for the public and private sectors. The United States holds the majority of the market share in North America. The nation’s government has also enacted strict pollution regulations, which has led to a large installation of these turbines, particularly in CHP applications.
Key companies covered in the market study are Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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