Microturbine Market

Global Microturbine Market Analysis and Opportunity Assessment by Power Rating, Application, End User, Region, and Country – Forecast 2022 – 2032

The market is expected to generate an incremental $ opportunity of US$ 125.8 Mn between 2022 and 2032

Category: Clean Energy & Power

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ID: CVC-00452

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Format: PDF+Excel Dataset

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Published Date: October 2022

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Pages: 290

Microturbine Market Size Analysis

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.

Market Dynamic

RISING DEMAND FOR ELECTRICITY WILL BOOST THE MARKET FOR MICROTURBINE MARKET

The power industry is in great demand, which has been due to population growth and industrialization across several countries worldwide. This increase in electricity demand has been met by implementing projects that will increase the energy demand. To meet this demand, the public and private segments are raising market forces through new powerhouses and power plant capacities, primarily gas-based turbines, due to their economic costs and fewer harmful pollutants released into the atmosphere. Government regulation has also enforced emission norms which make firms adopt these turbines on a large scale, driving growth for this market over the forecast period.

FLUCTUATIONS IN THE OIL& GAS PRICES HAMPER THE MARKET GROWTH

The rise of the oil and gas industry has caused a great disturbance in the cost of natural gas, petrol, and fuel. Most nations within the geographical region occupy a significant share of gas reserves. The area is very opposed thanks to increasing ministerial and ethnic problems. The coronavirus pandemic has conjointly caused the demand for gas to decrease considerably.

THE RISE IN THE INSTALLATION OF COMBINED HEAT & POWER (CHP) PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

Growth in renewable energy technology is one of the major drivers attributed to the development of the global CHP market. The government across several countries has started focusing on enforcing renewable energy sources to reduce rising air pollution levels. The government has also imposed stringent emission norms to reduce pollution. The investment in the combined heat and power segment is also widely increasing globally. The CHP accounts for most of the market share in installing such turbines. Thus, drives growth in the market during the forecast period.

COVID-19 Impact

The coronavirus has become a global health threat and has affected nearly 200 countries around the globe. This is due to the business sectors affected by the pandemic, like manufacturing, hospitality, and others. The supply chain is compromised due to many countries closing their borders and imposing restrictions on travel.

As a result, companies cannot produce their products as demand decreases in many industries like manufacturing and power generation. This results in the rising cost of key raw materials, including microturbines associated with most new projects across India.

Microturbine Market

Market 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 :

  • Industrial
  • Commercial
  • Residential

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)

Segment-Wise Analysis

Why are 51- 250kW power ratings projected to ensure the most revenue during the forecast period?

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. However, microturbine power ratings from 251-500 kW are commercially available and may be successful in various applications, including schools, offices, hospitals, restaurants, hotels, etc.

Why is the Combined Heat and Power (CHP) segment expected to expand the fastest during the forecast period?

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. Numerous global sectors are also rapidly implementing CHP systems. Numerous businesses employ CHP, such as rubber mills, wastewater treatment facilities, and the residential sector. This promotes an increase in the use of CHP.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

  • In 2021, 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.
  • The Asia Pacific area is anticipated to expand at a notable 9.8% CAGR throughout the projection period. Due to the extremely high population density in the area, there is a tremendous demand for and consumption of power there. The significant installation of these turbines in this region results from the widespread increase in the construction of CHP systems. Such turbines are in great demand in nations like India, China, Australia, and others, and their installation is projected to continue during the projection period.

Competition Analysis

Due to multiple significant players, the market is highly fragmented, which has shaped the global competitive landscape. According to analysis, Capstone Turbine is the market leader in the microturbine sector.

Some of the key developments that have taken place in the Microturbine Market include:

  • In July 2021, Innovametall Stahl-und Metallbau will get two C65 microturbines from Capstone Green Energy Corporation for use in a CHP system with extremely low emissions. Wels Strom GmbH, the capstone distributor in Germany and Austria, was able to clinch the deal. The system will be the first hydrogen-powered gas turbine system in Europe.
  • In December 2021, Capstone Green Energy Corporation, its U.S. distributor Lone Star Power Solution, was awarded a contract to supply a CHP clean energy system to a significant hospital in Alabama. The microturbine will have a power output of 600 kW and run on LPNG. By 2022, the system is anticipated to be operational.

A list of some of the key suppliers present in the market are:

  • Microturbine LLC
  • NewEnCo
  • Ansaldo Energia S.p.A
  • FlexEnergy
  • NewEnCo Ltd.
  • Elliot Company Inc.
  • Ingersoll-Rand Company

Report Coverage and Highlights

  • 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.
Research Scope Details
Forecast period 2022-2032
Historical data available for 2017-2021
Market analysis USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032
Key regions covered North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa
Key countries covered US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt
Key segments covered By Power Rating, Application, End User, and Region
Customization scope Available upon Request
Pricing and purchase options Available upon Request
  • Report Includes

    Market Size Data

    • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
    • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
    • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
    • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
    • Incremental dollar opportunity generated in the forecast period would be indicated
    • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

    Market Background

    • Macroeconomic factors that impact the market developments
    • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
    • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
    • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
    • Trade analysis and analysis of key supply and demand hubs
    • Identification of hotbed opportunities existing in the market
    • Porter’s and PEST analysis to understand the business environment of the geography
    • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

    Pricing Analysis

    • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
    • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
    • Cost teardown analysis and key factors impacting pricing

    Value Chain Analysis

    • Country-wise list of raw material suppliers
      • Raw material price trends and buyers’ sentiment
      • Overview of Intelligent Sourcing Technique
      • Raw material procurement requirements
      • Vendor selection criteria
    • Country-wise list of product manufacturers
    • Country-wise list of distributors/traders
    • Country-wise list of end-users
      • End-Users/Customers consumption mapping
      • Key End-Users/Customers client list
    • Country-wise list of other key channel partners
    • Average profitability margins
    • Regional value chain dynamics

    Competition Analysis

    • Market shares and production capacities of key players
    • Tier structure analysis of market
    • Comprehensive competition dashboard representing the top 10-15 players in the market
    • Individual company profiles of top 15 to 20 manufacturers
      • Business Overview
      • Product Portfolio
      • Key Financials
      • Recent Developments
      • SWOT Analysis
      • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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Frequently Asked Questions

In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 9.4%.

The demand for microturbine systems is expected to increase further due to the rising energy needs. According to estimates, North America will maintain its market monopoly.

Major global Microturbine Market players are Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company.

Market expansion limits the variability in raw material prices used in microturbine systems.

The North America region is expected to account for the largest market revenue share in the Global Microturbine market.

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