Microturbine Systems Market, By Application (CHP Generation and Standby Power), By End-use (Industrial, Commercial and Residential) and by Region (North America, Europe, Asia Pacific, ROW) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Microturbine Systems Market, By Application (CHP Generation and Standby Power), By End-use (Industrial, Commercial and Residential) and by Region (North America, Europe, Asia Pacific, ROW) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

A microturbine is a combustion turbine that runs on gas fuel to power an electric generator. A microturbine uses natural gases and petroleum fuels such as diesel, kerosene, and etc. This type of turbine is used to generate power on small scale. Microturbines are capable of generating energy from 25 KW to 1000 KW. These types of turbines are compact, lightweight, and cost-effective and have minimal moving parts as compared to the traditional methods. This type of turbine is used in various applications such as combined heat and power (CHP), standby power, combined cooling, heating, and power (CCHP) and others. The majority of the applications of microturbines are in the industrial (mining, oil & gas, wastewater plants, and land rigs) and commercial sector (hotels, office buildings, schools, sports centers, supermarkets, swimming pools, and hospitals).
Market Dynamics
Increasing focus on the generation of clean energy is expected to drive market growth during the forecast period. During the last decade, there has been an increased focus on the generation of clean energy from unpolluted sources. Many climate-energy agreements such as the United Nations Framework Convention on Climate Change (1992), Kyoto Protocol (1997) have been enacted in response to the detrimental effects of global warming. The use of conventional fuel such as crude oil, natural gas contributes to the high amount of emission of greenhouse gases such as carbon monoxide and carbon dioxide. These micro turbines release a small number of gases in terms of concentration of nitrogen oxide and sulphur oxide as compared to fossil fuels. Several countries are phasing out nuclear plants and focused on achieving efficiency targets and emphasis on the use of clean energy that causes no damage to the environment. For instance, according to International Energy Outlook 2017, the world’s natural gas producers are expected to increase supply by 43.2% from2015 to 2039. Further, In Russia, the production of natural gases is expected to increase owing to the development of resources in the country’s eastern and arctic region.
Rising awareness related to clean energy can provide major business opportunities in the global microturbine systems market. The rising trend of clean energy has compelled the reduction of greenhouse gases and other emissions. Natural gas-fired power plants offer high-efficiency low-carbon characteristics, which can increase the demand for microturbine systems globally. Cogeneration of power and heat allow obtaining high-efficiency energy generation with significant primary energy savings. Key companies in the market can capitalize on such lucrative opportunities and gain a competitive advantage in the market.
Market Taxonomy
This report segments the global microturbine systems market on the basis of application, end-use and region. On the basis of application, the global microturbine systems market is segmented into CHP Generation and Standby Power. On the basis of end-use, the global microturbine systems market is segmented into Industrial, Commercial and Residential. On the basis of region, the global microturbine systems market is segmented into North America, Europe, Asia Pacific, ROW.
Key features of the study:
This report provides an in-depth analysis of the global microturbine systems market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year.
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
It profiles leading players in the global microturbine systems market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered in the global microturbine systems market are Capstone Turbine Corporation, NewEnCo Ltd., Elliot Company Inc., Micro Turbine Technology BV, FlexEnergy Inc., Ingersoll-Rand Company, and Global Microturbine LLC.
The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
The global microturbine systems market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global microturbine systems market.
Detailed Segmentation:
Global Microturbine Systems Market, By Application:
CHP Generation
Standby Power
Global Microturbine Systems Market, By End-use:
Industrial
Commercial
Residential
Global Microturbine Systems Market, By Region:
North America
Europe
Asia Pacific
ROW
Company Profiles
Capstone Turbine Corporation *
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments
Future Plans
NewEnCo Ltd.
Elliot Company Inc.
Micro Turbine Technology BV
FlexEnergy Inc.
Ingersoll-Rand Company
Global Microturbine LLC.
*Browse all the market data tables and figures on “Global Microturbine Systems Market- Forecast to 2027”