Microturbine Systems Market, By Application (CHP Generation, Standby Power.), By End use (Industrial, Commercial And Residential.), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)- Size, Share, Outlook, and Opportu

Microturbine Systems Market, By Application (CHP Generation, Standby Power.), By End use (Industrial, Commercial And Residential.), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

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 the 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.

Key Developments

1. In May 2020, Capstone Turbine Corporation received an order to help modernize a water pollution facility in upstate New York.

2. In July 2021, Innovametall Stahl-und Metallbau will get two C65 microturbines from Capstone Green Energy Corporation to use in a CHP system with very low emissions. Wels Strom GmbH, a distributor of capstone in Austria and Germany, secured the contract. The hydrogen-powered gas turbine system will be the first of its kind in Europe.

Key features of the study:

• This report provides in-depth analysis of the microturbine systems market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the microturbine systems market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Capstone Turbine Corporation, NewEnCo Ltd., Elliot Company Inc., Micro Turbine Technology BV, FlexEnergy Inc., Ingersoll-Rand Company, and Global Microturbine LLC.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The microturbine systems market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through 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 Geography
• North America
• Europe
• Asia Pacific
• Latin America
• Africa
• 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.