Microturbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Microturbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Micro-turbine Market

The micro-turbine market size was valued at USD 72.61 million in 2023, and the market is now projected to grow from USD 79.79 million in 2024 to USD 165.65 million by 2032, exhibiting a CAGR of 9.6 % during the forecast period of 2024-2032.

COVID-19 pandemic has extremely damaged the development of micro-turbine sector. Disruptions of the supply chains and declining demand because of economic crises directly resulted in the challenges for the manufacturers in production and distribution of goods and services. Turbo-generators associated with micro-turbine based distributed energy power generation projects had their start slowed down or got canceled all together which led to decline of revenues. Yet, the crisis revealed that crisis-resistant energy technologies were very important, which may be the key factor that will drive the future’s growth as business owners and community population are looking for stable electricity. Furthermore, that movement toward remote work grew the curiosity in off-grid energy solutions consequently granted the possibilities for the micro-turbines program to be deployed in the remote areas and used as backup systems.

From recent years, the micro-turbine market has demonstrated elevated increase due to a few stimulants. The development and improvement of the micro-turbines systems has led to its high performance and reliability and has made it suitable for the combined heat and power (CHP), backup power, and distributed generation (DG) applications. Alongside that, a trend of adopting environmental sustainability and shifting towards cleaner energy noticed with micro-turbines shows that micro-turbines release a lower amount of emission than that of traditional power generation approaches. All of these factors are amplifying the micro-turbine market growth.

In addition to industrial and commercial facilities ‘growing there is a high demand for intensive power supply solutions, which also encourages micro-turbines’ use. This growth path is supposed to continue as all governments have a stand to enact policies and implement them to perform activities that will promote renewable energy and improve energy security, placing micro-turbines as a leading play player towards the energy evolution.

Comprehensive Analysis of Micro-turbine Market

Major market segments for micro-turbines can be related to the power rating, application or the end-user. Power class divisions vary since they can be as small as 50kW and as big as 501- 1,000kW, which caters to different needs or scales. The micro-turbine is applied in different areas, for example the Combined Heat and Power (CHP) systems that facilitate most efficient energy use and the Standby Power solutions for emergency backup. Moreover, customers cover residential, commercial, and industrial market segments signifying that the reasons for utilization of the micro-turbine technology are multiple ones that depend on specific settings and industries. In this approach the tailor-made solutions which are specifically aimed at power demand as well as operational needs can be provided through grouping the same demographics and applications in the same group.

North America stands out as the number one region in micro-turbine market share. The area has sophisticated technology spread throughout and can make this possible for micro-turbine systems to be used extensively across industrial, commercial and residential works. Not to mention, the positive government policies and indiscrimination which assist the development of clean energy support stronger development. However, no less evident is the fact that North America is home to major players in the industry and holds a mature and well advanced research & development (R&D) space in which micro-turbine technology again emerges as the leader. By the same token, the region shall sustain its leadership status in the world micro-turbine market, while the energy demands continue to surge and the sustainability becomes a challenge to the world community.

The top players in the market play a crucial role in shaping the industry's growth trajectory and setting market standards. These players include: Capstone Turbine Corporation (U.S.), Bladon Micro Turbine (U.K.), UAV Turbine (U.S.), Ansaldo Energia (Italy), Aurelia Turbine (Finland), MTT Microturbine (Netherlands), FlexEnergy Inc. (U.S.), ICR Turbine Engine Corporation (U.S.), Dresser-Rand (U.S.), Turbo Tech Precision Engineering Pvt., Ltd. (India), Brayton Energy, LLC. (U.S.)

In February 2023, Capstone Green Energy Corporation, in collaboration with its distributor Optimal Group, bulks up as another Australian Energy Company is the fifth to purchase a microturbine. The installation of this pulsoturbine model initiated this October 2023. This turbine will serve a dual purpose: being an on-site powering for an oil and gas field or just a supporting standby power for a film production. Capstone is a leading global brand that is proud to design and manufacture microgrid solutions as well as on-site energy systems technology.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 9.6% from 2024 to 2032

Unit Volume (Units) and Value (USD million)

Segmentation

By Power Rating

Up to 50 kW

51 kW -250 kW

251-500 kW

501-1000 kW

By Application

Combined Heat and Power (CHP)

Standby Power

By End-User

Residential

Commercial

Industrial

By Geography

North America (By Power Rating, By Application, By End-User, By Country)

U.S. (Application)

Canada (Application)

Europe (By Power Rating, By Application, By End-User, By Country)

U.K. (Application)

Germany (Application)

France (Application)

Italy (Application)

Spain (Application)

Russia (Application)

Rest of Europe (Application)

Asia Pacific (By Power Rating, By Application, By End-User, By Country)

China (Application)

India (Application)

Australia (Application)

Southeast Asia (Application)

Rest of Asia Pacific (Application)

Latin America (By Power Rating, By Application, By End-User, By Country)

Brazil (Application)

Mexico (Application)

Rest of Latin America (Application)

Middle East & Africa (By Power Rating, By Application, By End-User, By Country)

GCC (Application)

South Africa (Application)

Rest of Middle East & Africa (Application)


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