Microturbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Microturbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global microturbine market size reached US$ 79.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 131.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2023-2028.

A microturbine is a small combustion turbine that runs on liquid or gaseous fuels to power an electric generator. It uses natural gas, waste heat from thermal plants and petroleum fuels, such as kerosene, diesel and heating oil. It is primarily used for small-scale power generation and consists of a compressor, combustor, alternator, turbine, generator and a recuperator. It operates by recovering exhaust energy and preheating the compressed inlet air to enhance the electrical efficiency of the generator. In comparison to traditionally used alternatives, microturbines are compact, lightweight, cost-effective and have minimal moving parts, emissions and fuel wastage. Owing to these benefits, they find extensive applications in provide standby power, combined cooling, heating and power (CCHP), combined heat and power (CHP), resource recovery, and microgrid systems.

The rapidly increasing energy demand across the globe is among the key factors driving the growth of the market. Furthermore, there is an increasing focus on green and sustainable power generation, which is also providing a boost to the market growth as microturbines offer stable and reliable power with minimal emissions of greenhouse gases (GHGs), such as carbon dioxide (CO2), carbon monoxide (CO), sulfur oxide (SO2) and nitrogen oxide (NO2). Additionally, widespread adoption of CHP systems across various industries is also contributing to the market growth. They are extensively used in wastewater treatment plants, breweries, paper and rubber mills and the residential sector for providing residual heat in cold climates. Furthermore, the replacement of phased-out coal and nuclear plants with modern and innovative power stations and installation of microturbines in off-grid systems in remote areas, are creating a positive outlook for the market. Other factors, including rising investments in the energy sector and extensive research and development (R&D), are projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global microturbine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on application, power rating and end-user.

Breakup by Application:

Combined Heat and Power (CHP)
Standby Power

Breakup by Power Rating:

12 kW – 50 kW
50 kW – 250 kW
250 kW – 500 kW

Breakup by End-User:

Residential
Commercial
Industrial

Breakup by Region:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Ansaldo Energia SPA, Bladon Jets, Capstone Turbine Corporation, FlexEnergy Inc., Brayton Energy, LLC, Toyota Motor Corporation, Micro Turbine Technology B.V., ICR Turbine Engine Corporation and Calnetix Technologies, etc.

Key Questions Answered in This Report:

How has the global microturbine market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global microturbine market?
What is the breakup of the market based on the application?
What is the breakup of the market based on the power rating?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global microturbine market and who are the key players?
What is the degree of competition in the market?