Micro Turbines Market Forecasts to 2028 – Global Analysis By Power Rating (Above 250 KW, 12 KW–50 KW, 51 KW–250 KW, Other Power Ratings), Application (Standby Power, Combined Heat & Power (CHP), Other Applications), End User (Industrial, Residential, Comm

Micro Turbines Market Forecasts to 2028 – Global Analysis By Power Rating (Above 250 KW, 12 KW–50 KW, 51 KW–250 KW, Other Power Ratings), Application (Standby Power, Combined Heat & Power (CHP), Other Applications), End User (Industrial, Residential, Commercial, Other End Users) and Geography

According to Stratistics MRC, the Global Micro Turbines Market is accounted for $251 million in 2022 and is expected to reach $481 million by 2028 growing at a CAGR of 11.46% during the forecast period. A micro turbine is a compact combustion turbine that powers an electric generator by burning liquid or gaseous fuels. It burns natural gas, thermal plant waste heat, and fossil fuels including kerosene, diesel, and heating oil. It has a compressors, combustor, alternator, turbine, generator, and recuperator and is generally used to generate modest amounts of electricity. In order to increase the generator's electrical efficiency, it works by collecting exhaust energy and warming compressed input air. Micro turbines are smaller, lighter, more affordable, and have less moving parts, pollutants, and fuel waste than conventional substitutes.

Market Dynamics

Driver:

Replacement of phased-out nuclear & coal plants

The perception of nuclear power plants as clean, dependable, and reasonably priced sources of electricity generation on a big scale is transforming. Several nuclear power stations are currently under construction; however a lot have been postponed or discontinued because of substantial increases in costs and regulatory requirements. The Environmental Protection Agency's projected adoption of the Mercury and Air Toxics Regulations in the US is anticipated to lead to a significant reduction in the number of planned new facilities as well as a large-scale decommissioning of existing coal-fired plants.

Restraint

Electrical grid modernization & network upgradation

Developed and developing countries have changed their policies as a result of the deteriorating T&D infrastructure. To combat unstable grid functioning, major investors are being undertaken in the modernisation of current electrical systems. These initiatives will concentrate on cutting-edge storage technologies, the integration of sustainable energy, standards and test methods, and several other crucial grid modernization sectors. These improvements in updating the current power T&D infrastructure will minimise the need for micro turbine-based power generation by lowering the requirement for distributed power generation and reducing power losses.

Opportunity

Increasing focus on the generation of clean energy

A greater emphasis has been placed in the last ten years on the production of energy from clean, sustainable sources. High levels of emissions of greenhouse gases like carbon dioxide (CO2) and carbon monoxide are brought on by the use of traditional fuels like crude oil, coal, and natural gas (CO). As compared to fossil fuels, micro turbines emit extremely low levels of sulphur oxide (SO) and nitrogen oxide (NO) emissions. Some nations are phasing down nuclear power reactors and concentrating on meeting energy efficiency goals. This has led to a stronger focus on using clean energy, which doesn't harm the environment. Natural gas output in Russia is anticipated to rise mostly as a result of increased resource development in the Arctic and eastern parts of the nation. Shale resources are to blame for the output boom in both China and the US; in China, shale is anticipated to be responsible for more than half of all natural gas production.

Threat

Fluctuations in Oil & Gas Prices

Costs for oil and gas are volatile because of disturbances in the hydrocarbons industry. A important volatile problem that affects the supply or demand for oil and gas is geopolitical conflicts. Natural gas, petrol, and other fuel prices will be more significantly disrupted as a result. The bulk of the countries in the area take up a large portion of the gas reserves. The growing governmental and racial issues have made the area exceedingly divisive. As these turbines work on liquid and gaseous fuels, fluctuations in the price of oil and gas have a negative impact on the expansion of the micro turbine industry. The corona virus epidemic has also contributed to a sharp decline in petrol consumption. As a result, oil and petrol prices are reduced, which also has a negative effect on market expansion.

Covid-19 Impact

The corona virus has spread to approximately 200 nations worldwide and has become a hazard to global health. The pandemic has an impact on a number of commercial sectors, including manufacturing, hotels, and electricity generation. It was necessary for the governments of various nations to implement a lockdown. The majority of nations have put restrictions on travel within or between their borders, which has significantly disrupted the supply chain and halted commercial activity. Because of the growing fear of the lethal virus, most industries were shut down, including new power projects. As a result, market for micro turbines and related parts & accessories is dropping. Many projects need to import components, machinery, or turbines from other countries, and the availability of these materials has been hampered as a result of the governments of various countries closing international borders. As a result, the projects were delayed. Because of the pandemic's existence, investment has decreased in the electricity industry.

The 51–250 segment is expected to be the largest during the forecast period

The 51–250 segment is estimated to have a lucrative growth, due to they are more widely used in industrial and commercial applications. The need for micro turbines has also increased as a result of rising population, urbanisation, and domestic production. Also, the global market for green buildings is expanding as a consequence of the increased acceptance of these structures as people become more conscious of the risks that carbon emissions pose to their health and the environment. Due to its adaptability in connecting options, capacity to be stacked in parallel to service greater loads, ability to deliver consistent and dependable power and low emissions in comparison to other technologies, micro turbines are employed in distributed generating applications.

The Commercial segment is expected to have the highest CAGR during the forecast period

The Commercial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growth of urban areas and the establishment of commercial trade hubs, as well as the increasing emphasis on using green construction methods to construct buildings that are energy efficient and cost-effective. Also, the creation of green structures is increasing popularity due to advantages including lower energy consumption and lower operating and maintenance expenses. A government, particularly in industrialised nations, are introducing new regulations and programmes to encourage green building. Additionally, rising nations are producing excellent chances for the green building sector due to their increasing rates of urbanisation, commercial expansion, and industrial development. As a result, the market for micro turbines is anticipated to rise significantly along with the increase in green commercial and industrial buildings.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period owing to its geographical position, which restricts the utilisation of solar energy, and the low hydro generation in this area. Moreover, the market for micro turbines is expanding due to the rising need for green and clean energy. The European Union is making significant investments in clean fuel technologies. As a result, this aspect is opening up the market for micro turbines in the Europe area.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period. The largest market share belonged to the United States, while Canada will have the fastest increase. The decommissioning of nuclear reactors due to the age of the power facilities and the frequent natural disasters in this area would increase the need for micro turbines in this area. The region's micro turbines market has a tonne of room to develop because to the construction of power facilities and the frequent incidence of natural disasters.

Key players in the market

Some of the key players profiled in the Micro Turbines Market include Northeast Asia Mineral Resources, Toyota Turbine and Systems, FlexEnergy, 247Solar, ICR Turbine Engine Corporation, Calnetix Technologies LLC, Eneftech Innovation SA, Brayton Energy LLC, Microturbine Technology BV, Bladon Jets, Wilson Solarpower Corporation, Turbotech Precision Engineering Pvt. Ltd. and Capstone Turbine.

Key Developments

In April 2017, Capstone Turbine and FGC Plasma Solutions LLC entered into a collaboration agreement. Both will contribute to the C65 miniature turbine’s testing of a latest plasma assisted fuel injection method.

Power Ratings Covered:
• Above 250 KW
• 12 KW–50 KW
• 51 KW–250 KW
• Other Power Ratings

Applications Covered:
• Standby Power
• Combined Heat & Power (CHP)
• Other Applications

End Users Covered:
• Industrial
• Residential
• Commercial
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements