The global microturbines market is anticipated to grow at a healthy CAGR of 10.8% during the anticipated period.
The demand for products with small size, light weight, high efficiency, low emissions, low operating costs, and the ability to produce electricity from waste fuels is given priority by microturbine manufacturers.
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Microturbines enable waste heat recovery at a level of efficiency of more than 80%. with an increase in global energy consumption.
Within the last two years, the market for microturbines experienced significant growth, and over the next five years, growth is anticipated to double. The demand for microturbine systems is expected to increase further due to the rising energy needs. According to estimates, North America will maintain its market monopoly.
The market for microturbines recorded significant growth within the last couple of years and is expected to witness twofold growth over the forecast period. The growing energy need is anticipated to continue pushing the demand for microturbine systems. North America is estimated to continue the monopoly in the market globally.
Future Market Insights upcoming report on global Microturbines Market uncovers hidden opportunities and potential threats. The report gives an incisive coverage on the Microturbines Market through a detailed segmentation on its key growth drivers, opportunities, restraints and challenges expected to prevail the market in the upcoming years. According to FMI, the industrial automation industry is expected to have a positive outlook through 2021 and beyond.
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Increasing usage of machines and demand for high quality products in various industries coupled with installation of smart devices in the machinery are some of the factors propelling the growth of Microturbines Market in industrial automation industry. Industries are implementing the automation to increase the productivity and reduce labor costs. FMI provides detailed insights about the industry for the market players to craft their long-term strategies to maintain the competitive edge in the industry.
According to the FMI’s report, the Microturbines Market is projected to record a CAGR of xx% over the forecast period. To receive the detailed insights about the Microturbines Market, our experts relies on the primary and secondary research, and various wide range of data set gathered from organic and inorganic sources to provide estimates for the upcoming decade.
Understanding the Impact of Covid-19 on Industrial Automation Industry
The COVID-19 outbreak has been posing staggering challenges for the industry. Like other industries, the industrial automation industry has been particularly affected due to the lack of equipment and availability of the products. Furthermore, dearth of labor, factory closures, and supply restrictions induced by the pandemic crisis resulted in slight setback in 2020.
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Lack of human assistance and key player’s hesitation in investing for high-end machineries during the pandemic has negatively impacted the industrial automation industry in 2020. However, with relaxation in lockdown, the Microturbines Market has picked up the pace.
The FMI’s recent report talks about the market scenario in the chapter on the Covid-19 impact analysis to aid the market players for the upcoming years. The report gives a detailed market analysis surrounding the market condition and its impact on the Microturbines Market.
By Application:
- Combined Heat and Power (CHP)
- Standby Power
By End-User:
- Industrial
- Commercial
- Residential
Comprehensive analysis of the regional markets offers exclusive insights on the market performance across geographies along with relevant graphs, figures, and list of tables.
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Competitive Analysis
By Prominent Market Players
- Microturbine LLC
- NewEnCo
- Ansaldo Energia S.p.A
- FlexEnergy
- NewEnCo Ltd.
- Elliot Company Inc.
- Ingersoll-Rand Company
With a detailed segmentation on segments and sub-segments, the FMI’s study offers the strengths, weaknesses, growth prospects and opportunities of each player. The report also includes important market study including the historical revenue prospects, pricing strategy, and marketing strategy adopted by these players in the Microturbines Market
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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