In the span of the projected future, the global microturbines market is primed for an upward trajectory, demonstrating a robust Compound Annual Growth Rate (CAGR) of 10.8%.
In this dynamic landscape, manufacturers of microturbines are strategically steering their efforts toward burgeoning opportunities that highlight products characterized by their compact form, lightweight attributes, heightened efficiency, minimal emissions, cost-effective operational expenses, and the capability to harness electricity from waste fuels.
Microturbines have surfaced as powerful enablers for waste heat recovery, boasting efficiency levels surpassing 80%. This innovative advancement harmonizes effectively with the escalating global energy consumption trend, nurturing sustainable energy solutions that resonate seamlessly with evolving environmental priorities.
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Report Highlights:
The focal point of this research study is the categorization of power ratings, spanning from 12 kW to 1000 kW, further divided into segments of 12 – 50 kW, 50 – 250 kW, 250 – 500 kW, and 501 – 1000 kW. Additionally, application classifications bring another layer of detail, encompassing Combined Heat and Power (CHP) as well as standby power. The study delves into end-user sectors, including industrial, commercial, and residential domains.
A pivotal aspect of this study revolves around the strategic emphasis of key players on capitalizing on opportunities that demand the creation of highly efficient, lightweight products. This focus on augmented efficiency combined with compact dimensions is poised to reshape the microturbines market landscape uniquely.
Salient Insights from the Microturbines Market:
Dominance of North America: The apex position in the market is held by North America, propelled by proactive efforts by private enterprises and governmental bodies to shift from coal power and nuclear plants. Rigorous emission regulations, notably in the US, have spurred heightened microturbine installations, particularly in Combined Heat and Power (CHP) applications.
Surge in Europe: Europe is primed for significant growth, driven by an array of projects on the horizon, including extensive CHP plant implementations. Escalating concerns regarding air pollution further boost this momentum.
Asia-Pacific’s Rapid Rise: The Asia-Pacific region is poised for rapid expansion in the microturbines market over the forecast period. Countries like Australia, India, and China spearhead this surge, experiencing a surge in microturbine installations.
MEA’s Renewable Momentum: The Middle East and Africa (MEA) demonstrate a growth trajectory fueled by the escalating adoption of renewable energy installations. Pioneer nations like Russia, the UK, and Germany lead this charge, shaping the growth narrative of the region.
Competitive Landscape: Noteworthy Developments
In December 2021, Capstone Green Energy Corporation achieved significant progress as its US-based distributor, Lone Star Power Solution, secured a contract to provide a Clean Heat and Power (CHP) energy system to an Alabama-based hospital. This innovative microturbine system boasts a substantial capacity of 600 kW.
Another breakthrough in July 2021 saw Capstone Green Energy Corporation making waves by supplying two C65 microturbines to ‘Innovametal Stahl and Metallbau’. These microturbines are pivotal components of an ultra-low emissions CHP system, with the contract facilitated by Wels Storm GmbH. Remarkably, this system holds distinction as the first gas turbine system operating on hydrogen.
Key players shaping the microturbines market landscape include Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company.
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Key Segments
By Power Rating
- 12 kW–50 kW
- 50 kW–250 kW
- 250 kW–500 kW
- 501 kW-1000kW
By Application:
- Combined Heat and Power (CHP)
- Standby Power
By End User:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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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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