Global Microturbine Market is expected to grow at a robust CAGR
Global Microturbine
Market is expected to grow owing to increasing global electricity demand &
subsequent investments in power plants throughout the forecast period.
According to
TechSci Research report, “Microturbine Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Microturbine
Market is expected to register robust growth during the forecast period owing to
rising requirement and demand for low-emission energy generation is driving the
expansion of the worldwide microturbine market. Furthermore, the growth in
demand for clean and green energy is propelling the worldwide microturbine
market throughout the forecast period. Growing environmental concerns and
pollution levels are driving the demand for microturbine in the global market.
Furthermore, economic advancements are adding to the worldwide microturbine
market growth and development.
There
is a growing trend towards decentralized power generation, wherein energy is
produced closer to the point of consumption. Microturbines are well-suited for
this trend as they provide efficient and compact distributed energy solutions.
With the rise of microgrids and on-site power generation, microturbines are
gaining popularity in various applications, including commercial buildings,
industrial facilities, and remote communities. Sustainability plays a
significant role in the energy industry, and microturbines offer a cleaner and
more sustainable alternative to traditional power generation methods.
Microturbines running on natural gas, biogas, or renewable fuels have lower
emissions compared to fossil fuel-based power plants. As businesses and
governments prioritize environmental conservation, the demand for eco-friendly
microturbine solutions continues to rise.
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Microturbine Market"
The Global Microturbine
Market is segmented based on power rating, application, end-user and region.
Based on power rating, the market is bifurcated into up to 50 kw, 51 kw-250 kw,
251-500 kw, and 501-1000 kw. Based on application, the market is bifurcated
into combined heat & power (chp) and standby power. Based on end-user, the
market is bifurcated into residential, commercial and industrial. Based on region,
the market is further bifurcated into North America, Asia-Pacific, Europe,
South America, Middle East & Africa.
Based on application, Combined Heat & Power
(CHP) segment is expected to dominate the market during the forecast period. Combined
Heat and Power (CHP), also known as cogeneration, is a highly efficient method
of simultaneous electricity and heat generation from a single fuel source.
Microturbines play a crucial role in CHP systems, offering distributed energy
solutions for a wide range of industries and applications. CHP systems are
renowned for their exceptional energy efficiency, often achieving efficiencies
of 80% or higher. By generating electricity and capturing waste heat
concurrently, CHP systems minimize energy losses associated with conventional
power generation methods that separate electricity and heat production.
Microturbines integrated into CHP systems contribute to this energy efficiency,
enabling industries and facilities to reduce energy consumption and operating
costs. CHP systems with microturbines have extensive applications in industries
and commercial establishments. Manufacturing, food processing, chemicals, and
pharmaceutical industries benefit from CHP systems by utilizing waste heat for
process heating, space heating, and cooling. Moreover, commercial buildings,
hotels, hospitals, and universities deploy CHP systems to efficiently meet
their electricity and thermal energy requirements.
Based on end-user,
Commercial segment is projected to dominate the market throughout the forecast
period. Microturbines offer efficient and dependable distributed energy
solutions for commercial establishments, enabling them to meet their
electricity and thermal energy requirements while reducing energy costs and
environmental impact. Commercial buildings, such as office complexes, hotels,
shopping malls, and retail outlets, have substantial energy demands.
Microturbines provide energy-efficient combined heat and power (CHP) solutions
that can significantly lower energy consumption and operating expenses for
these establishments. By generating electricity and capturing waste heat for
space heating or cooling, microturbines optimize energy utilization and deliver
long-term cost savings. Uninterrupted power supply is crucial for the smooth functioning
and customer service of commercial establishments. Microturbines serve as
reliable backup power sources, ensuring energy resilience and business
continuity during grid outages or disruptions. Microturbine-based backup power
systems are particularly essential for industries where power interruptions can
result in substantial financial losses.
Key market
players in the Global Microturbine Market are:-
- Capstone Turbine Corporation
- FlexEnergy, Inc.
- Ansaldo Energia S.p.A.
- Brayton Energy, LLC
- Eneftech Innovation SA
- Microturbine technology BV
- Wilson Solarpower Corporation
- ICR Turbine Engine Corporation
- Calnetix Technologies LLC
- Toyota Motor Corporation
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“The North
American region is witnessing increasing interest in clean energy solutions and
reducing greenhouse gas emissions. Microturbines are considered a cleaner and
more efficient alternative to traditional power generation methods, especially
when running on natural gas or renewable fuels like biogas and hydrogen. As
governments and industries seek to meet emission reduction targets,
microturbines are gaining traction as a sustainable energy solution.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Microturbine Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, Segmented
By Power Rating (Up to 50 kW, 51 kW-250 kW, 251-500 kW, and 501-1000 kW), By
Application (Combined Heat & Power (CHP) and Standby Power), By End-user
(Residential, Commercial and Industrial), By Region,” has evaluated the future growth
potential of Global Microturbine Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Microturbine Market.
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