Combined Heat & Power (CHP) Sector is Expected to Dominate the Global Commercial Microturbine Market
Increasing
global electricity demand & Environmental Regulations are a major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Commercial Microturbine Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Commercial Microturbine is anticipated to
project robust growth in the forecast period with a CAGR of 5.81% through 2028, 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, Commercial
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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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 Region, North America to be the Fastest Growing Market. North America plays
a significant role in the global Commercial microturbine market, with the
United States and Canada being the primary contributors to industry growth. The
region's robust Commercial base, advanced technology adoption, and increasing
focus on clean energy solutions drive the demand for microturbines across
various applications. Moreover, the extensive use of natural gas, availability
of renewable fuels, and supportive government policies further enhance the
adoption of microturbine systems. The North American microturbine market is characterized
by the presence of well-established manufacturers, system integrators, and
service providers. The region has witnessed a growing interest in distributed
energy generation, fueled by the desire for energy independence, resilience,
and sustainability. Microturbines, with their compact size, low emissions, and
ability to operate on multiple fuels, are highly suitable for decentralized
power generation in urban and remote areas. Various government incentives, tax
credits, and grants provided by federal and state authorities encourage the
deployment of microturbine systems. Additionally, renewable energy standards,
emissions reduction targets, and net metering programs incentivize end-users to
invest in microturbines for both clean energy generation and financial
benefits.
Key
market players in the Global Commercial
Microturbine Market are following:-
- 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
global Commercial microturbine market is being driven by a combination of
factors that are transforming the landscape of Commercial power generation. The
global commercial microturbine market is being driven by several key factors.
First, there is a rising demand for reliable and efficient energy sources,
especially in remote or off-grid locations. Microturbines offer a viable
solution for distributed energy generation. Second, stringent environmental
regulations have pushed industries to adopt cleaner and more sustainable energy
solutions, with microturbines emitting lower levels of pollutants. Third, the
fuel flexibility of microturbines, which can operate on various fuels, makes
them adaptable to different markets and regions. Their high reliability and low
maintenance requirements also make them attractive for critical applications.
Additionally, ongoing technological advancements, reduced operational costs,
and increased awareness of microturbine benefits have contributed to market
growth. Moreover, as the world moves towards decentralized power generation and
microgrids, microturbines are poised to play a pivotal role in ensuring grid
resilience and meeting evolving energy needs.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
Commercial
Microturbine Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast 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 Region, Competition 2018-2028 has evaluated the future growth
potential of Global Commercial
Microturbine Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended 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 present in the Global
Commercial Microturbine Market.
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