Combined Heat & Power (CHP) Sector is Expected to Dominate the Global Industrial Microturbine Market
Increasing
global electricity demand & subsequent investments in power plants are a
major factor attributable to the growth of the market.
According
to TechSci Research report, “Global Industrial Microturbine Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Industrial Microturbine is anticipated to
project robust growth in the forecast period with a CAGR of 10.24% 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, 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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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 industrial microturbine market, with the
United States and Canada being the primary contributors to industry growth. The
region's robust industrial 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 Industrial
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 industrial microturbine market is being driven by a combination of
factors that are transforming the landscape of industrial power generation.
Energy-intensive industries are increasingly turning to industrial
microturbines for their power needs. These compact, efficient generators offer
a range of advantages, including high energy efficiency, low emissions, and
reliable operation. They are particularly well-suited for combined heat and
power (CHP) applications, where they simultaneously produce electricity and
capture waste heat, enhancing overall energy efficiency. Moreover, industrial
microturbines are playing a crucial role in supporting grid stability,
providing backup power during outages, and serving remote and off-grid
industrial facilities. As industries worldwide prioritize energy efficiency,
emissions reduction, and reliable power supply, the industrial microturbine
market is expected to continue its growth trajectory, making it a pivotal
player in the evolving industrial energy landscape.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management consulting firm.
Industrial 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 Industrial 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 Industrial Microturbine Market.
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