Microturbines Market Regional Analysis:
North American Market Insights
The North America region in microturbines market is estimated to account for around 40% revenue share by 2035. The presence of key players in the countries like U.S. and the ongoing advancements in power generation technology to increase the utilization of renewable energy sources for power consumption are driving market growth. In the United States, the renewable energy consumption in the year 2020 was over 11 quadrillions Btu out of a total of 92.9 quadrillions Btu of energy consumption from various sources. Hence, the increasing power demand and growing preference towards eco-friendly products such as microturbines that can use various fuels, including natural gas, biogas, associated gas, biodiesel, and kerosene are predicted to influence the expansion of the regional market.
APAC Market Insights
During the forecast timeframe, the Asia Pacific microturbines market is predicted to garner a share of 26% by the end of 2035, owing to rising development in the automotive sector, which is further propelling demand for microturbines due to their increasing usage in hybrid electric vehicles as low-emission battery chargers. In 2022, China dominates the industry for motor vehicle production, producing more than 29 million cars and commercial vehicles.
Furthermore, the region's thriving mining sector, as well as the increasing installation of new CHP plants, particularly in countries such as China, to reduce carbon emissions, are expected to boost market revenue.
