Microturbines Market Size

Microturbines Market size was valued at USD 73.02 Billion in 2023 and is anticipated to reach USD 213.8 Billion by the end of 2036, registering around 9.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of microturbines is assessed at USD 80 Billion. The increasing demand for electricity across the world owing to the burgeoning population and the rising installation of power distribution grids are expected to propel market growth.

The growing demand for clean energy due to people's growing concern about environmental safety and the growing emphasis on reducing greenhouse gas emissions globally is expected to accelerate microturbines market growth shortly. Global carbon emissions are expected to exceed 38 billion tons in 2021, up from 30 billion tons in 2000.

In addition to these, the increasing powerhouses and the elevating investments in several distributed generation applications to provide electricity during power outages, specifically during the occurrence of natural calamities are anticipated to boost market growth during the forecast period.