Microturbines Market Trends

  • Report ID: 3733
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Microturbines Market Trends

Growth Drivers

  • Growing Demand from Several End-Use Industries – Microturbines are in high demand for biogas applications, particularly cogeneration in wastewater treatment plants, farms, and landfills. Furthermore, their increasing application in mining, oil and gas, construction, automotive, and pharmaceutical industries, as well as the growing demand for hydropower plants and micro wind turbines to generate electricity for small-scale use, is driving market growth.
  • Increasing Demand for On-site Power Generation – With the rising energy transition to renewable energy and the growing popularity of distributed energy, there is a surge in the transition to in-site energy production. On-site power generation upgrades energy density, lowers transmission line losses, and eliminates conversion losses. As microturbines provide low-emission and low-cost on-site power generation with reliable features, the investment in such technology is elevating.

Challenges

  • Decreasing Fossil Fuel Prices across the World - The fall in the price of fossil fuels such as crude oil and gas across the world is estimated to hamper the market growth owing to the cheaper availability of energy from these materials. As the calorific value of crude oil is greater than microturbines the cost of energy production is less for crude oil and thus this hampers the microturbines market growth.
  • High Level of Competition from Present Distributed Power Generation Equipment
  • Scarcity of Trained Professionals in the Sector

Microturbines Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

9.5%

Base Year Market Size (2023)

USD 73.02 Billion

Forecast Year Market Size (2036)

USD 213.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Dhruv Bhatia


  • Report ID: 3733
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of microturbines is assessed at USD 80 Billion.

The 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. The rising adoption of natural gas micro turbine generators to generate electricity and heat are the major factor driving the growth of the market.

Asia Pacific industry is predicted to garner a share of 26% by 2036, owing to rising development in the automotive sector.

Brayton Energy LLC, Toyota Motor Corporation, Capstone Turbine Corporation, Ansaldo Energia S.P.A., ICR Turbine Engine Corporation, NewEnCo., Eneftech Innovation SA, Wilson Solar Power Corporation, Bladon Micro Turbine, Bowman Consulting Group Ltd.
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