The global micro turbines market size was valued at US$ 61.85 million in 2021 and it is expected to worth US$ 139.6 million by 2030 with a noteworthy CAGR of 10.6% during the forecast period 2022 to 2030.
The micro turbines are small in size and are used while generation of energy. The growth of global micro turbines market is being driven by growing need and demand for low emission energy production. In addition, the surge in demand for clean and green energy is also driving the expansion of global micro turbines market over the forecast period. The growing environmental concerns as well as pollution levels are leading towards the growing demand for micro turbines in the global market. Furthermore, economic developments are also contributing towards the growth and development of global micro turbines market.
One of the key factors driving the growth of global micro turbines market is the growing demand and need for electricity all around the globe. The demand for electricity is growing due to rapid growth of population all over the world. Thus, this factor is driving the demand for micro turbines in the market. On the other hand, the lack of skilled labors is hindering the expansion of global micro turbines market.
The COVID-19 pandemic had significant impact on the growth of global micro turbines market. The economy of developing and developed regions was declining during the pandemic. This factor had negative impact on the expansion of global micro turbines market. In addition, lockdown restrictions and supply chain disruptions had hampered the growth of global market. Moreover, insufficient supply of raw materials also restricted the micro turbines market expansion.
Report Scope of the Micro Turbines Market
|Market Size by 2030||USD 139.6 Million|
|Growth Rate from 2022 to 2030||
CAGR of 10.6%
|Largest Market||North America|
|Fastest Growing Market||Euorpe|
|Forecast Period||2022 to 2030|
|Segments Covered||Application, Power Rating, End Use, Geography|
|Companies Mentioned||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, Toyota Motor Corporation, Calentix Technologies LLC|
The major market players use a variety of strategies to maintain their market position in the global micro turbines market, including mergers, collaborations, acquisitions, partnership, joint venture, innovation in existing products, and designing a new manufacturing process to increase its customer base in the undiscovered micro turbines market all over the world.
In addition, the market leaders operating in global micro turbines market are taking help of government of particular regions. The government of emerging and established regions is taking constant efforts for the growth and development of global micro turbines market. Moreover, the government is also providing tax benefits such as subsidies and incentives to the manufacturers and market players operating in global micro turbines market.
The regions such as North America, Europe, and Asia-Pacific are highly installing micro turbines in energy sector. The micro turbines help to generate power and energy within a short period of time. This has also increased the productivity of various sectors such as oil and gas, construction and building, and coal mining. These sectors need huge amount of electricity, which is possible with the use of micro turbines. In addition, technological advancements are also propelling the growth and expansion of the global market over the projected period.
The combined heat and power (CHP) segment dominated the micro turbines market in 2021. The combined heat and power (CHP) is an energy efficient system that produces electricity and absorbs waste heat to produce useable thermal energy for space heating and cooling. The combined heat and power (CHP) can be standalone plant or structure or it can be part of utility system. The combined heat and power (CHP) is used in establishments that require both electrical and thermal energy. Thus, growing environmental concerns is driving the demand for combined heat and power (CHP).
The standby power segment is expected to witness remarkable growth during forecast period. The standby power is used during power failure at commercial places. The demand for standby power is increasing due to the surge in demand for electricity. Thus, this factor is driving the growth of the segment.
End Use Insights
The industrial segment dominated the micro turbines market in 2021. The micro turbines are widely used in different industries and sectors such as mining, oil and gas, wastewater treatment, construction and manufacturing, and pharmaceutical. The growing developments in these industries are driving the growth of global micro turbines market over the projected period. In addition, micro turbines are largely used in oil and gas and construction sectors.
The commercial segment is projected to surpass notable growth during forecast period. The micro turbines are utilized for resource restoration and landfill gas applications as they may use a range of fuels. Hotels and motels, restaurants, retail stores, small offices, and other small commercial building businesses are ideal for micro turbines.
North America dominated the micro turbines market in 2021. The U.S. dominated the micro turbines market in North America region. The growing demand for micro turbines in pharmaceutical, construction, and mining sectors is driving the growth of micro turbines market in North America region. In addition, the rising government initiatives for the development of infrastructure are also boosting the expansion of micro turbines market in the region during the forecast period.
Europe is expected to develop at the fastest rate during the forecast period. The UK dominates the micro turbines market in Europe region. The growth of micro turbines market in Europe region is being driven by the growing strict government regulations for the development of industry. In addition, the growing demand for clean and green energy is also driving the growth of micro turbines market. European government is also heavily investing in clean fuel technology. Thus, this factor is paving way for the growth of micro turbines market in Europe region.
Some of the prominent players in the global micro turbines market include:
Segments Covered in the Report
By Power Rating
By End Use
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