Published Date : 12 Dec 2022
The global micro turbines market size was exhibited at USD 67.7 million in 2022 and it is expected to surpass around USD 139.6 million by 2030 with a remarkable CAGR of 10.6% from 2022 to 2030.
As a result, market demand for micro turbines is being driven by this factor. On the other hand, the global Micro turbines market is being hampered by a scarcity of skilled laborers. The increasing necessity and demand for low-emission energy production is propelling the worldwide Micro turbines market forward. Furthermore, the growing need for clean and green energy would propel the worldwide Micro turbines market forward throughout the forecast period.
Micro Turbines Market Report Scope
|Market Size In 2022||USD 67.7 Million|
|Market Size By 2030||USD 139.6 Million|
|Growth Rate from 2022 to 2030||CAGR of 10.6%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Application, By Power Rating, By End Use|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America is the largest segment of Micro turbines market in terms of region. The U.S. is dominating the Micro turbines market in the North America region. The increasing need for Micro turbines in the pharmaceutical, construction, and mining industries is propelling the Micro turbines market in North America. Furthermore, increased government initiatives for infrastructure development are expected to fuel the growth of the Micro turbines market in the area over the research period.
Europe region is the fastest growing region in the Micro turbines market. The U.K. and Germany hold the highest market share in the Europe Micro turbines market. The increased stringency of government restrictions for industry development is driving the growth of the Micro turbines market in Europe. Furthermore, the growing need for clean and green energy is propelling the Micro turbines market forward. The European Union is likewise investing extensively in clean fuel technology. As a result of this reason, the Micro turbines market in Europe is expected to increase.
Drivers: Growing demand for electricity
The global need for power is rapidly increasing. According to the International Energy Agency (IEA), demand for electricity in industrial and commercial areas has increased over the last decade. Furthermore, as the world becomes more urbanized, the need for energy has increased over time. As a result, the market for Micro turbines is increasing and developing due to rising electricity consumption.
Restraints: Modernization of electrical grids
The government of emerging and established nations are imposing policies for the development and launch of electrical grids. This factor will hamper the growth of the market. The Micro turbines are considered a traditional type of turbine used for power generation. In addition, many organizations and government agencies are heavily investing in the modernization of electrical grids. As a result, the modernization of electrical grids is restricting the growth of the global Micro turbines market over the forecast period.
Opportunities: Rising government initiatives
The government is taking constant efforts for the development of the global Micro turbines market. The government taking initiatives against carbon emissions and greenhouse gases emissions. In addition, the government is also collaborating with market players for the launch of the latest and most advanced products in the market. This factor is creating growth prospects for the global Micro turbines market, as these kinds of turbines do not emit toxic gases on a large scale.
Challenges: Decline in the prices of oil and gas
The decline in prices of oil and gas has brought drastic changes to the growth of the global Micro turbines market. The reduction in oil and gas prices is leading to a surge in demand for internal combustion engines for energy or electricity generation. The internal combustion engine is considered an alternative or substitute to the Micro turbines. As a result, the decline in the prices of oil and gas is a major challenge for the growth of the global Micro turbines market during the projected period.
Key Players in the Report:
By Power Rating
By End Use
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