Global Microturbine Market to Grow at 7.2% During 2024-2032, Impelled by Demand for Cost-Effective Power Generation Solutions

According to the latest report by IMARC Group, titled “Microturbine Market Report by Application (Combined Heat and Power (CHP), Standby Power), Power Rating (12 kW – 50 kW, 50 kW – 250 kW, 250 kW – 500 kW), End-User (Residential, Commercial, Industrial), and Region 2024-2032,” the global microturbine market size reached US$ 83.8 Billion in 2023. Microturbines are small combustion turbines that utilize gaseous and liquid fuels to power an electric generator. As compared to other technologies, they offer various advantages, including small size, lightweight, better performance, lesser emissions, and lower energy costs. Microturbines can produce both heat and electricity on a smaller scale, on account of which they are largely used for stationary energy generation. Other than this, they require relatively low operation and maintenance costs and enable the utilization of waste fuels.

Global Microturbine Market Trends:

The growing demand for cost-effective power generation technologies is driving the global microturbine market. Furthermore, the development of microturbines that can operate on different types of fuels is supporting the market growth. Apart from this, the rapid adoption of natural gas-fired power plants to reduce greenhouse gas emissions across the globe is augmenting the demand for microturbines. Besides this, these turbines are being extensively used in wastewater treatment plants, breweries, paper and rubber mills and the residential sector for providing residual heat in cold climates. Moreover, the replacement for phased-out coal and nuclear plants with modern and innovative power stations and the installation of microturbines in off-grid systems across remote areas are creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 160.2 Billion by 2032, expanding at a CAGR of 7.2% during 2024-2032.

Market Summary:

• On the basis of the power rating, the market has been segmented into 12 kW- 50 kW, 50 kW - 250 kW, 250 kW - 500 kW.
• Based on the end-user, the market has been divided into the residential, commercial and industrial sectors.
• Based on the application, the market has been classified into combined heat and power (CHP) and standby power.
• On a regional basis, the market has been spread across North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being Ansaldo Energia SPA, Bladon Jets, Capstone Turbine Corporation, FlexEnergy Inc., Brayton Energy, LLC, Toyota Motor Corporation, Micro Turbine Technology B.V., ICR Turbine Engine Corporation and Calnetix Technologies, etc.
   

Report Coverage:

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