According to the latest report by IMARC Group, titled “Microturbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global microturbine market size reached US$ 202.1 Million in 2019. Microturbines are small combustion turbines that rely on liquid or gaseous fuels to power an electric generator. They are made using a compressor, combustor, turbine, alternator, recuperator and a generator. They produce heat and energy at a relatively small scale, owing to which they are utilized for stationary energy generation applications. As compared to their counterparts, microturbines are lightweight, compact in size, offer greater efficiency, generate lower emissions and have a small number of moving parts. Besides this, they provide the opportunity to utilize waste fuels and require low capital and maintenance costs.
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Global Microturbine Market Trends:
The market is currently experiencing strong growth on account of the continuously escalating demand for power across the globe. This can be accredited to rapid urbanization, growing population and boosting sales of consumer electronics. Apart from this, governments of numerous countries are implementing stringent regulations to reduce greenhouse gas emissions. As microturbines provide power with minimal emissions of greenhouse gases (GHG), such as carbon dioxide (CO2), carbon monoxide (CO), nitrogen oxide (NO2) and sulfur oxide (SO2), their demand is rising across the globe. Furthermore, they are increasing their investments in the construction of new and upgradation of the existing power plants, which is also propelling the growth of the market. Moreover, leading manufacturers in the industry are investing in research and development (R&D) projects to introduce innovation in their products. On account of these factors, the market value is projected to reach US$ 329.7 Million by 2025, expanding at a CAGR of 8.5% during the forecast period (2020-2025).
- Based on the application, the market has been bifurcated into combined heat and power (CHP) and standby power.
- On the basis of the power rating, the market has been segmented into 12 kW-50 kW, 50 kW-250 kW and 250 kW-500 kW.
- The market has been analyzed on the basis of the end user into the residential, commercial and industrial applications.
- Region-wise, the market has been classified into 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 been examined, with some of the key players being Ansaldo Energia S.p.A., Bladon Jets (UK) Ltd., Capstone Turbine Corporation (CPST), FlexEnergy Inc., Brayton Energy, LLC, Toyota Motor Corporation, Micro Turbine Technology B.V., ICR Turbine Engine Corporation and Calnetix Technologies LLC.
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