"Actionable Insights to Fuel Your Growth"
The global micro turbine market size was valued at nearly US$ 180 Mn in 2018 and is projected to reach more than US$ 360 Mn by the end of 2026, exhibiting a CAGR of 9.23% in the forecast period.
Microturbines are very small turbines with unit sizes ranging from 1kW to 350kW. Microturbine has evolved from turbocharger technology mainly found in automotive and aerospace applications. Microturbines are fuel flexible, can function on either diesel or natural gas, and found its major application in industrial machines ranging from 30kW to 500kW and are much efficient and faster than gas turbines only if the system is integrated with a recuperator.
Microturbine has emerged as a breakthrough in CHP application because the exhaust heat can be recovered with a heat recovery boiler and overall efficiency can be increased as compared with convention natural gas turbines. In addition, the high efficiency-low carbon emission properties of gas-fired power plants boost the microturbine market share worldwide.
Power and heat cogeneration enables high-efficiency energy generation with significant main energy savings, up to 40%, which mainly contributes to the demand for this product, particularly from CHP facilities. The global demand for microturbine is dominated by developed nations along with the rising concern over energy efficiency and GHG emission acts as a major market growth factors in the forecast period.
Request a sample to learn more about this report.
"Power Rating Ranging from 50-250kw to Dominate the Market"
Microturbines with power ranging from 50-250kW are widely used in industrial and commercial applications. Owing to its increasing adoption in CHP plants and replacing the coal-powered plant, demand for microturbines will fuel in the upcoming years. Apart from industrial machinery applications, these products are widely used in large commercial buildings such as schools, hotels, and offices where the power requirement is in the medium range.
"Combined Heat and Power Is the Major Application of Microturbine"
Micro turbine market size finds a wide application in the combined heat and power sector with the majority of the demand coming from commercial and industrial end-users. Globally, on average, the application of microturbine in CHP is more than 50% followed by other application such as standby power purposes. CHP is highly adopted technology across the world and with rising demand for energy efficiency and emission concerns, microturbine has emerged as an optimum solution in order to achieve the country’s target and control environment emission.
To know how our report can help streamline your business, Speak to Analyst
"Wide Application in Industrial Segment Holds a Large Share"
Microturbine has replaced the demand for convention natural gas turbines across various industries and the trend is expected to continue in the forecast period. Demand from industries such as mining, oil & gas, pharmaceuticals, and water treatment has increased rapidly over the past years, and the industrial segment is expected to dominate the global microturbine market share in the forecast period.
"Asia Pacific Is Going to Witness a Significant Growth Rate in the Forecast Period"
Currently, the U.S. accounted for a major share of the global market followed by Mexico and China respectively. The market is anticipated to witness a tremendous shift where Asia Pacific countries such as India, Australia, Indonesia, and Malaysia would witness significant demand for microturbine in the upcoming years. In 2018, China covered approximately 40% of the region’s market share paving the way for other countries. In addition to that, the region has lots of upcoming projects lined up in the forecast period, which will favor the growth of the market in this region.
"Market Dominated by Major Market Players"
The microturbine market is highly dominated by major players around the world. Capstone Turbine is the market leader in the microturbine industry. The company has a significant presence across the globe with the majority of the revenue comes from North America, Latin America and European countries. Other leading players in the global market are Bladon Micro Turbine, UAV Turbines, Ansaldo Energia, Aurelia Turbines, Micro Turbine Technology (MTT), FlexEnergy, ICR Turbine Engine Corporation, Dresser-Rand - A Siemens Business, Turbo Tech Precision Engineering Private Limited, and Brayton Energy.
Microturbines are small combustion turbine that typically runs on gaseous or liquid fuels to drive an electrical generator ranges in size from 30 to 330kW. The development of microturbine was accelerated by the similarity of design to a large turbine which provides the basis for engineering. The number of fuels used to run microturbine is natural gas, other gaseous fuel, waste heat from a thermal power plant, and liquid petroleum fuels (e.g., gasoline, kerosene, diesel, and heating oil). Ideally, microturbines are suited for distributed generation applications due to its flexibility in the connection method, the ability to provide reliable and stable power, and low emission compared to reciprocating engines. These products are intensively used in combined heat and power (CHP), combined cooling heating and power (CCHP), resource recovery, peak shave and baseload power, power only applications, and microgrid.
The report provides qualitative and quantitative insights on the global market and detailed analysis of market size & growth rate for all possible segments in the market. The microturbine industry is segmented by application, power rating, end-user, and geography. Based on the application, the global microturbine market size is segmented into CHP and standby power. Based on the power rating, the market is segmented into Up to 50kW, 50-250kW and Above 250kW.
To gain extensive insights into the market, Request for Customization
On the basis of end-user, the global market is segmented into residential, commercial and industrial. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market trends, dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
By Power Rating
Fortune Business Insights says that the microturbine market is projected to reach 360 million by 2026.
In 2018, the microturbine market was valued at 180 million.
Growing at a CAGR of 9.23%, the microturbine market will exhibit steady growth in the forecast period.
The application of microturbine in combined heat and power (CHP) segment will lead the market
Increasing focus on clean energy generation is the key factor driving the growth of the global microturbine market
Capstone Turbine Corporation, Bladon Micro Turbine, UAV Turbine, MTT Microturbine, Brayton Energy, LLC. and FlexEnergy Inc. is among the top players in the microturbine market
Currently, North America holds the major share in the microturbine market and is projected to dominate the market share in the forecast period
Asia Pacific is the fastest-growing region with a double-digit growth rate in the forecast period. Countries like China, India, Indonesia, and Australia has lots of upcoming projects lined up in the coming years.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry