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The global microturbine market size was USD 60.3 million in 2021. The market is expected to grow from USD 66.1 million in 2022 to USD 129.4 million by 2029 at a CAGR of 10.1% in the 2022-2029 period.
This information is provided by Fortune Business Insights, in its report, titled, “Microturbine Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Up to 50 kW, 51 kW-250 kW, 251-500 kW, and 501-1000 kW), By Application (Combined Heat & Power (CHP) and Standby Power), By End-user (Residential, Commercial, and Industrial) and Regional Forecasts 2022-2029”.
Delays in Power Distribution Projects amid COVID-19 Affected Market Growth
The novel COVID-19 pandemic has become a global health crisis and has impacted roughly 190 nations across the globe. There are numerous business sectors influenced by the pandemic such as the power generation sector, manufacturing sector, hospitality, and others. The governments throughout numerous nations had to execute a lockdown. Maximum nations have inflicted guidelines on travel throughout the nation or outside the nation that has adversely caused a grave commotion in the supply chain and the trade happenings were stopped as well.
Aurelia A400 Turbine Delivered to Germany
An Aurelia®A400 turbine was delivered in Germany. This turbine was delivered twice within a single month that Aurelia Turbines has provided a state-of-art turbine to its clienteles based in Germany. Germany has become a prominent market space for Aurelia Turbines owing to the fact that Germany is capitalizing massively in hydrogen technology. Aurelia's low emission combustion procedure has been created to utilize hydrogen as well as biogas, synthetic gas and other renewable and non-average fuels.
Within the upcoming decades, Germany is likely to capitalize over 8 billion euros to fund huge-scale hydrogen ventures in a stage to balance hydrogen as a substitute to fossil fuels in order to satisfy climate objectives. More than 60 German assignments, fostering chemical, steel and transport sectors, are fragment of a mutual European hydrogen venture named Hydrogen-IPCEI.
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Surging Fitting of Combined Heat and Power (CHP) to Nurture Growth
The expansively surging deployment of renewable energy across the globe owing to the rising consciousness regarding environmental security. The government throughout numerous nations have begun concentrating on applying renewable bases of energy to decrease the surging air pollution levels. The officials have also inflicted severe release guidelines to diminish contamination. The investment in the mutual heat and power segment too is extensively bolstering throughout the world. The CHP holds the maximum share of the market regarding the installation of these turbines. Consequently, stimulates growth in the market during the mentioned period.
Significant Business-related Notices by Vital Players to Impact Market Aspects
Essential companies in the market often make fundamental proclamations about some business decisions, which in turn impacts the market either in a positive manner or adversely. Players purchase corporations, inaugurate novel products, involve in collaborative contracts, sign agreements with government bodies and others.
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Volume (Units) and Value (USD million)
By Power Rating, By Application, By End-user, and By Region
By Power Rating