Segmentation by Application (Combined Heat, and Standby Power); by Power Rating (12–50 kW, 50–250 kW, and 250–500 kW); and by End User (Industrial, Commercial, and Residential) – Global Demand Analysis & Opportunity Outlook 2030
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On the basis of geographical analysis, the global micro turbines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to grab the largest share over the forecast period on the back of the large number of aging power plants, and government initiatives to improve energy infrastructure in the region. In addition, strong presence of major market players is also predicted to drive market growth in the region in the coming years. Moreover, Europe is anticipated to be the second largest shareholder in the market during the forecast period attributing to the stringent government regulations regarding reducing emissions, and increasing establishment of micro turbines, especially in Norway, Netherlands and Finland. As per the European Climate Law, Europe’s economy and society are projected to become climate-neutral by 2050. The law sets the intermediate target of reducing greenhouse emissions by at least 55 percent by 2030, compared to the 1990 levels.
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The global micro turbines market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-7imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global micro turbines market includes the following segments:
By Application
By Power Rating
By End User
Growth Drivers
Challenges
November 2021- UK firm Bladon Micro Turbine is working with engineers from Loughborough University’s National Centre for Combustion and Aerothermal Technology to develop a micro turbine engine that can run on kerosene and diesel to make it compatible with hydrogen.
December 2020- Ansaldo Energia signed a USD 57.24 million contract with Synthos, a Polish company for the supply of an 80 MW AE64.3 gas turbine.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing demand for electricity worldwide, and increasing replacement of phased-out nuclear and coal plants.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Ans: High level of competition from existing distributed power generation equipment is estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the large number of aging power plants in the region.
Ans: The major players in the market are Brayton Energy LLC, Toyota Motor Corporation, Capstone Turbine Corporation, Ansaldo Energia S.P.A., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, power rating, end user, and by region.
Ans: The industrial segment is anticipated to hold largest market size in value and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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