Microturbines Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Microturbines Market in 2025 is assessed at USD 86.37 billion. The global Market size was more than USD 80.03 billion in 2024 and is anticipated to grow at a CAGR of over 9.9%, reaching USD 273.04 billion revenue by 2037. North America is estimated to attain USD 109.22 billion by 2037, fueled by presence of key players and ongoing advancements in power generation technology.
The increasing demand for electricity across the world owing to the burgeoning population and the rising installation of power distribution grids are expected to propel market growth.
The growing demand for clean energy due to people's growing concern about environmental safety and the growing emphasis on reducing greenhouse gas emissions globally is expected to accelerate microturbines market growth shortly. Global carbon emissions are expected to exceed 38 billion tons in 2021, up from 30 billion tons in 2000.
In addition to these, the increasing powerhouses and the elevating investments in several distributed generation applications to provide electricity during power outages, specifically during the occurrence of natural calamities are anticipated to boost market growth during the forecast period.
Microturbines Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Demand from Several End-Use Industries – Microturbines are in high demand for biogas applications, particularly cogeneration in wastewater treatment plants, farms, and landfills. Furthermore, their increasing application in mining, oil and gas, construction, automotive, and pharmaceutical industries, as well as the growing demand for hydropower plants and micro wind turbines to generate electricity for small-scale use, is driving market growth.
- Increasing Demand for On-site Power Generation – With the rising energy transition to renewable energy and the growing popularity of distributed energy, there is a surge in the transition to in-site energy production. On-site power generation upgrades energy density, lowers transmission line losses, and eliminates conversion losses. As microturbines provide low-emission and low-cost on-site power generation with reliable features, the investment in such technology is elevating.
Challenges
- Decreasing Fossil Fuel Prices across the World - The fall in the price of fossil fuels such as crude oil and gas across the world is estimated to hamper the market growth owing to the cheaper availability of energy from these materials. As the calorific value of crude oil is greater than microturbines the cost of energy production is less for crude oil and thus this hampers the microturbines market growth.
- High Level of Competition from Present Distributed Power Generation Equipment
- Scarcity of Trained Professionals in the Sector
Microturbines Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
9.9% |
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Base Year Market Size (2024) |
USD 80.03 billion |
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Forecast Year Market Size (2037) |
USD 273.04 billion |
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Regional Scope |
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Microturbines Segmentation
Application (Combined Heat and Power, Standby Power)
The combined heat and power segment is predicted to hold more than 56% revenue share by 2037, owing to the increasing utilization of combined heat and power (CHP) in wastewater treatment. Additionally, the increasing demand for paper worldwide, the growing number of paper mills, and the rising installations of CHP plants in the paper & pulp industry are predicted to hike the market segment growth.
Moreover, the augmenting application of combined heat in new small- and medium-sized nuclear reactors is also expected to have a positive impact on the market segment growth.
End User (Industrial, Commercial, and Residential)
The industrial segment is expected to garner a significant share of around 39% in the year 2037, backed by the need for advanced storage systems in the industries. With microturbines becoming apt for many applications where the requirement for continuous power production is high, the demand for microturbines is augmenting in several industries.
Microturbines can generate a large amount of energy compared to their size and can be placed on-site, facilitating security and maintenance.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Power Rating |
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End User |
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Customize this ReportMicroturbines Industry - Regional Synopsis
North American Market Forecast
The North America region in microturbines market is estimated to account for around 40% revenue share by 2037. The presence of key players in the countries like U.S. and the ongoing advancements in power generation technology to increase the utilization of renewable energy sources for power consumption are driving market growth. In the United States, the renewable energy consumption in the year 2020 was over 11 quadrillions Btu out of a total of 92.9 quadrillions Btu of energy consumption from various sources. Hence, the increasing power demand and growing preference towards eco-friendly products such as microturbines that can use various fuels, including natural gas, biogas, associated gas, biodiesel, and kerosene are predicted to influence the expansion of the regional market.
APAC Market Statistics
During the forecast timeframe, the Asia Pacific microturbines market is predicted to garner a share of 26% by the end of 2037, owing to rising development in the automotive sector, which is further propelling demand for microturbines due to their increasing usage in hybrid electric vehicles as low-emission battery chargers. In 2022, China dominates the industry for motor vehicle production, producing more than 29 million cars and commercial vehicles.
Furthermore, the region's thriving mining sector, as well as the increasing installation of new CHP plants, particularly in countries such as China, to reduce carbon emissions, are expected to boost market revenue.
Companies Dominating the Microturbines Landscape
- Brayton Energy LLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Toyota Motor Corporation
- Capstone Turbine Corporation
- Ansaldo Energia S.P.A.
- ICR Turbine Engine Corporation
- NewEnCo.
- Eneftech Innovation SA
- Wilson Solar Power Corporation
- Bladon Micro Turbine
- Bowman Consulting Group Ltd.
In the News
- Bowman Consulting Group Ltd. declared the acquisition of SEI Professional Services with USD 3 billion that include new renewable energy, solar, electric vehicles, and energy storage assignments. This was to help Bowman add various technical services and experiences to their portfolio to benefit developers and owners of solar energy facilities, and photovoltaic and battery energy storage operators.
- Capstone Turbine Corporation declared the 10% federal Investment Tax Credit (ITC) extension for the microturbines and combined heat and power projects until the end of 2023. The extensions were made to help energy-intensive U.S. businesses to save jobs and stay competitive in the global market.
Author Credits: Dhruv Bhatia
- Report ID: 3733
- Published Date: May 08, 2025
- Report Format: PDF, PPT
