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ENERGY & POWER

Micro Turbines Market 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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Extensive insights into the Growth of Micro Turbines Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • 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.

Global Micro Turbines Market Highlights 2022 – 2030

The global micro turbines market is estimated to garner a substantial revenue by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the growing demand for electricity across the globe. In 2018, more than 23,000 billion kilowatt hours of electricity was consumed around the world, up from 22,000 billion kilowatt hours in the year 2017. Moreover, most of the microturbines are about the size of a refrigerator and have extremely low nitrogen oxide emissions into the air. As governments all around the world are making constant efforts to reduce greenhouse emissions, the sales of microturbines are expected to observe upsurge in the forthcoming years. Furthermore, largescale replacement of phased out coal and nuclear plants with natural gas-fired power generation plants, and escalating emphasis of developed countries on achieving energy efficiency targets are projected to offer profitable opportunities to the market in the near future.  

Micro Turbines Market Graph

The market is segmented by end user into industrial, commercial, and residential, out of which, the industrial segment is anticipated to hold the largest share in the global micro turbines market. This can be accounted to the high usage of micro turbines in several industries including construction, oil & gas, pharmaceutical and wastewater treatment for cutting down on energy costs. On the other hand, the commercial segment is assessed to observe significant growth in the future ascribing to the increasing number of sports complexes, shopping malls and hotels. Additionally, on the basis of power rating, the 12-50 kW segment is predicted to acquire the largest share during the forecast period owing to the ability of turbines with this rating to utilize less energy, which in turn is evaluated to decrease the energy expense of household consumers. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

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.

Global Micro Turbines Market Regional Synopsis

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.

Micro Turbines Market Share Graph

The global micro turbines market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global micro turbines market includes the following segments:

By Application

  • Combined Heat
  • Power Standby Power

By Power Rating

  • 12–50 Kw
  • 50–250 kW
  • 250–500 kW

By End User

  • Industrial
  • Commercial
  • Residential

Growth Drivers

  • Growing Demand for Electricity Worldwide
  • Increasing Replacement of Phased-Out Nuclear and Coal Plants

Challenges

  • High Level of Competition from Present Distributed Power Generation Equipment

Top Featured Companies Dominating the Market

  • 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 Solarpower Corporation
  • Bladon Micro Turbine
  • Bowman Consulting

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