Microturbines Systems Market Size, Share, Growth, and Industry Analysis by Type (Power Rating: 12 KW to 50 KW, Power Rating: 50 KW to 250 KW, Power Rating: 250 KW to 500 KW), by Application (Commercial, Household, Industrial), and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

MICROTURBINES SYSTEMS MARKET REPORT OVERVIEW

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The global microturbines systems market size expanded rapidly in 2023 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast 2024-2032. In the market study, our analysts have considered Microturbines Systems players such as Eneftech, Bladon Jets, Bowman, Turbo Tech, Brayton Energy LLC, Capstone Turbine Corporation, Toyota Corporation, Microturbine Technology BV, Flexenergy, Inc., MIT, ICRtec, Calnetix Technologies LLC., Ansaldo Energia SPA, ICR Turbine Engine Corporation and NewEnCo.  

A microturbines systems is a small-scale power generation device that functions on the same principles as traditional gas turbines but at a much smaller scale. Typically ranging from 25 kilowatts to 500 kilowatts in capacity, microturbines are compact, lightweight, and highly efficient power generators. They are designed to provide distributed energy solutions for various applications, including residential, commercial, industrial, and remote power generation. Due to their compact size and modular design, microturbines offer easy installation and flexibility, making them suitable for both on-grid and off-grid power generation scenarios. These innovative devices have gained popularity in recent years due to their environmental benefits, reduced greenhouse gas emissions, and lower operational costs.

The clean energy trend requires the reduction of greenhouse gas and other emissions. The high efficiency low carbon emission characteristics of natural gas power plants are boosting the market globally. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact : Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

MICROTURBINES SYSTEMS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into power rating: 12 KW to 50 KW, power rating: 50 KW to 250 KW, power rating: 250 KW to 500 KW.

Power rating: 250 KW to 500 KW will capture the maximum market share through forecast period. Microturbines system with power rating: 250 KW to 500 KW are highly preferred in commercial and industrial sector.

• By Application Analysis

According to application, the market can be segmented into commercial, household, industrial.

Microturbines systems market players cover segment as industrial will dominate the market share during forecast period.  Growth in demand can be ascribed to the development of the digital economy and the growth of the IT and telecommunication sector has augmented the construction of office complexes and other industries which requires continuous power.

DRIVING FACTORS

"Increasing Demand For Distributed Energy Generation To Boost The Market Growth"

Distributed energy systems enable localized power generation, reducing the reliance on centralized power plants and long-distance transmission lines. This trend is fueled by the need for greater energy security and resilience, as well as the desire to minimize transmission losses and improve grid efficiency. Microturbines play a vital role in distributed energy solutions due to their compact size, low emissions, and ability to operate on a variety of fuels, including renewable sources like biogas.

"Technological Advancement and Development To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the microturbines systems market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.  Advancements in technology have led to increased reliability and longer maintenance intervals, further reinforcing their demand in the energy market. 

RESTRAINING FACTORS

"High level of competition To Hamper The Market Growth"

High level of competition is hampering development of microturbines systems market. Market players are posing major competition to existing market players. New entrants are proposing microturbine systems at a competitive cost as associated to major manufacturers, which in turn, is hampering the market share of key players. Technical difficulties will reduce the industry revenue.

MICROTURBINES SYSTEMS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To Ongoing Advancement In Power Generation Technology"

Asia Pacific is further expected to witness growth in the microturbines systems market share. The region is dominating the market due to ongoing advancement in power generation technology to increase the utilization of renewable energy sources for power consumption. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Eneftech (Switzerland)
• Capstone Turbine Corporation (U.S.)
• Toyota Corporation (Japan)
• Microturbine Technology BV (Netherland)
• Bladon Jets (U.K)

INDUSTRIAL DEVELOPMENT

July 2021:  Innovametall Stahl-und Metallbau got two C65 microturbines from Capstone Green Energy Corporation to use in a CHP system with very low emissions. Wels Strom GmbH, a distributor of capstone in Austria and Germany, secured the contract. The hydrogen-powered gas turbine system will be the first of its kind in Europe.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.