Microturbine Market Size Zooming to Cross USD 407 Million by 2029
Microturbine market size is flourishing owing to the growing demand for energy, economic benefits of using microturbines, increased efforts to reduce global greenhouse gas emissions, and increased acceptance of combined heat and power (CHP) systems.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global microturbine market size to reach a value USD 407.34 million by 2029. During the forecast period between 2023 and 2029, BlueWeave projects global microturbine market size to grow at an impressive CAGR of 18.2%. The world's sharply rising energy demand is one of the main factors propelling the expansion of global microturbine market. Microturbines provide stable and dependable power with low emissions of greenhouse gases (GHGs) like carbon dioxide (CO2), carbon monoxide (CO), sulfur oxide (SO2), and nitrogen oxide (NOx), and there is also a growing emphasis on green and sustainable power generation, which is boosting market growth. The market is also expanding due to the widespread adoption of CHP systems across industries. Microturbine are frequently used in wastewater treatment facilities, breweries, paper and rubber mills, and the residential sector to provide residual heat in cold climates.
Global Microturbine Market – Overview
A microturbine is a small combustion turbine that burns liquid or gaseous fuels to power an electric generator. It burns natural gas, waste heat from thermal plants, and fossil fuels, such as kerosene, diesel, and heating oil. It is primarily used to generate small amounts of electricity and is equipped with a compressor, combustor, alternator, turbine, generator, and recuperator. It works by recovering exhaust energy and warming compressed inlet air to increase the generator's electrical efficiency. Microturbines are smaller, lighter, and less expensive than conventional alternatives, with fewer moving parts, emissions, and fuel waste. They are widely used in the provision of standby power, combined cooling, heating, and power (CCHP), combined heat and power (CHP), resource recovery, and microgrids due to these advantages.
The clean energy trend forces a decrease in greenhouse gas emissions as well as other emissions. Additionally, the global market for microturbines is being driven by the high efficiency-low carbon emission characteristics of natural gas-fired power plants.
The demand for microturbines, especially from CHP plants, is primarily driven by cogeneration of power and heat, which enables high-efficiency energy generation with significant primary energy savings of up to 40%.
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Opportunity: Technology innovations to enhance microturbine’s efficiency
One of the most significant advantages of microturbines is their ability to operate on various fuels. Thermal barrier coatings and ceramics are used in microturbine systems to boost efficiency, which ultimately raises the operating temperature of the resulting engine. The market is expected to be further supported by such technology advancements in microturbines for power generation. Hybrid electric vehicles are driving the demand for low-power-rating microturbines the most. The market is expected to gain momentum soon as major original equipment manufacturers (OEMs) increase their funding for R&D initiatives aimed at enhancing microturbine efficiency.
Challenge: High volatility in oil and gas prices
Fluctuations in oil prices are expected to constrain the overall industry growth. Crude oil prices have plummeted in recent years, reducing market revenue. Over the forecast period, industrialization in Asia Pacific and the Middle East is expected to emerge as a major development opportunity. Shortly, market growth will be hampered by fierce competition from currently available distributed generation equipment.
Impact of COVID-19 on Global Microturbine Market
The COVID-19 pandemic had a significant impact on the market for microturbine systems. The pandemic outbreak led to significant lockdowns in many countries around the world. The use of drone and eVTOL increased during the lockdown, due to their efficiency in population surveillance. Most developed and developing countries prefer drones to monitor the populace and ensure their safety. For instance, 61 passenger-grade drones for societal surveillance were available from EHang, a Chinese aircraft manufacturer, in March 2020. Such activities highlight the numerous uses of these tools in viral outbreaks. An increasing use of drones are expected to drive the demand for microturbines.
Global Microturbine Market – By Application
The global microturbine market is segmented into Standby Power and Combined Heat and Power (CHP) based on application. The CHP industry dominated the global micro turbines market in 2021. The energy-efficient CHP system produces electricity while also absorbing waste heat to produce thermal energy that can be used to heat and cool spaces. CHP can exist as a standalone building or plant or as a part of a utility system. The term combined heat and power is used in settings where both electrical and thermal energy is needed. Rising environmental concerns are a result of increasing demand for CHP systems. The standby power segment is expected to grow rapidly during the forecast period. Commercial establishments use standby power during a power outage. Because of the increase in electricity demand, there is an increasing demand for standby power. As a result, this factor is driving the segment's expansion.
Major players in global microturbine market include Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, Elliot Company Inc., Ingersoll-Rand Company, Capstone Turbine Corporation, Bladon Micro Turbine, UAV Turbine, Ansaldo Energia, Aurelia Turbine, MTT Microturbine, FlexEnergy Inc., ICR Turbine Engine Corporation, Dresser-Rand, Turbo Tech Precision Engineering Pvt Ltd, Brayton Energy LLC, Calentix Technologies LLC, and Wilson Solar power Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global microturbine market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Microturbine Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Microturbine Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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