Micro turbine market is expected to grow at a higher CAGR of 10% to account for a higher market value during the estimated period in the global market.
With the increasing demand for aging grid infrastructure, clean and green energy, and easy availability of fuel, a distributed source of energy generation used is micro turbines. Due to growing environmental concerns of global warming, various agreement related for the same issue has been made which drives the growth of micro turbine market in the global market as all the other source of energy emits highly poisonous gasses which leads to global warming.
COVID 19 Analysis
With the growing outbreak of the global pandemic of COVID 19 businesses have suffered huge losses which have pushed the economies towards forced recession. The growing wave of the global pandemic has suffocated the individual to fight between the financial crises along with health concerns. The situation of lockdown has resulted in shut down of most of the manufacturing units which leads to a steep downfall in the sales revenue of the micro turbine industry all across the globe.
However, it is expected that the micro turbine market will recover from this global pandemic of COVID 19 by strategizing properly to meet the requirements of their customers. Also, it is expected to recover at the end of the second quarter in the coming year.
The most prominent major key players in the micro turbine market in the global market are mentioned below:
These major key players use various strategies to sustain their market position in the micro turbine market in the global market by collaborating, by going for mergers, and acquisitions, setting up a new joint venture, establishing a partnership, developing a new production process, innovation in the existing product, developing a new product line, and many others to expand their customer base in the untapped market of the micro turbine all across the globe.
The demand for the micro turbine market is increasing rapidly in the global market owing to the increasing demand for clean energy. Various agreements related to climate change like United Nations Framework Convention on Climate Change (1992) and Kyoto Protocol (1997) has been made to reduce global warming which restricts the use of fuels that emit harmful gasses and hence there is an urgent need for a clean energy source to cater to the increasing need for environmental-friendly energy which leads to increase in demand for the market.
The demand for the micro turbine market is increasing constantly in the global market. Earlier nuclear power plants were considered affordable, clean, and reliable sources of energy but after the Fukushima nuclear accident, this perception is changing. Also, the overhead cost of nuclear power is high owing to which 2 nuclear plans have been stopped. As there is no other alternative present, it provides enormous growth opportunities for the market during the estimated period in the global market.
The demand for the micro turbine market is increasing tremendously in the global market but some factors restrict its growth. The falling prices of substitutes of micro turbines that are crude oil and gas hamper the growth of the market in the global market as the use of crude oil will become cheaper and lead to higher profits as compared to the use of micro turbine industry. Moreover, the calorific value of crude oil is higher than the micro turbine and hence crude oil produces more energy than the micro turbine.
Value Chain Analysis
The demand for the micro turbine market is increasing at an incredible rate owing to various benefits associated with the market which adds value to society. Higher efficiency, lightweight, and compact size power generation are possible with the use of the micro turbine market. The demand for micro turbine power generation is increasing in the various end-use industries as it provides lower cost benefits.
The market in the global market has been divided based on the power rating, application, end-users, and region.
Based on the Power Rating
The market in the global market has been divided based on the power rating into 12KW – 50KW, 50KW – 250KW, and 250KW – 5500KW.
Based on the Application
The market in the global market has been divided based on the application into standby power application, peak shaving application, power quality, and cogeneration application.
Based on the End-Users
The market in the global market has been divided based on the end-users into residential purposes, commercial purposes, and other industrial purposes.
Based on the Region
The market in the global market has been divided based on the region into Asia-Pacific region, European region, Latin American region, North American region, the Middle East and African region, and the rest of the world.
The micro turbine market in the global market has been divided based on the region into Asia-Pacific region, European region, Latin American region, North American region, the Middle East and African region, and the rest of the world. The largest market share in the market in the global market is held by the North American region and hence it dominates in the global market. The increase in consumption of energy coupled with increasing awareness regarding carbon footprint is the crucial factor that propels the market demand in the North American region.
The second-largest market share in the micro turbine market in the global market is held by the European region owing to increasing demand for energy in countries like Russia, UK, and Germany. The strict rules and regulations regarding environmental protection are another contributing factor.
The third-largest market share in the market in the global market is held by the Asia-Pacific region and showing a positive growth rate towards the market. The increasing demand for energy by highly populated countries like India and China drives the demand for the micro turbine market in this region.
The Latin American region and the Middle East and African region also show a positive growth rate towards the demand for the market. The growing development in the infrastructure industry requires high energy sources and hence it is expected that the demand for the market will increase during the forecasted period.
This global micro turbine market research report consists of the following elements mentioned below:
This global micro turbine market research report contains factors that drive the growth of the in the global market along with the factors that restrict the growth of the market in the global market. The opportunities available for the growth of the market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the market all across the globe is mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned.
Consultants and Investment bankers, distributors and supplier companies, end-users, public and private operators of natural gas power plants, micro turbine manufacturers, Government as well as Independent Regulatory Authorities, and many others.
|Market Size||2027: Significant Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application , Power Rating and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Capstone Turbine Corporation (U.S.), FlexEnergy, Inc. (U.S.), Ansaldo Energia S.p.A (Italy), and Brayton Energy LLC. (U.S.), Eneftech Innovation SA (Switzerland), Microturbine Technology BV (the Netherlands), Wilson Solarpower Corporation (U.S.), ICR Turbine Engine Corporation (U.S.), Calnetix Technologies LLC (U.S.), Toyota Motor Corporation (Japan), and Bladon Jets (Isle of Man)|
|Key Market Opportunities||
|Key Market Drivers||
The market is going to reach a CAGR of around 10%.
North America is leading micro turbine market by growing awareness of carbon footprint and increased consumption of energy.
The region is expected to witness largest market share by 2023.
FlexEnergy, Inc. (U.S.), Capstone Turbine Corporation (U.S.), and Brayton Energy LLC. (U.S.), Ansaldo Energia S.p.A (Italy), Eneftech Innovation SA (Switzerland) are the key competitors of the market are highly praised.
The growing environmental concerns for global warming is the leading factor of the micro turbine market in the forecast period.
The increasing concern about global warming and demand for clean sources are the driving factors in the micro turbine market.