Microturbine Market to Reach $547.9 Million, Globally, by 2031 at 8.9% CAGR: Allied Market Research

Rise in demand and requirement for low-emission energy generation, surge in demand for clean and green energy, growing environmental concerns and pollution levels drive the global microturbine market. 

PORTLAND, Ore., Feb. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Microturbine Market by Power Rating (12 kW - 50kW, 50 kW - 250 kW, 250 kW - 500 kW), by Application (Combined Heat and Power, Standby Power), by End Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global microturbine industry generated $234.7 million in 2021, and is estimated to reach $547.9 million by 2031 witnessing a CAGR of 8.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. 

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Drivers, Restraints, and Opportunities:  

Rise in demand and requirement for low-emission energy generation, surge in demand for clean and green energy, growing environmental concerns and pollution levels drive the global microturbine market. On the other hand, rising cost of the fossil fuels and scarcity of trained people is hampering the growth of market. However, the increasing demand for clean energy is, presenting new opportunities in the upcoming years. 

COVID-19 Scenario:  

• The outbreak of the Covid-19 pandemic had a negative impact on the global microturbine market, due to a decline in demand for power generation across the globe.
• However, the importance of clean energy has also been recognized globally, leading to greater adoption of microturbine, which will help to provide ample growth opportunities to the market in the post pandemic.

The 50 KW to 250 KW segment to dominate the market during the forecast period: 

Based on power rating, the 50 KW to 250 KW segment contributed to the largest share of nearly half of the global microturbine market in 2021, and is expected to maintain its leadership in terms of revenue during the forecast period, because of its extraordinary intense light absorption. The 250 KW to 500 KW segment is projected to witness a fastest CAGR of 9.3% during the forecast period. The rise in demand for sustainable energy solutions is anticipated to drive market growth in the industrial and commercial end-user market. 

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The combined heat and power segment to rule the roost: 

Based on application, the combined heat and power segment contributed to the largest share of nearly three fourth of the global microturbine market in 2021, and is expected to rule the roost during the forecast period. Its wide usage in industries like breweries, paper mills, rubber mills, and wastewater treatment plants drives the growth of segment. The standby power segment is projected to witness a highest CAGR of 9.3% from 2022 to 2031. The demand for micro gas turbines will increase as standby power gensets are deployed more quickly due to the increasing severity and frequency of prolonged power outages caused by inadequate grid capacity, the growing importance of uptime, and the need to consistently operate critical electronic loads throughout residential space. 

The industrial segment to grab the largest revenue during the forecast period 

Based on end use, the industrial segment contributed to the largest share of nearly half of the global microturbine market in 2021, and is expected to maintain progressive growth during the forecast period. This increase in demand is due to the development of the digital economy and the expansion of the IT and telecommunications sectors, which has increased the construction of office complexes and other industries that require constant power. The residential segment is likely to show the fastest CAGR of 9.3% from 2022 to 2031. The report also analyzes commercial segment.  

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North America to achieve the largest revenue and fastest growth by 2031 

Based on region, the market in North America was the largest in 2021, accounting for more than two-fifth of the global microturbine market, and is expected to maintain progressive growth during the forecast period. The expansion of power plants and the regular occurrence of natural disasters have created tremendous growth opportunities for the microturbine market in this region. The Asia-Pacific market is likely to show the fastest CAGR of 9.4% during the forecast period. The market is driven by developing economies like China, Japan, India, and Australia as there is rapid growth in renewable energy sectors. 

Leading Market Players: 

• ICR Turbine Engine Corporation
• Capstone Green Energy Corporation
• Micro Turbine Technology B.V.
• Brayton Energy, LLC
• Toyota Turbine Systems
• Calnetix Technologies, LLC
• Ansaldo Energia SPA
• Bladon Micro Turbine
• FlexEnergy Solutions
• Turbotech Precision Engineering Pvt. Ltd.

The report analyzes these key players in the global microturbine market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of the players. 

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