26 Apr 2021
Micro Turbine Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing demand of Clean and Green Energy is a key driving factor for the growth of Micro Turbine Market.
Micro Turbine Market is valued at USD 163.97 Million in 2017 and expected to reach USD 404.88 Million by 2027 with a CAGR of 9.46% over the forecast period.
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Scope of Micro Turbine Market Report –
Micro Turbine is a small combustion turbine which produces electricity and heat on a small scale. These turbines are generally used for stationary energy generation. They are considered to be the size of refrigerator with output ranges from 25-500kW. Micro Turbines generally comprises of combustor, compressor, turbine, recuperator, alternator and generator. They also offer advantages like: compact size, less moving parts, lightweight, low emissions, high efficiency, low power costs and ability to utilize waste fuels which includes Natural Gas, Hydrogen, Diesel and Propane. Due to small and compact size, they are utilized in wide variety of applications where low cost energy, on-site power applications, cogeneration and distributed generation are required. The Micro Turbines also provide low capital & maintenance cost, low operations and automatic control has significantly contributed in power generation market.
During this COVID-19 pandemic, some industries have positive impact and some are struggling. As the micro turbines are sustainable energy providers they are positively impacted by this pandemic, due to the growing demand of clean energy and minimum carbon footprint across the globe. Also new corona virus (COVID-19) relief bill was signed into law which will provide tax benefits to various green and clean energy industries.
Global Micro Turbine Market report is segmented on the basis of types, applications and region & country level. Based upon types, global Micro Turbine market is classified into Unrecuperated Micro Turbines and Recuperated Micro Turbines. Based upon the application, global Micro Turbine market is classified into Cogeneration applications, Gas applications and Small commercial applications.
The regions covered in this Global Micro Turbine Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Micro Turbine is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Key Players for Global Micro Turbine Market Report-
Some major key players for Global Micro Turbine Market are Capstone Turbine Corporation, Micro Turbine Technology, Bladon Micro Turbine, Aurelia, GE Power, Siemens Energy, Centrax Gas Turbines, Bowman Power Systems, Calnetix Technologies, Ansaldo Turbec and others.
Capstone Turbine (CPST) announced extension of Federal Tax Credits
December 29, 2020; It was announced by CPST, leading clean technology manufacturer that 10% of investment tax credit for Micro Turbines and combined heat & power projects was extended till the end of 2023 due to COVID-19. The legislation was signed by President Trump to extend the production tax credit till end of 2021 for renewable energy.
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Small engine industry aims to progress by Sierra Turbines
September 18, 2020; CEO of Sierra Turbine, Roger Smith discarded limiting prototype and low volume work belief for additive manufacturing but aims to manufacture 95% more micro turbine components. With the help of 3D printing by Velo3D, he looks forward to manufacture micro turbines more robust, 10 times the energy efficient and 50% lighter.
Increasing demand of Clean and Green Energy is a key driving factor for the growth of Micro Turbine Market
The major factors driving the growth of global Micro Turbine market is rising in demand of clean energy around the world. In order to utilize the waste fuels and other factors like low emissions, high energy security and low costs are the great drivers for Micro Turbine Market. According to International Renewable Energy Agency (IRENA), there was an increase in 6.1% of renewable generation in 2018 compared to 2017. Furthermore, rising population led to the increase in urbanization and industrialization which in turn created the demand for electricity which is expected to enhance the market growth. However, fluctuations in fuel prices as well as low electrical efficiency is expected to hamper the market. On the other hand, increasing demand for distributed power generation along with replacement of phased out coal plant is expected to create ample opportunities in the Micro Turbine Market.
North America is expected to dominate the Global Micro Turbine Market
North America is expected to dominate the global Micro Turbine market within the forecast period attributed to rising investments in different renewable and clean energy projects. The U.S. continues to top in Micro Turbine technology as it was invented in this country. The federal ITC is expanding U.S. hiring and manufacturing base by investing more in R&D for energy sector. They also aim to remain competitive in global energy businesses and helping other different local sectors in this region. Europe is expected to closely follow north America in terms of market share owing to the stringent environment policies along with high awareness among people towards green energy. Asia Pacific is expected to develop at a significant rate owing to the high adoption of technology along with rising energy demand in the region. Furthermore, rising inclination towards green energy and supportive government initiatives is further expected to accelerate the growth of Micro Turbine market.
Key Benefits for Global Micro Turbine Market Report–
- Global Micro Turbine Market report covers in-depth historical and forecast analysis.
- Global Micro Turbine Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Micro Turbine Market report helps to identify opportunities in marketplace.
- Global Micro Turbine Market report covers extensive analysis of emerging trends and competitive landscape.
Global Micro Turbine Market Segmentation: -
- Unrecuperated Micro Turbines
- Recuperated Micro Turbines
- Cogeneration applications
- Gas applications
- Small commercial applications
By Regional & Country Level:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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