Market Overview
The Micro Turbine Market Size was estimated to be worth USD 0.12 billion in 2022. The industry is expected to increase at a compound annual growth rate (CAGR) of 10.00% between 2023 and 2032, from USD 0.13 billion in 2023 to USD 0.28 billion by 2032.
The demand for aging grid infrastructure and clean-green energy is increasing every year. Along with that, the easy accessibility of fuel is also promoting the use of the distributed source for energy generation is essential, which is achieved by the microturbines. As the environment is deteriorating over time due to human consumption of various non-eco-friendly resources, several agreements are raised for addressing the same issue. Hence, this contributes to the driving potential of the global microturbine market. All of the other sources that have the potential of generating such energy are proven to be releasing poisonous gasses that possibly trigger global warming.
The opportunities for this market are also escalating to optimal levels! It is because nuclear power plants are no longer considered a reliable and clean source of energy. It is due to the Fukushima Nuclear Accident! Therefore, as there is no alternative to such a reliable or clean energy source, industries are turning up to utilize microturbines as a priority. But along with the opportunities, there are some restraints as well! The price of microturbine substitutes, such as crude oil and gas, is falling over time! Therefore, this might affect the growth of the market to some extent. But the key players are working on eradicating this restraint to retrieve the interrupted growth scale.
The report focuses on deriving the global microturbine market's maximized growth in the present forecast years. Along with that, this report also enhances the understanding of market segmentation, key player analysis and other valuable insights. With this, the market size is substantially increasing beyond the predicted rate. The growth trends are pushing the demand cycle, and the key players are working on using that opportunity to drive the sales rate.
Market Classification
Based on the application segmentation, the global microturbine market is classified into a couple of application potentials, including cogeneration and standby power. Both of these applications are being leveraged by the end-users to boost the substantial sales rate for market players.
Based on the power rating segmentation, the global microturbine market is classified into varying intensities which include 12kW to 50kW, 50kW to 250 kW and 250kW to 500 kW.
Based on the end-use segmentation, the global microturbine market is adapted by industrial, residential and commercial sectors. They are highly adaptive to utilizing this energy resource on priority.
Regional Analysis
The microturbine market is wide-spread across North America, Asia Pacific, Europe, and other parts of the world. With the high rise in demands for this energy source in Asia Pacific, it is expected that the revenue domination will come from this specific region.
Industry News
There are several key players working collectively across various regions of the world to contribute their efficacy towards generating the collective revenue of the microturbine market. Capstone Turbine Corporation, a major key player of the industry has launched the Green Energy project to have achieved the goal of releasing 30% hydrogen-blend-compatible products, in 2022.
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