The global microturbine market size reached US$ 213.70 Million in 2020. Looking forward, the market value is expected to reach US$ 378.60 Million by 2026, expanding at a CAGR of 10% during 2021-2026, according to the latest report by IMARC Group.
Microturbines are small combustion turbines that utilize gaseous and liquid fuels to power an electric generator. As compared to other technologies, they offer various advantages, including small size, lightweight, better performance, lesser emissions, and lower energy costs. Microturbines can produce both heat and electricity on a smaller scale, on account of which they are largely used for stationary energy generation. Other than this, they require relatively low operation and maintenance costs and enable the utilization of waste fuels.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The competitive landscape of the market has also been examined, with some of the key players being Ansaldo Energia SPA, Bladon Jets, Capstone Turbine Corporation, FlexEnergy Inc., Brayton Energy, LLC, Toyota Motor Corporation, Micro Turbine Technology B.V., ICR Turbine Engine Corporation, Calnetix Technologies, etc.
Global Microturbine Market Trends:
The growing demand for cost-effective power generation technologies is driving the global microturbine market. Furthermore, the development of microturbines that can operate on different types of fuels is supporting the market growth. Apart from this, the rapid adoption of natural gas-fired power plants to reduce greenhouse gas emissions across the globe is augmenting the demand for microturbines. Besides this, these turbines are being extensively used in wastewater treatment plants, breweries, paper and rubber mills and the residential sector for providing residual heat in cold climates. Moreover, the replacement for phased-out coal and nuclear plants with modern and innovative power stations and the installation of microturbines in off-grid systems across remote areas are creating a positive outlook for the market.
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