Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) — The Global Microturbine Market size was USD 54.7 million in 2020. The global market is expected to grow from USD 58.5 million in 2021 to USD 120.4 million in 2028 at a growth rate of 10.9% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Microturbine Market, 2021-2028.”
According to our researchers, the market is set to observe growth grounded on the factor that these turbines offer numerous benefits over other technologies such as a minimal number of moving parts, superior efficacy, compact size, low electricity expenses, and reduced emissions.
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COVID-19 Pandemic Impacts Profoundly on Power Distribution Projects
Majority of the nations have confronted limitations on movement across the nations. These resulted in disturbances in the supply chain and the import and export happenings were also terminated. The demand for such turbines deteriorated as the industries were closed across the globe.
List of Key Players Covered in this Market Report
- Capstone Turbine Corporation (U.S.)
- Bladon Micro Turbine (U.K.)
- UAV Turbine (U.S.)
- Ansaldo Energia (Italy)
- Aurelia Turbine (Finland)
- MTT Microturbine (Netherlands)
- FlexEnergy Inc. (U.S.)
- ICR Turbine Engine Corporation (U.S.)
- Dresser-Rand (U.S.)
- Turbo Tech Precision Engineering Pvt., Ltd. (India)
- Brayton Energy, LLC. (U.S.)
The power sector has experienced a large weakening as numerous power plant projects were ceased owing to the inflicted lockdown across the globe. This results in a deterioration in demand for several parts and equipment comprising microturbines.
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The report presents a systematic study of the segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
By power rating, the market can be divided into Up to 50 kW, 51 kW-250 kW, 251-500 kW, & 501-1000 kW.
By application, the market can be broken into combined heat & power (CHP) & standby power. The combined heat and power (CHP) sector holds the majority of the market share in this market.
By end-user, the market can be branched into residential, commercial, & industrial.
Geographically, the global market has been analysed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Drivers and Restraints
Increasing Electricity Demand to Navigate Growth in Market
The electricity demand is extensively rising around the globe as the population is also surging enormously. The infrastructural development contributes profoundly to the expansion of electricity demand. Moreover, industrialization is also rising across emerging countries. In many nations, numerous smart building, smart cities projects have been instituted which further elevates the electricity demand. These factors are expected to contribute heavily towards the microturbine market growth.
North America to Dominate Market due to Increasing Stringent Emission Regulations
North America region has controlled the market in 2020. The U.S. accounted for the majority of the microturbine market share in the North America region.
Asia Pacific region is anticipated to grow at a higher CAGR during the forecast period. The population of the Asia Pacific region is huge, which results in huge electricity usage and demand with the region.
Europe region is also probable to observe growth during the forecast period. This region has numerous forthcoming projects lined up in this market during the forecast period.
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Fundamental Players Are Fixated on Novel Contracts to Boost Market Share
The market is majorly fragmented with the existence of numerous large-scale players across the globe. Capstone Turbine is the market frontrunner in this industry. The company has a substantial dominance across the globe with maximum of the revenue comes from North America, Latin America, and European nations. Numerous companies are progressively being involved in organic & inorganic expansions to coagulate their market position globally.
Key Industry Development
July 2021: Capstone Green Energy Corporation declared that it will supply 2 C65 microturbines to Innovametall Stahl-und Metallbau for use in an ultra-low emissions CHP system. The deal was bagged by Wels Strom GmbH, who is a Capstone distributor in Germany and Austria. This system will be the first-ever hydrogen-fuelled gas turbine system in Europe.
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