San Francisco, 22 April 2024: The Report Micro Turbine Market Share, Size & Trend Analysis Report By Application (Combined Heat & Power Standby Power), By Power Rating, By End Use, And Segment Forecasts, to 2024

The global micro turbine market is expected to reach USD 339.7 million by 2024, according to a new report by Grand View Research, Inc. Micro turbines have been gaining advantage globally on account of their compact size and high-efficiency levels. The technology is an ideal solution for generating clean energy in the environment. Cost-effectiveness coupled with waste fuel utilization has been the major factors driving the global Micro Turbine Market. Changing grid operations are anticipated to establish a key industry opportunity for product development.

Increasing potential for greener energy solutions is also expected to further augment industry revenue over the forecast period. Growing investment initiatives to develop new generating capacity coupled with a stringent environmental regulatory framework is anticipated to further enhance the overall market growth in the near future. Combined heat & power was the leading application segment and accounted for over 55% of total market revenue in 2015. Increasing initiatives to reduce global warming levels and the installation of CHP are expected to drive this segment over the forecast period.

Increasing preference for lower emission power generation sources is expected to remain a key driving factor for the global Micro Turbine Market over the forecast period. Micro turbines offer a wide range of benefits which include compact size, ability to run on multiple fuels, fewer moving parts, and higher efficiency resulting in lower electricity costs which are anticipated to increase their demand among the end-use industries.

In terms of revenue, microturbine market was valued at USD 40.5 million in 2015 and is expected to reach USD 101.3 million by 2024, growing at a CAGR of 10.8% over the next seven years. Favoring government regulations with the rise of shale gas exploitations is the essential factor to foster the growth of micro turbine market in this region

With oil and gas prices stabling since the beginning of 2016, this region will start plummeting oil projects in full force. Adaptation of micro turbine systems in oil and gas projects will allow the oil and gas producers to cut down on their energy costs drastically and rise their efficiency in drilling and operational purposes.

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Implemented on the 1st of January 2016, the CHP law states owners of CHP systems receive temporary funding (the CHP bonus) for the electricity produced by the cogeneration plants, provided the conditions of the funding re-met in proper articulation. With governmental regulations supporting the micro turbine market, this market is expected to have significantly high growth during the forecasted period.

Further key findings from the report suggest:

• 50 kW-250 kW emerged as the leading power rating sector and is anticipated to witness high demand in hybrid electric vehicle manufacturing. The segment accounted for 38.3% of total market revenue in 2015. It is also expected to witness the highest growth of 11.1% over the forecast period.
• Industrial was the leading end-user and accounted for over 50% of total market revenue in 2015. Micro turbines find application in construction, oil & gas, mining, wastewater treatment, and pharmaceutical industries. Expanding product application in wastewater treatment is expected to establish a growth opportunity for this segment.
• North America was the leading regional market and accounted for 37.7% of global revenue in 2015. The shale gas boom in the region is expected to significantly contribute to industry enhancement in the near future. Nuclear plants decommission coupled with strict environmental regulations is anticipated to augment the European market over the forecast period.
• Major companies include Bladon Jets, Capstone Turbine Corporation, Microturbine Technology BV, Calnetix Technologies LLC., ICR Turbine Engine Corporation, Eneftech Innovation SA, Brayton Energy LLC, Toyota Motor Corporation, Flexenergy, Inc, Ansaldo Energia S.P.A., NewEnCo. and Wilson Solarpower Corporation. 

The increasing need for energy sources coupled with growing environmental concerns including pollution levels and global warming is expected to further facilitate product development in emerging economies including China, Malaysia, and South Korea. Decommissioning nuclear plants in developed regions mainly Europe is anticipated to drive overall market demand in the near future.

Fluctuating oil prices are expected to restrain the overall industry growth in the near future. In recent years, crude oil prices have drastically decreased, which has negatively impacted market revenues. Industrialization in the Asia Pacific and the Middle East is expected to establish as a major opportunity for development over the forecast period. A high level of competition from currently present distributed generation equipment is anticipated to challenge the market growth in the near future.

Report Scope

Key manufacturers operating in the global Micro Turbine Market include Bladon Jets, Brayton Energy LLC, Capstone Turbine Corporation, Toyota Motor Corporation, Microturbine Technology BV, Flexenergy, Inc., Calnetix Technologies LLC., Ansaldo Energia S.P.A., ICR Turbine Engine Corporation, NewEnCo., Eneftech Innovation SA and Wilson Solarpower Corporation. In the near future, the manufacturers will shift their focus toward expanding their business and enter into the distribution of the products. Therefore, the level of forward integration is anticipated to be high in the near future. 

Companies mostly procure these components from various vendors and believe in assembling them as per the customer requirements. Other form of raw material sourcing is through backward integration, in which companies design and develop the spare parts by themselves. This involves huge capital investment and bigger players such as Toyota Corporation have been able to implement it successfully. The raw materials for such backward integrated process flow are alloys and metals used for component manufacturing

List of Key Players for Micro Turbine Market:

·         Bladon Jets

·         Brayton Energy LLC

·         Capstone Turbine Corporation

·         Toyota Motor Corporation

·         Microturbine Technology BV

·         Flexenergy, Inc.

·         Calnetix Technologies LLC.

·         Ansaldo Energia S.P.A.

·         ICR Turbine Engine Corporation

·         NewEnCo.

·         Eneftech Innovation SA

·         Wilson Solarpower Corporation