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Which segment will lead the microturbine system market?

05-26-2021 08:28 AM CET | IT, New Media & Software

Press release from: Coherent market insights

Microturbine Systems Market

Microturbine Systems Market

Microturbines are new distributed generation technology that is used for stationary energy generation applications. These turbines can produce both heat and electricity on a relatively small scale. A microturbine runs on various types of fuels including biogas, diesel, natural gas, alcohol, hydrogen, and LPG. It can generate power from 25 kW to 1000 kW and can be used in commercial, residential, and industrial sectors. The majority of the applications of microturbines are in the industrial (mining, oil & gas, wastewater plants, and land rigs) and commercial sector (hotels, office buildings, schools, sports centers, supermarkets, swimming pools, and hospitals) due to the benefits they offer.

The global microturbine systems market is estimated to account for US$ 1,239.7 Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

Favorable government regulations are expected to drive growth of the global microturbine systems market during the forecast period
Renewable energy resources have very little impact on the environment and are present in abundance. However, current technologies cannot adequately tap and utilize renewable sources to generate power. On the contrary, non-renewable sources of energy such as oil & gas, and coal-fired power plants although contribute to most of the power generation, produce the environment significantly. According to the U.S. Energy Information Administration, global carbon dioxide emissions were over 30 billion metric tons in 2010 and were expected to reach over 35 billion metric tons by 2020. This, in turn, has increased the development of alternate energy generation techniques including microturbines. Thus, these factors are expected to drive growth of the global microturbine systems market during the forecast period.

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Few movable parts restricting overhaul cost supplemented with numerous applications is expected to propel the global microturbine systems market growth over the forecast period
Microturbine systems have very few movable parts, which leads to low operation and maintenance costs comparative to reciprocating and other substitute energy generating systems. Engine-based generators comprised of hundreds of moving parts that require scheduled overhaul, which in turn, impact energy production and increasing maintenance costs. Once installed, microturbine systems can run up to 5,000 hours to 8,000 hours. As a result, microturbines are preferred in several energy-intensive industries as a secondary and primary source as well. Thus, these factors are expected to propel the global microturbine systems market growth over the forecast period.

Statistics:

North America held dominant position in the global microturbine systems market in 2019, accounting for 45.9% share in terms of value, followed by Europe, Asia- Pacific and RoW respectively.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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