Press release
Micro Turbine Market to Reach USD 537.55 Million by 2034, Growing at a CAGR of 8.6%
The micro turbine market is expected to register a notable compound annual growth rate (CAGR) of 8.6%. From its 2024 valuation of USD 236.44 million, the market is expected to reach USD 537.55 million by 2034.
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Market Description
Micro turbines are compact gas turbines connected to their generators. They are utilized both to generate electricity and heat and are available in a range of 25-500 kW and efficacy scope between 20% to 30%. The mechanism of micro turbines is based on the technology of the diesel engine turbochargers, aircraft auxiliary power systems and automotive designs.
Micro turbines are appropriate for several applications where electricity is required such as immobile power generator where the system is utilized for consistent power production. They are also utilized in hybrid electric vehicles as low-discharge battery chargers. Further, they can be utilized to enhance power potential, standardization, and dependability in weak grids.
Factors Fueling Market Expansion
Rapid Urbanization: Speedy urban augmentation escalates energy intake, placing pressure on prevailing power grids and generating the requirement for dependable, on-premises energy production, rendering micro turbines as clean energy solutions. The United Nations issued a report declaring that 55% of the global population resides in urban regions and is anticipated to escalate to 68% by 2050 which is having a favourable impact on micro turbine market sales.
Technological Progressions: Firms functioning in the market are consistently advancing progressive materials, superior aerodynamics, and more productive combustion procedures permitting micro turbines to obtain escalated power result with lesser fuel intake. Inventions in digital controls and smart grid consolidation are improving their performance, sanctioning real-time observation, predictive maintenance, and distant operations.
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Competitive Landscape and Key Players
The market is excessively fragmented, with the existence of several large contenders shaping the aggressive landscape globally. Some of the current players in the market are:
247Solar
Ansaldo Energia
Aurelia
Bladon Jets
Bowman
Brayton Energy
Capstone Green Energy
Eneftech Innovation
FlexEnergy
ICRTec
Toyota Turbine and Systems
Turbo Tech
Micro Turbine Industry Developments
December 2024: Capstone Green Energy, LLC, a subsidiary of Capstone Green Energy Holdings, Inc., announced the sale of four Capstone C65 microturbines to Black River Memorial Hospital (BRMH) in Wisconsin, enhancing the hospital's energy efficiency and sustainability.
August 2024: Infinity Turbine launched the Microturbine App, a new tool designed specifically for customers and service providers of Capstone Green Energy Corporation Turbines. This innovative app aims to transform the way users manage and maintain their Capstone turbines, offering easy access to manufacturers, suppliers, and essential resources.
Segmentation Analysis
By Application Outlook (Revenue, USD Million, 2020-2034)
Combined Heat & Power (CHP)
Standby Power
By Power Rating Outlook (Revenue, USD Million, 2020-2034)
12 kW-50 kW
50 kW-250 kW
250 kW-500 kW
By End User Outlook (Revenue, USD Million, 2020-2034)
Industrial
Commercial
Residential
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Regional Overview
North America accounted for the largest market share in 2024 due to the robust demand for decentralized power solutions and the existence of entrenched industrial and commercial sectors. The region's strict discharge directives and the obligation to carbon reduction pushed the acquisition of cleaner and more productive energy technologies involving micro turbines.
Asia Pacific is estimated to grow at a rapid pace owing to speedy industrialization, urbanization, and growing energy demand. Several nations in the region are encountering provocations connected to grid steadiness, power shortages, and growing electricity prices, encouraging industries and businesses to look for dependable on-site power generation solutions such as micro turbines.
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