Press release
Microturbine Market to Grow Steadily on the Back of Distributed Energy Trends
What is a Microturbine?
A microturbine is a small, gas turbine that produces electrical power, typically ranging from 30 kW to 500 kW. Microturbines are designed for distributed generation applications and can operate on various fuels, including natural gas, biogas, and diesel.
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North America accounted for the largest market share in the market and is projected to grow at a CAGR of 8.5% during the forecast period.
Key players in the microturbine industry are Capstone Green Energy Corporation, FlexEnergy Solutions, Brayton Energy, LLC, ICR Turbine Engine Corporation, Calnetix Technologies, LLC, Ansaldo Energia SPA, Bladon Microturbine, Microturbine Technology B.V., Toyota Turbine Systems, and TurboTech Precision Engineering Pvt. Ltd.
Growing power plants and frequent natural disasters have created tremendous potential prospects for the Microturbine Market in this area.
Asia Pacific region is predicted to grow at the fastest CAGR from 2022 to 2031 due to rising power tariff prices and dwindling energy supplies.
Microturbine are small turbines that are used to generate electricity. The rising requirement and demand for low-emission energy generation are driving the expansion of the worldwide microturbine market.
The growth in demand for clean and green energy is propelling the worldwide microturbine market throughout the forecast period.
Growing environmental concerns and pollution levels are driving up demand for microturbine in the global market.
Economic advancements are influencing the growth and development of the worldwide micro turbine market.
Microturbine have various potential advantages over other small-scale power-generating technologies, including a minimum number of moving parts, compact size, lightweight, higher efficiency, reduced pollutants, cheaper energy prices, and the ability to use waste fuels.
The growing need for clean energy and severe regulations imposed by governments worldwide to reduce emissions are expected to drive the worldwide microturbines market during the forecast period.
Applications
Distributed Generation: Ideal for providing power in remote locations or for off-grid applications.
Combined Heat and Power (CHP): Can be used in industrial and commercial settings to simultaneously generate electricity and useful heat.
Backup Power: Serves as a reliable backup power source during outages.
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The adoption of contemporary microturbines with improved technology and better efficiency, as well as the capacity to run on numerous fuels, is expected to boost the market growth.
Microturbine are predicted to grab a substantial portion of the distributed generation industry because of their small size, cheap capital costs, likely low operations and maintenance expenses, and autonomous electronic control.
Microturbine provide an efficient and environmentally friendly answer to direct mechanical force markets such as compression and air conditioning.
Microturbine are ideal for small commercial building enterprises such as restaurants, hotels/motels, small offices, retail stores, and many more.
A growing emphasis on green and sustainable power production is also boosting market expansion since microturbine provide permanent and reliable electricity while emitting few greenhouse gases (GHGs) such as carbon dioxide, carbon monoxide, Sulphur oxide, and nitrogen oxide.
Increasing investment activities to create additional generating capacity and a stringent environmental regulatory framework are expected to boost the total microturbine market growth in the forecast period.
Advantages
Flexibility in Fuel Use: Can operate on a variety of fuels, including renewable sources like biogas.
Low Noise Levels: Operate quietly, making them suitable for urban or residential areas.
Scalability: Easily scalable to meet varying power demands, allowing for modular installations.
IMPACT OF COVID-19 ON THE GLOBAL MICROTURBINE MARKET
The COVID-19 pandemic led to a decline in the demand for the microturbine market due to a decline in the demand for power generation across the globe.
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In addition, portable power generation facilities have been in high demand during the pandemic outbreak which led to the demand for gas-based power generators.
Conclusion
Microturbines represent an innovative solution for efficient and clean energy generation, particularly in distributed generation scenarios. Their versatility, low emissions, and potential for high efficiency make them a valuable option for various applications.
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