Microturbine Market Size, Share, and Analysis, By Power Rating (12 kW - 50kW, 50 kW - 250 kW, and 250 kW - 500 kW), By Application (Combined Heat & Power and Standby Power), By End-User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Microturbine Market Size, Share, and Analysis, By Power Rating (12 kW - 50kW, 50 kW - 250 kW, and 250 kW - 500 kW), By Application (Combined Heat & Power and Standby Power), By End-User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Microturbine Market is anticipated t%li%exhibit a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast span from 2024 t%li%2034. In 2023, the market size was assessed at USD 220.3 billion and is projected t%li%reach USD 578.6 billion by the completion of 2034.
Microturbines are miniature combustion turbines similar t%li%larger gas turbines but designed for distributed power generation. They operate on various fuels including natural gas, diesel, or renewable sources like biogas. These turbines are commonly used in combined heat and power (CHP) systems and generate electricity, along with useable heat, which helps in increasing energy efficiency. Microturbines are versatile and find application across residential, commercial, and industrial sectors, which is renowned for their low emissions and minimal maintenance needs. Therefore, technological innovations assist in improving the efficiency and cost-effectiveness of microturbines, which promote localized energy generation and strengthen energy security by providing dependable power in different scenarios.
MARKET HIGHLIGHTS
Microturbine market is projected t%li%reach USD 578.6 billion over the forecast period, owing t%li%the growing demand for decentralized energy solutions. Various factors such as increasing energy requirements, along with emphasis on energy efficiency and the shift towards renewable energy sources are major drivers for the growth of microturbine market. Moreover, industries such as oil & gas, manufacturing, and healthcare, are increasingly adopting microturbines for combined heat and power applications t%li%reduce operational costs and environmental impact. In addition, government initiatives that support clean energy and cogeneration technologies als%li%contribute t%li%the high adoption of microturbines across different industries. Consequently, technological innovations such as better reliability of microturbines and efficiency, increase their appeal t%li%various end-user industries, which helps in maintaining an upward growth trajectory for the microturbines market.
Microturbine Market Segments:
Growth Drivers
Growing Emphasis on Energy Efficiency will Create Growth Opportunities
Expansion of Renewable Energy Sources will Cause Market Expansion
Restraint
Initial Investment Costs may Prevent the Industry's Growth
Key Players
PRODUCT OVERVIEW
Microturbine Market is anticipated t%li%exhibit a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast span from 2024 t%li%2034. In 2023, the market size was assessed at USD 220.3 billion and is projected t%li%reach USD 578.6 billion by the completion of 2034.
Microturbines are miniature combustion turbines similar t%li%larger gas turbines but designed for distributed power generation. They operate on various fuels including natural gas, diesel, or renewable sources like biogas. These turbines are commonly used in combined heat and power (CHP) systems and generate electricity, along with useable heat, which helps in increasing energy efficiency. Microturbines are versatile and find application across residential, commercial, and industrial sectors, which is renowned for their low emissions and minimal maintenance needs. Therefore, technological innovations assist in improving the efficiency and cost-effectiveness of microturbines, which promote localized energy generation and strengthen energy security by providing dependable power in different scenarios.
MARKET HIGHLIGHTS
Microturbine market is projected t%li%reach USD 578.6 billion over the forecast period, owing t%li%the growing demand for decentralized energy solutions. Various factors such as increasing energy requirements, along with emphasis on energy efficiency and the shift towards renewable energy sources are major drivers for the growth of microturbine market. Moreover, industries such as oil & gas, manufacturing, and healthcare, are increasingly adopting microturbines for combined heat and power applications t%li%reduce operational costs and environmental impact. In addition, government initiatives that support clean energy and cogeneration technologies als%li%contribute t%li%the high adoption of microturbines across different industries. Consequently, technological innovations such as better reliability of microturbines and efficiency, increase their appeal t%li%various end-user industries, which helps in maintaining an upward growth trajectory for the microturbines market.
Microturbine Market Segments:
- By Power Rating
- 12 kW - 50kW
- 50 kW - 250 kW
- 250 kW - 500 kW
- By Application
- Combined Heat & Power
- Standby Power
- By End-User
- Residential
- Commercial
- Industrial
Growth Drivers
Growing Emphasis on Energy Efficiency will Create Growth Opportunities
Expansion of Renewable Energy Sources will Cause Market Expansion
Restraint
Initial Investment Costs may Prevent the Industry's Growth
Key Players
- Capstone Turbine Corporation
- Ansald%li%Energia
- Bladon Jets
- FlexEnergy
- IHI Corporation
- Calnetix Technologies
- Aurelia Turbines
- Bowman Power Group Ltd.
- Toyota Turbine and Systems Inc.
- 247Solar Inc.
- Micr%li%Turbine Technology BV
- Ansald%li%Energia
- Elliott Group
- Atlas Copco
- Opcon AB
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1. EXECUTIVE SUMMARY
1.1.Regional Market Share
1.2. Business Trends
1.3.Microturbine Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Microturbine Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. MICROTURBINE MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. MICROTURBINE MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Power Rating
11.3.1.1. 12kW-50kW
11.3.1.1.1. By Value (USD Million) 2024-2034F
11.3.1.1.2.Market Share (%) 2024-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.2.50kW-250kW
11.3.1.2.1.By Value (USD Million) 2024-2034F
11.3.1.2.2. Market Share (%) 2024-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.3.250kW-500kW
11.3.1.3.1.By Value (USD Million) 2024-2034F
11.3.1.3.2. Market Share (%) 2024-2034F
11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.2. By Application
11.3.2.1.Combined Heat & Power
11.3.2.1.1.By Value (USD Million) 2024-2034F
11.3.2.1.2. Market Share (%) 2024-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.2. Standby Power
11.3.2.2.1. By Value (USD Million) 2024-2034F
11.3.2.2.2.Market Share (%) 2024-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.3. By End-User
11.3.3.1.Residential
11.3.3.1.1.By Value (USD Million) 2024-2034F
11.3.3.1.2. Market Share (%) 2024-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Commercial
11.3.3.2.1. By Value (USD Million) 2024-2034F
11.3.3.2.2.Market Share (%) 2024-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.3. Industrial
11.3.3.3.1. By Value (USD Million) 2024-2034F
11.3.3.3.2.Market Share (%) 2024-2034F
11.3.3.3.3.Y-o-Y Growth (%) 2024-2034F
12. NORTH AMERICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Power Rating
12.3.2.By Application
12.3.3.By End-User
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Power Rating
13.3.2.By Application
13.3.3.By End-User
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Power Rating
14.3.2.By Application
14.3.3.By End-User
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Power Rating
15.3.2.By Application
15.3.3.By End-User
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Power Rating
16.3.2.By Application
16.3.3.By End-User
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.Capstone Turbine Corporation
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Ansaldo Energia
18.3.Bowman Power Group Ltd.
18.4. Bladon Jets
18.5.FlexEnergy
18.6.IHI Corporation
18.7.Calnetix Technologies
18.8. Aurelia Turbines
18.9.Toyota Turbine and Systems Inc.
18.10.247Solar Inc.
18.11. Micro Turbine Technology BV
18.12. Ansaldo Energia
18.13. Elliott Group
18.14.Atlas Copco
18.15. Opcon AB
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1.Regional Market Share
1.2. Business Trends
1.3.Microturbine Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Microturbine Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. MICROTURBINE MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. MICROTURBINE MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Power Rating
11.3.1.1. 12kW-50kW
11.3.1.1.1. By Value (USD Million) 2024-2034F
11.3.1.1.2.Market Share (%) 2024-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.2.50kW-250kW
11.3.1.2.1.By Value (USD Million) 2024-2034F
11.3.1.2.2. Market Share (%) 2024-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.3.250kW-500kW
11.3.1.3.1.By Value (USD Million) 2024-2034F
11.3.1.3.2. Market Share (%) 2024-2034F
11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.2. By Application
11.3.2.1.Combined Heat & Power
11.3.2.1.1.By Value (USD Million) 2024-2034F
11.3.2.1.2. Market Share (%) 2024-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.2. Standby Power
11.3.2.2.1. By Value (USD Million) 2024-2034F
11.3.2.2.2.Market Share (%) 2024-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.3. By End-User
11.3.3.1.Residential
11.3.3.1.1.By Value (USD Million) 2024-2034F
11.3.3.1.2. Market Share (%) 2024-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Commercial
11.3.3.2.1. By Value (USD Million) 2024-2034F
11.3.3.2.2.Market Share (%) 2024-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.3. Industrial
11.3.3.3.1. By Value (USD Million) 2024-2034F
11.3.3.3.2.Market Share (%) 2024-2034F
11.3.3.3.3.Y-o-Y Growth (%) 2024-2034F
12. NORTH AMERICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Power Rating
12.3.2.By Application
12.3.3.By End-User
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Power Rating
13.3.2.By Application
13.3.3.By End-User
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Power Rating
14.3.2.By Application
14.3.3.By End-User
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Power Rating
15.3.2.By Application
15.3.3.By End-User
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA MICROTURBINE MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Power Rating
16.3.2.By Application
16.3.3.By End-User
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.Capstone Turbine Corporation
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Ansaldo Energia
18.3.Bowman Power Group Ltd.
18.4. Bladon Jets
18.5.FlexEnergy
18.6.IHI Corporation
18.7.Calnetix Technologies
18.8. Aurelia Turbines
18.9.Toyota Turbine and Systems Inc.
18.10.247Solar Inc.
18.11. Micro Turbine Technology BV
18.12. Ansaldo Energia
18.13. Elliott Group
18.14.Atlas Copco
18.15. Opcon AB
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
