Global Micro Turbines Market Trends, Applications, Analysis, Growth, and Forecast to 2026

Global Micro Turbines Market Overview:

“The global Micro Turbines Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Micro turbines are small combustion turbines that burn gaseous or liquid fuels. Combustion of these fuels in turbine produces high speed rotation of the turbine shaft, which then turns an electrical generator for producing electrical power. They are used in distributed generation applications, owing to their flexibility in connection methods, ability to be stacked in parallel to serve larger loads, provide stable and reliable power, and lower emissions compared to other technologies.

Growing demand for micro turbines as power generation source, owing to its lower emission combustion property that helps in generation of clean energy is a major factor expected to drive growth of the global micro turbine market over the forecast year. In addition, use of materials including thermal barrier coatings and ceramics improves efficiency of micro turbine systems, eventually increasing resultant engine operating temperature. Increasing technological advancements in micro turbines is expected to drive the target market over the forecast period. Also, growing energy consumption across the globe is another factor projected to propel growth and demand for micro turbine over the forecast period.

However, high initial investments coupled with low fuel-to-electric efficiency are major factors expected to limit growth of the global micro turbines market over the forecast period.

Currently, market in North America accounts for highest market share in the global micro turbines market in terms of revenue. This can be attributed to increasing energy consumption mainly from the oil & gas sector, which contributes to highest demand for micro turbines in the region.

Also, government support and incentives along with stringent environmental regulations for power generation emissions is another factor expected to fuel growth of the global micro turbines market in the region. The market in Asia Pacific is expected to witness significant growth over the forecast period, owing to increasing energy demand in the region coupled with poor grid connectivity. The market in North America is expected to register a CAGR of X.X% during the forecast period.

Global micro turbines market segmentation:

By power rating

• 12-50 KW
• 51-250 KW
• Above 250 KW

By application

• CHP (Combined Heat & Power)
• Standby Power

By end-user

• Residential
• Commercial
• Industrial

 By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa