Global Micro Turbine Market to Record Lucrative CAGR of 10% During Forecast Period

Global Micro Turbine Market Research Report Forecast to 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Global Micro Turbine Market Forecast to 2023
Global Micro Turbine Market - Overview
The global microturbine market is expected to garner a lucrative CAGR of 10% during the forecast period, as per the latest study
conducted by Market Research Future (MRFR).
Rising adoption of microturbines as a distributed energy generation source has led to significant market growth by the end of 2023. The
shift towards ascending growth of the global microturbine adoption is attributed to an increasing focus on green energy generation along
with heat production for various industrial, commercial, and residential activities. Further, burgeoning demand for cogeneration
application is also contributing majorly to the shift of trends towards micro turbine adoption. Other factors fueling market growth for
microturbines include the aging of grid infrastructure, easier fuel availability, proliferated demand for clean energy and an ascending
need for green energy.
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With the increasing electrical grid modernization, network upgradations, rising fuel prices, and growing energy demand, there is a need
for alternative energy sources. Micro turbines are used for cogeneration and as standby power source, which is projected to witness
significant demand in the next five years. The increasing need of reliable electric supply and subsequent investment in producing new
generation capacity, high productivity, and low carbon discharge features will attribute towards the growth of gas turbine market.The
need for producing green energy and high reliability on alternative energy sources, is driving the global micro turbine market.
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Global Micro Turbine Market Forecast to 2023
Global Micro Turbine Market - Industry Updates
March 2019: Techrules, a leading Chinese automotive R&D company has developed its
groundbreaking Turbine-Recharging Electric Vehicle (TREV) System. The TREV system is the
company’s proprietary series hybrid powertrain technology that comprises a microturbine generator
which delivers extraordinary levels of efficiency and performance while having minimal impact on the
environment, primarily upon the use of renewable resources.
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market-4099
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Global Micro Turbine Market Forecast to 2023
MARKET SEGMENT
Global Micro Turbine Market - Segments
The global microturbine market is segmented by MRFR on the basis of application, power rating,
end-use, and region.
Market segmentation based on application includes cogeneration and standby power.
Cogeneration indicates the simultaneous generation of electricity and useful heat. Whereas,
standby power is the power consumed by a gadget when it is not in use. Ascending environmental
concerns for global warming, and extinction of non-renewable resources of energy due to heavy
usage of fossil fuels for energy generation are driving the cogeneration segment into a dominant
market position.
Based on end-use, the global microturbine market is segmented into commercial, residential, and
industrial. Segmentation based on power rating includes 12 KW-50kW, 50kW-250kW, and 250kW500kW market segments.
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Global Micro Turbine Market Forecast to 2023
KEY PLAYER
Key Players:
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Bladon Jets (Isle of Man),
Ansaldo Energia S.P.A (Italy),
Brayton Energy LLC. (USA),
FlexEnergy, Inc. (the USA),
Toyota Motor Corporation (Japan),
Capstone Turbine Corporation (USA),
Microturbine Technology BV (the Netherlands),
Calnetix Technologies LLC (USA),
ICR Turbine Engine Corporation (USA),
Eneftech Innovation SA (Switzerland), and
Wilson Solarpower Corporation (USA).
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industry experts and industrial visits for its research analyst members.
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Rising adoption of microturbines as a distributed energy generation source has led to significant market growth by the end of 2023. The shift towards ascending growth of the global microturbine adoption is attributed to an increasing focus on green energy generation along with heat production for various industrial, commercial, and residential activities. Further, burgeoning demand for cogeneration application is also contributing majorly to the shift of trends towards micro turbine adoption.

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