Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- Microturbine Market size is projected to reach USD 129.4 million in 2029, at a CAGR of 10.1% during the forecast period. The global Microturbine market size was USD 60.3 million in 2021. Microturbine market is projected to rise during the forecast period due to increasing installation of Combined Heat and Power (CHP) to Bolster Market Growth. This information is published by Fortune Business Insights™ in a report, titled, “Microturbine Market, 2022-2029.”
COVID-19 Activates Disturbance in Growth due to Worsened Supply Chain Operations
The novel coronavirus turned out to be a global health hazard and has managed to impact the globe. There are several business sectors impacted by the pandemic such as the power generation sector, production sector, hospitality & tourism, and others. The governments around manifold nations had to enforce a closure of facilities. Most of the countries implemented constraints on mobility within countries and also outside the national boundary, which has adversely disturbed the supply chain, as well as the trade activities too were hampered.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 10.1% |
| 2029 Value Projection | USD 129.4million |
| Base Year | 2021 |
| Market Size in 2021 | USD 60.3 million |
| Historical Data for | 2018-2020 |
| No. of Pages | 269 |
| Segments covered | By Power Rating, By Application, By End-user, and By Region |
| Growth Drivers | Surging Electricity Demand to Amplify Growth in Market |
| COVID-19 Activates Disturbance in Growth due to Worsened Supply Chain Operations |
Market Growth Drivers:
The requirement for power is surging across the globe owing to the population is surging majorly. The infrastructural progression majorly contributes to the surge of electricity demand. Industrialization is additionally growing throughout numerous emerging nations and in numerous countries, several smart cities and smart building schemes are commenced that will augment the energy demand. In order to suffice the energy demand, the common public and private segments are growing powerhouse competence either by putting in novel powerhouses or by surging their power plant capabilities.
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Report Coverage:
The report offers precise review of the market and a deep investigation of the chief segments of the market. It offers a detailed examination of prime players and their perceptive tactics to bolster the market growth for lucrative prospects. It additionally mentions perceptible information that also helps entrepreneurs with their investment standpoint. The regional aspects and their role in structuring the market are acknowledged in the following report.
Segmentation:
Based on power rating, the market is segregated into up to 50 kW, 51 kW-250 kW, 251-500 kW, and 501-1000 kW.
By application, the market is bifurcated into combined heat & power (CHP) and standby power.
Based on end-user, the market can be broadly trifurcated into residential, commercial, and industrial divisions. The industrial segment is likely to hold a dominant market share during the forecast period.
Geographically, the global market has been analyzed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights:
North America to Dominate Backed by Surging Focus of Government on Closing Power Plants
North America region dominated and held the largest microturbine market share in the year 2021. The government and the private sectors are concentrating on shutting down nuclear and coal power factories. The U.S. holds the maximum of the market share in the North America region.
Asia Pacific region is anticipated to grow at a substantial CAGR throughout the forecast period. The population of the region is extremely high that concludes in elevated electricity demand and usage within the region.
Europe region is also probable to observe the microturbine market growth during the forecast period. This region has numerous forthcoming ventures aligned in this market during the mentioned period.
Competitive Landscape:
Prime Players Engage in Notable Deals to Make Significant Modifications in Market
The players functioning in the market frequently apply various stratagems that will assist the market to grow and bolster product demand. Among the abundant strategies accessible, one such remarkable one is to extend the business opportunity by engaging in multimillion worth agreements with government establishments and safeguarding a profitable income for their respective company.
Industry Developments:
December 2021: Capstone Green Energy Corporation has declared that Lone Star Power Solution, its U.S. contractor has landed an agreement to deliver CHP clean energy system to a prime hospital based in Alabama. The microturbine will be 600 kW and will be driven by LPNG. The system is anticipated to be appointed by 2022.
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Key Benefits for Microturbine Market:
- The Microturbine market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analys is of the Microturbine market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Microturbine market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
List of Key Players Mentioned in the Report:
- Capstone Turbine Corporation (U.S.)
- Bladon Micro Turbine (U.K.)
- UAV Turbine (U.S.)
- Ansaldo Energia (Italy)
- Aurelia Turbine (Finland)
- MTT Microturbine (Netherlands)
- FlexEnergy Inc. (U.S.)
- ICR Turbine Engine Corporation (U.S.)
- Dresser-Rand (U.S.)
- Turbo Tech Precision Engineering Pvt., Ltd. (India)
- Brayton Energy, LLC. (U.S.)
Global Microturbine Market Segmentation:
By Power Rating
- Up to 50 kW
- 51 kW -250 kW
- 251-500 kW
- 501-1000 kW
By Application
- Combined Heat and Power (CHP)
- Standby Power
By End-User
- Residential
- Commercial
- Industrial
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Microturbine Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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