Over the anticipated years, the microturbine market is anticipated to increase in revenue. Consumers' increased preference for low-emission power production sources is expected to continue to be a key market-driving factor throughout the course of the projected period. Because of their tiny size, versatility in fuels, lack of moving parts, and increased efficiency, micro turbines have a number of benefits that should increase demand from end-use industries and result in lower electricity costs. Favourable government rules, which are being favoured as shale gas exploitation increases, are the main factor driving the rise of the micro turbine market in this region. Oil developments in the area will completely decline when gas and oil prices stabilize. Oil and gas producers will be able to drastically lower their energy expenditures and boost the effectiveness of their drilling and operational procedures by integrating micro turbine systems into their operations.
Since it has spread to other countries, the coronavirus is now viewed as a threat to global health. One of several industries affected by the epidemic is the electricity generation industry. A lockdown had to be implemented by the governments of numerous countries. Most countries have imposed limitations on cross-border or intra-national travel, which has severely affected the supply chain and interrupted trade activities. The majority of industry, including new power projects, were shut down due to the rising concern over the deadly virus. The demand for microturbines and associated components and accessories is decreasing as a result. The supply of these materials has been impeded as a result of the governments of various countries closing international borders. Many projects require the importation of parts, machinery, or turbines from other nations. The projects were therefore delayed. Investment in the power sector has reduced as a result of the epidemic.
Microturbine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ansaldo Energia S.P.A., Bladon Jets, Brayton Energy LLC, Calnetix Technologies LLC, Capstone Turbine Corporation, Eneftech Innovation SA, Flexenergy, Inc., ICR Turbine Engine Corporation, Microturbine Technology BV, NewEnCo., Toyota Motor Corporation, Wilson Solarpower Corporation.
Global Microturbine Market Segmentation:
By Power Rating: Based on the Power Rating, Global Microturbine Market is segmented as; 12kw – 50kw, 51kw – 250kw, 251kw – 500kw, 501kw – 100kw.
By Application: Based on the Application, Global Microturbine Market is segmented as; Combined Heat and Power, Standby Power.
By End User: Based on the End User, Global Microturbine Market is segmented as; Commercial, Industrial, Residential.
By Region: North American microturbine market dominated the industry globally. Higher consumption rates in the construction, mining, wastewater treatment, and pharmaceutical industries in the United States were the key drivers of regional demand. Over the projected period, Canada and Mexico are anticipated to grow at high CAGRs. It is also anticipated that regional shale gas developments will soon have a substantial impact on the growth of the business. Europe came in second in terms of regional demand. The regional product demand was mainly influenced by Germany, the UK, and Russia. Environmental restrictions that are strict are anticipated to have a favorable effect on industry growth soon. Statistics show that nations like the Netherlands, Finland, Norway, and others are already adopting micro turbine systems and will do so in the near future due to their national policies that support clean fuel technology.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.