(MENAFN- America News Hour) The report predicts the global Micro Turbines Market to grow at a healthy CAGR over the forecast period from 2023-2033.
“The micro turbines market is projected to grow at a CAGR of 9.46%, from 2023 to 2033.”
The micro turbines market is estimated to be USD 159.7 million in 2023 and is projected to reach USD 251.0 million by 2033, growing at a CAGR of 9.46%, from 2023 to 2033. The increasing demand for power worldwide, subsequent investments in new power generating capacity, and growing adoption of combined heat and power (CHP) is driving the market for micro turbines across the world.
“The industrial segment is expected to hold the largest share of the micro turbines market, by end-user, during the forecast period.”
The industrial segment accounted for more than half of the
micro turbines market
in 2016. This can be attributed to increased operations in the construction, manufacturing, mining, oil & gas, automotive, and pharmaceutical industries. The oil & gas sector is a vital industry for micro turbine applications as various commodity prices depend on the price of oil. Micro turbines also find application in the renewable energy industry, particularly in wastewater treatment plants where the environmentally harmful gas methane is used to generate electricity and heat, thereby, resulting in the production of clean energy.
“North America: The largest market for micro turbines.”
North America is the largest market for micro turbines followed by Europe and the Asia Pacific. The US accounted for a majority share of the North American market in 2016, while the Canadian market is projected to grow at the highest CAGR from 2023 to 2033. Aging power plants and frequent natural calamities have created enormous growth opportunities for the micro turbines market in this region. The shale gas boom in North America and decommissioning of nuclear plants in Europe are driving the micro turbines markets in those regions.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
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The distribution of primary interviews is as follows:
By Company Type: Tier 1- 62%, Tier 2- 23%, Tier 3- 15% By Designation: C-Level- 25%, D-Level- 35%, Others- 40% By Region: North America- 29%, Europe- 18%, Asia Pacific- 42%, RoW- 11%
The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The leading players in the micro turbines market include Capstone Turbine (US), FlexEnergy (US), Ansaldo Energia (Italy), MTT (Netherlands), and Toyota Turbine and Systems (Japan).
The report provides a picture of the micro turbines market across the power industry and regions. It aims at estimating the size and future growth potential of the market across different segments such as architecture, stream, and region. Furthermore, the report also includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
For the purposes of this report, the market has been segmented on the basis of application, end-user, power rating, and region, with a focus on industry analysis (industry trends), market share analyses of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the micro turbines market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the micro turbines market Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the micro turbines market across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global micro turbines market
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Why Buy this Report? The report identifies and addresses key markets for the implementation of micro turbines in the power industry, which would help manufacturers review the growth in demand. The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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