MICROTURBINE SYSTEMS MARKET ANALYSIS

Microturbine Systems MarketSize and Trends

The microturbine systems market size was valued at US$ 71.8 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.40% from 2023 to 2030. Microturbines are new distributed generation technology that is used for stationary energy generation applications. These turbines can produce both heat and electricity on a relatively small scale. A microturbine runs on various types of fuels including biogas, diesel, natural gas, alcohol, hydrogen, and LPG.  It can generate power from 25 kW to 1000 kW and can be used in commercial, residential, and industrial sectors. The majority of the applications of microturbines are in the industrial (mining, oil & gas, wastewater plants, and land rigs) and commercial sector (hotels, office buildings, schools, sports centers, supermarkets, swimming pools, and hospitals) due to the benefits they offer.

Global Microturbine Systems Market Trends:

Combined heat & power application

Microturbines are typically used in combined heat & power applications. Standby power application is expected to hold a dominant position in commercial use in the near future. This is to avoid losses occurring due to conventional power failure. Microturbines are mainly used in hybrid passenger vehicles. Growing environmental concerns combined with rising global warming and pollution levels are expected to boost the demand for combined heat & power.

Massive demand from oil & natural gas sector

There is a massive demand for microturbine systems from oil & natural gas followed by construction, pharmaceutical, wastewater treatment, and mining. The demand for microturbine systems in construction and oil & gas is expected to increase in the near future, owing to rising construction and offshore exploration activities.