Due to Increased Industrialization in the Developing Nations – Asia Pacific to Witness Significant Growth in the Micro Turbines Market

Global Micro Turbines Market is expected to grow at a CAGR of ~11% between 2021-2027. Micro turbines are a simple form of gas turbine, usually featuring a radial compressor and turbine rotors and often using just one stage of each. Micro turbines offer several potential advantages compared to other technologies for small-scale power generation, including: a small number of moving parts, compact size, lightweight, greater efficiency, lower emissions, lower electricity costs, and opportunities to utilize waste fuels. Waste heat recovery can also be used with these systems to achieve efficiencies greater than 80%. Factors such as increasing global electricity demand and rising investments in power transmission and distribution networks coupled with growing adoption of CHP and increasing efforts to reduce global greenhouse gas emissions and are driving the micro turbine market. For instance, as per IEA Electricity Market Report 2020, after declining in 2019 and 2020, global electricity sector emissions grew by close to 7% and reached a new all-time peak in 2021. Coal was the main driver of this increase in 2021, accounting for over 800 Mt of CO2 emissions growth.

For a detailed analysis of the Micro Turbines Market browse throughhttps://univdatos.com/report/micro-turbines-market/

Global energy demand is estimated to have fallen by 4.5% in 2020. This is the largest recession in last 60-70 years, driven by an unprecedented collapse in oil demand, as the imposition of lockdowns around the world decimated transport-related demand. Despite the disorder of 2020, renewable energy, led by wind and solar energy, continued to grow prolifically. Remarkably, wind and solar capacity increased by a colossal 238 GW last year – 50% larger than any previous expansion. Likewise, the share of wind and solar generation in the global power mix recorded its largest ever increase. The relative immunity of renewable energy to the events of last year is encouraging. Furthermore, as per IEA, Electricity demand is heading for its fastest growth in more than 10 years. Electricity demand increased by approximately 6% in 2021, or over 1,500 TWh. Global electricity demand was boosted by a rapid economic recovery, combined with more extreme weather conditions than in 2020, including a colder than average winter.

For a detailed analysis of the market drivers in Micro Turbines Market browse through https://univdatos.com/get-a-free-sample-form-php/?product_id=17721

COVID-19 pandemic have impacted all sections of the society and industry and Micro Turbines market is no exception. The global demand for micro turbines decreased in 2020. COVID-19 pandemic resulted in slow growth of the energy and power sector in most of the economies globally, as many countries had nationwide lockdowns to prevent a spread of the virus. As per the IEA Energy Efficiency Report 2020, countries around the world preferred the use of more efficient energy source. The increasing time spent at home due to nationwide lockdown has increased the energy consumption among residential end-users, leading to significant and complex shifts in energy demand. However, there was a decrease in energy consumption and demand from the industrial sector and commercial sector during first two quarter of 2020. It is estimated that there would be very low investments from the utility companies to replace the old infrastructure and new energy system installations, as current COVID-19 situation is still risky.

Based on power rating, the micro turbine market is bifurcated into three segments: up to 12–50 kW, 51–250 kW, and 251–500 kW. In 2020, the 51–250 kW category accounted for a considerable share of the market. This is mainly due to their higher adoption in commercial and industrial applications. For instance, Micro Gas Turbines AET100 by Ansaldo Energia can be installed in food industries, for drying processes in general (ovens, brickyards, painting plants, etc.), chemical and petrochemical plants, industrial laundries, joinery, waste water treatment plants, hospitals, swimming pools, hotels, leisure centers, among others. It can be installed inside all turnkey cogenerative and trigenerative plants, providing simultaneous generation of electrical and thermal energy with very low levels of noise, vibrations, and emissions.

For a detailed analysis of the Output Power in the Micro Turbines Market browse through https://univdatos.com/get-a-free-sample-form-php/?product_id=17721

On the basis of end-user, the market is categorized into Industrial, Commercial, and Residential. During the forecast period, the commercial category to witness fastest growth owing to the expansion of urban areas and the development of commercial trade hubs coupled with growing focus on using green construction techniques to build energy efficient buildings and reducing construction costs.

Based on application, the Micro Turbines market has been bifurcated into CHP and standby power. Of these, CHP is expected to witness higher CAGR during the forecast period. This application is highly useful for industries such as wastewater treatment plants, breweries, rubber mills, and paper mills, which require heat to drive various internal processes.

For a better understanding of the market adoption of Micro Turbines Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, North America dominated the market. North American market will further witness steady growth due to the aging power plants and frequent natural calamities have created enormous growth opportunities for the micro turbine market in this region.
Request for Sample of the report browse throughhttps://univdatos.com/get-a-free-sample-form-php/?product_id=17721

Some of the major players operating in the market include Capstone Green Energy Corporation, FlexEnergy Energy Systems Inc., Toshiba Corporation, Bladon Micro Turbine, Micro Turbine Technology BV (MTT), Calnetix Technologies LLC, Ansaldo Energia S.P.A., NewEnCo., Aurelia Turbines Oy, and Bowman Power Group Ltd. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Micro Turbines Market Segmentation

Market Insight, by Power Rating

• 12–50 kW
• 51–250 kW
• 251–500 kW

Market Insight, by End-User

• Industrial
• Commercial
• Residential

Market Insight, by Application

• Combined Heat & Power (CHP)
• Standby Power

Market Insight, by Region

• North America Micro Turbines Market
  • United States
  • Canada
  • Rest of North America
• Europe Micro Turbines Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Micro Turbines Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Micro Turbines Market

Top Company Profiles

• Capstone Green Energy Corporation
• FlexEnergy Energy Systems Inc.
• Toshiba Corporation
• Bladon Micro Turbine
• Micro Turbine Technology BV (MTT)
• Calnetix Technologies LLC.
• Ansaldo Energia S.P.A.
• NewEnCo.
• Aurelia Turbines Oy
• Bowman Power Group Ltd