by Microturbine systems, also known as microturbines, are small combustion turbines that can generate electricity and heat. They are used in combined heat and power applications for distributed generation. Microturbines offer benefits like high reliability, low emissions, and modularity as they can be clustered together to meet increasing power needs. They work on various fuels like natural gas, propane, diesel, kerosene, liquid petroleum gas (LPG), and landfill or digester gas. Common end-use applications of microturbines include commercial buildings, hospitals, district heating, oil and gas recovery, and remote power generation.
The global Microturbine Systems Market is estimated to be valued at US$ 91.32 Billion in 2024 and is expected to exhibit a CAGR Of 34.% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Demand from Distributed Generation – As mentioned in the heading, the demand for distributed generation from industrial, commercial and residential sectors has been increasing significantly. Microturbines offer a viable solution for distributed power generation as they can be modularly installed and operate on various fuels. This growing demand from distributed generation is expected to drive the microturbine systems market over the forecast period.
Reliability and Efficiency – Microturbines offer high reliability as they have no single point of failure and fewer moving parts compared to large turbines. They also have much higher electrical efficiencies than conventional combustion engines. This makes microturbines an attractive proposition for commercial and industrial customers looking for reliable and efficient power sources. Their reliability and efficiency are thus expected to boost the microturbine systems market growth.
Segment Analysis
The global microturbine systems market is dominated by the grid-connect sub-segment which accounts for over 70% market share. Microturbines are small combustion turbines that can be connected to local electric grids to generate and supply power. They offer benefits such as high efficiency and reduced emissions. Moreover, grid connectivity enables the excess power generated to be exported to the grid for revenue.
PEST Analysis
Political: Supportive regulations promoting renewable and distributed energy systems are driving the adoption of microturbines. Many governments offer tax incentives for installing clean power sources.
Economic: Microturbines can help businesses reduce electricity costs through on-site power generation. They also qualify for net metering schemes where surplus power is exported. Reduced energy bills boost returns on investments.
Social: Rising environmental awareness is increasing the acceptance of green technologies. Microturbines emit 50% lower emissions than diesel generators. Their small size allows installation at densely populated urban locations.
Technological: Advancements in materials, turbine design and power electronics have improved the efficiency and reliability of microturbines. Their modular design facilitates easy maintenance and upgrades. Integration of energy storage maximizes power output.
Key Takeaways
The Global Microturbine Systems Market Demand is expected to witness high growth over the forecast period due to increasing demand for distributed energy resources.
Regional analysis:
The North American region accounts for over 40% market share currently owing to presence of major microturbine manufacturers and deployment of projects across industries. States like California have set ambitious renewable energy targets promoting microturbine installations.
Key players operating in the microturbine systems market are Bavarian Nordic, Argos Therapeutics, Antigenics, Affiris, Celldex Therapeutics, Biovest International, Cel-Sci, Celtic Pharma, and Cytos Biotechnology. Bavarian Nordic and Argos Therapeutics have established product portfolios and global presence in this market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
