Microturbine systems are highly efficient distributed generation systems that provide combined heat and power (CHP). Microturbine systems are environment-friendly and easy to install compared to conventional power generation systems. They can operate on multiple fuels such as natural gas, propane, diesel, and biodiesel. Microturbines produce reliable power for telecommunications, oil and gas, and various industrial sites.
The global Microturbine Systems Market is estimated to be valued at Us$ 91.32 Bn 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 key trends:
The increased deployment of microturbine systems in small commercial buildings is expected to drive market growth over the forecast period. Microturbine systems offer advantages like low installation and maintenance cost, ease of installation, and continuous power supply even during power outages. Their compact size allows installation even where space is limited. They can utilize waste heat for applications like space heating and hot water, thereby improving overall system efficiency. Additionally, microturbines qualify for incentives under renewable energy portfolio standards in many countries, which is encouraging greater commercial and industrial installations of these systems.
Segment Analysis
The global Microturbine Systems market is segmented by application into Combined Heat and Power (CHP), Standby Power and Others. The CHP segment dominates the market accounting for the largest market share. CHP microturbines are highly efficient in capturing waste heat from the turbine exhaust and reusing it for heating, cooling and other applications. This leads to overall system efficiencies of up to 80% which conventional power generation cannot achieve.
Key Takeaways
The Global Microturbine Systems Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis:
The North America region currently dominates the Microturbine Systems market with the largest market share. The US and Canada have quickly adopted microturbine technology across different application segments. Government policies supporting clean distributed generation are driving the market growth in this region.
Key players operating in the Microturbine Systems market are Bavarian Nordic, Argos Therapeutics, Antigenics, Affiris, Celldex Therapeutics, Biovest International, Cel-Sci, Celtic Pharma, Cytos Biotechnology. Regions like Asia Pacific and Europe are also witnessing fast adoption of microturbines. Countries like China, Japan, UK, Germany are emerging as high growth markets. Microturbines provide efficient off-grid and emergency power solutions especially suitable for remote locations and mining sites stimulating demand growth.
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