Microturbine Market to garner USD 988.86 Million with almost 17% CAGR during 2021-2025: Technavio
NEW YORK, March 25, 2021 /PRNewswire/ -- The microturbine market is expected to post a CAGR of almost 17% during the period 2021-2025, according to the recently published market research report by Technavio. This report offers a detailed analysis of key factors responsible for the current and potential growth of the market. Furthermore, it provides extensive, value-driven data insights pertaining to microturbine market aiding customers to make informed business decisions.
Prominent Takeaways from this Report
- Decommissioning of nuclear power plants will drive market growth.
- Industrial segment to witness highest end-user share in the microturbine market.
- 36% of the market growth will originate from North America with the US holding the largest country share.
- Microturbine market is highly competitive and fragmented with vendors deploying innovative strategies to continue maintaining and expanding their customer base.
- The market is anticipated to have negative & inferior impact due to the COVID-19 pandemic.
View Technavio's 120-page research report with ToC on "Microturbine Market by End-user (industrial, commercial, and residential), Application (cogeneration and stand-by power), Geography (North America, Europe, APAC, South America, and MEA) and Vendor Forecasts, 2021 - 2025"
https://www.technavio.com/report/microturbine-market-industry-analysis
Microturbine Market: Driver and Trend Analysis
The decommissioning of nuclear power plants is identified as one of the primary growth factors for microturbine market. Advanced economies including Germany and France have already started decommissioning their nuclear plants and replacing them with renewable energy-based power generation. This has further resulted in an increasing demand for standalone structures such as microturbines.
The emergence of strict regulations for curbing carbon emissions responsible for global warming and associated perils across the countries worldwide has created a demand for cost-effective and environment-friendly alternatives such as microturbines. Microturbines are anticipated to emerge as a cost-effective and less polluting power generating alternative, particularly in remote areas. This will further boost the market growth across the globe.
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Microturbine Market: Segmentation Analysis
This market research report fragments the global microturbine market by end-user (industrial, commercial, and residential), application (cogeneration and stand-by power) and geography (North America, Europe, APAC, South America, and MEA).
The industrials end-user segment held the largest microturbine market share in 2020. Microturbines are being used in several industries including the food processing, furniture, plastics and plating, metals and mining, and oil and gas industry. The ability of microturbines to function on multiple fuels is one of the critical factors responsible for their deployment in both power generation and heating/cooling purposes, particularly in the oil and gas industry of the US, Russia, and China.
In terms of geographical analysis, 36% of the market's growth will originate from North America during the forecast period. Shale gas boom, particularly in the US will facilitate microturbine market growth in the region over the forecast period. However, market growth in this region will be slower than the growth of the market in APAC and Europe.
Microturbine Market: Vendor Analysis
The microturbine market is highly competitive and fragmented. Several players in the market striving to provide superior products by differentiating them either based on quality or service. Vendors are deploying various organic and inorganic growth strategies to survive market competition. This report classifies key market players as dominant, pure-play and industry-focused players to offer effective investment opportunities and allow clients to take informed decisions. Prominent microturbine market players include:
- Ansaldo Energia Spa
- Bladon Jets
- Brio Energy Pvt. Ltd.
- Capstone Turbine Corp.
- Eneftech Innovation SA
- FlexEnergy Inc.
- General Electric Co.
- ICR Turbine Engine Corp.
- Micro Turbine Technology (MTT) BV
- OPRA Turbines
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Microturbine Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist microturbine market growth during the next five years
- Estimation of the microturbine market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the microturbine market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of microturbine market vendors
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