Microturbine Systems Will Grow at Highest Pace Owing To Modular Deployment
 |
| Microturbine Systems Market |
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.
Key Takeaways
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, and Curevac. The growing demand for distributed power generation due to ongoing micro-grid and off-grid electrification projects is driving the Microturbine Systems Market. Moreover, technological advancements such as the development of industrial microturbines with higher power outputs are further fueling the adoption of microturbine systems.
The global microturbine systems market is expected to witness significant growth due to increasing demand for distributed power generation. Various micro-grid and off-grid electrification projects underway across rural and remote areas are driving the need for flexible and modular power solutions like microturbines. Furthermore, growing industrialization and urbanization in developing nations is also augmenting market growth.
Technological advancements are also playing a crucial role in microturbine systems market expansion. Key players are focusing on developing advanced systems with higher power outputs to target industrial applications. The integration of heat recovery capabilities, alternative fuel-burning, and improved operational efficiency through digitalization are some emerging technological trends.
Market Trends
Decarbonization of power sector: Governments across various countries are formulating policies and investing heavily in clean energy technologies to decarbonize their power sectors. This growing emphasis on reducing greenhouse gas emissions is creating conducive environment for microturbines as they can operate on clean fuels.
Modularization: Microturbine manufacturers are focusing on developing highly modular systems for easy transportability and plug-and-play installation. This allows seamless deployment of microturbines across distributed locations.
Market Opportunities
Industrial applications: With recent technological advancements resulting in higher power outputs, microturbines are gaining acceptance for various industrial applications such as on-site power generation at manufacturing facilities, oil & gas installations, etc.
Alternative fuels: Ongoing R&D on combustion of alternative fuels such as biofuels, hydrogen etc provides opportunities for microturbines to capitalize on renewable or hybrid energy solutions.
Impact of COVID-19 on Microturbine Systems Market Growth
The COVID-19 pandemic has negatively impacted the microturbine systems market
growth. During the peak of pandemic in 2020-2021, many industries and
commercial facilities faced temporary shutdowns due to lockdowns imposed by
governments worldwide. This led to a significant decline in the demand for
microturbine systems from industries, commercial sector, residential sector and
data centers. However, with mass vaccination drives and relaxations in
lockdowns from mid-2021, the market has started recovering gradually. The
demand is projected to rise steadily as economic activities normalize globally.
However, the long term impact of the pandemic along with changing consumer
behavior and preferences will determine the market trends.
To resume operations smoothly amid new social distancing and hygiene norms,
many industries are considering deploying backup power solutions like
microturbines. Healthcare facilities are also installing microturbine gensets
to ensure uninterrupted power supply. Going forward, the microturbine systems
market will experience steady growth driven by rising demand from data centers,
telecom towers and remote industrial facilities seeking reliable distributed
power generation. Original equipment manufacturers will have to focus on aftersales
service and building resilient supply chains. Innovation in modular and mobile
microturbine technologies holds promise for the future.
North America Dominates Microturbine Systems Market in Terms of Value
North America currently holds the largest share of the overall microturbine
systems market in terms of value. This is primarily due to high adoption of
microturbine systems for both on-grid and off-grid power generation
applications across industries, commercial sector and data centers in countries
like the US and Canada. Stringent emission norms in the region also favor the
usage of clean and green microturbine technologies. The market in Europe and
Asia Pacific is also expanding steadily driven by government incentives and
supportive policies promoting distributed renewable energy systems.
Asia Pacific Emerging as the Fastest Growing Region for Microturbine Systems
Market
The Asia Pacific region is emerging as the fastest growing regional market for
microturbine systems globally. This growth can be attributed to factors like
rising energy demand from a burgeoning industrial and commercial sector,
development of microgrid and mini-grid infrastructure across remote areas and
islands, and favorable government policies providing financial incentives for
clean distributed generation systems in countries like China, India, Japan,
South Korea and several Southeast Asian nations. Original equipment
manufacturers are also setting up manufacturing plants in Asia to cater to the
growing in-region demand.
Get more
Insights on Microturbine
Systems Market
Comments
Post a Comment