by The Microturbine Systems Market has seen substantial growth in the last decade due to the increasing demand for efficient, reliable and flexible distributed power generation globally. Microturbines offer significant advantages over traditional reciprocating engines as they operate with lower emissions and higher fuel efficiency. Used widely for cogeneration and combined heat and power applications in commercial, industrial and residential sectors, microturbines can work with multiple gaseous and liquid fuel options including natural gas, propane, diesel and renewables like landfill gas and digester gas. Their compact design and ability to function as standalone systems or in combination with other technologies makes microturbines suitable for diverse applications requiring power output ranging from 25kW to 500kW.
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:
Some of the major trends anticipated to foster the growth of the microturbine system market over the forecast period include increasing adoption in industrial and commercial spaces, technological advancements to improve performance and reduce cost, growing focus on integrated renewable energy solutions and emergence of hybrid power systems. Microturbines are increasingly being used in commercial buildings, industrial plants, data centers and remote areas for meeting baseload power needs as well as for peak shaving applications. Their compact design, high fuel flexibility and lower emissions are boosting popularity in the industrial sector. Manufacturers are also focusing on technology upgrades to improve operational efficiencies, reduce maintenance costs and expand power output capabilities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as large capital investments are required to manufacture turbines and set up distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high as microturbines can be substituted by other distributed generation technologies like solar PV panels and fuel cells.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as some key components require specialized engineering and manufacturing technologies.
Threat of new substitutes: The threat of new substitutes is high due to declining prices of other distributed technologies like solar panels and fuel cells which offer comparable benefits.
Competitive rivalry: The competitive rivalry is high among the existing players in the market.
Key Takeaways
The Global Microturbine Systems Market Demand is expected to witness high growth over the forecast period. The North America region currently dominates the market owing to supportive government policies promoting the adoption of clean energy technologies.
Regional analysis:
North America accounts for the largest share of the microturbine systems market. The US government offers tax incentives and rebates for installations of microturbines used forCombined Heat and Power (CHP) applications. favorable regulatory policies are also driving the market in Canada and Mexico.
Key players:
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. Bavarian Nordic and Argos Therapeutics are recognized as technology leaders in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
