Micro Turbine Market To Reach $388.3 Million By 2030

Micro Turbine Market Growth & Trends

The global micro turbine market size is expected to reach USD 388.3 million in 2030 and is projected to grow at a CAGR of 8.7% from 2024 to 2030. Micro turbines have been gaining advantage globally on account of their compact size and high-efficiency levels. The technology is an ideal solution for generating clean energy in the environment. Cost-effectiveness coupled with waste fuel utilization has been the major factors driving the global Micro Turbine Market. Changing grid operations are anticipated to establish a key industry opportunity for product development.

Increasing potential for greener energy solutions is also expected to further augment industry revenue over the forecast period. Growing investment initiatives to develop new generating capacity coupled with a stringent environmental regulatory framework is anticipated to further enhance the overall market growth in the near future. Combined heat & power was the leading application segment and accounted for over 55% of total market revenue in 2015. Increasing initiatives to reduce global warming levels and the installation of CHP are expected to drive this segment over the forecast period.

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Micro Turbine Market Report Highlights

• Combined Heat & Power (CHP) segment held the highest revenue market share of 58.2% in 2023

• 50 kW-250 kW held the highest revenue market share in 2023. Businesses and institutions are increasingly prioritizing energy-efficient solutions to minimize operational costs, driving the demand for micro turbines in the 50 kW-250 kW range

• The 50-250 kW micro turbines are used in Combined Heat and Power (CHP) systems, which efficiently generate both electricity and heat from a single fuel source

• Industrial segment held the highest revenue market share in 2023. Rapid industrialization and urbanization in countries such as China, India, and various Southeast Asian nations are significantly increasing the demand for reliable and efficient power solutions

• North America held the highest revenue market share of 37.2% 2023. The expansion of industrial sectors such as manufacturing, oil and gas, and mining is significantly increasing the demand for efficient and reliable power solutions such as micro turbines

Micro Turbine Market Segmentation

Grand View Research has segmented the global artificial intelligence market report based on solution, technology, end use, and region

Micro Turbine Application Outlook (Revenue, USD Million, 2018 - 2030)

• Combined Heat & Power (CHP)

• Standby Power

Micro Turbine Power Rating Outlook (Revenue, USD Million, 2018 - 2030)

• 12 kW -50 kW

• 50 kW-250 kW

• 250 kW-500 kW

Micro Turbine End-Use Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial

• Commercial

• Residential

Micro Turbine Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • KSA

  • UAE

  • South Africa

List of Key Players in Micro Turbine Market

• Ansaldo Energia Spa

• Bladon Micro Turbine

• ICR Turbine Engine Corporation

• Brayton Energy LLC

• FlexEnergy Solutions

• Micro Turbine Technology B.V.

• Calnetix Technologies LLC

• Capstone Green Energy Corporation

• Turbotech Precision Engineering Pvt. Ltd.

• Toyota Turbine Systems