Market Scenario
As per the recent assessment by Market Research Future Reports (MRFR), the worldwide micro turbine market is estimated to grow at a CAGR of 10% during the assessment period. The increasing demand for clean energy is the most substantial factor augmenting the global micro turbines market 2020. The easy availability of fuel is another factor causing the rise of micro turbines market. Moreover, there has been a surge in demand for cogeneration application which is likely to drive an inclination towards microturbines. Besides, the increasing concern of for global warming due to the toxic effect produced by the burning of fossil fuels is projected to lead the microturbine market during the review period. Also, the increasing demand for cogeneration application is contributing significantly in the market expansion. Besides, the ageing of grid infrastructure and the augmenting need for green energy are other significant factors leading to market growth. Moreover, the government of several countries have implemented stringent action to preserve the environment. Besides, the increasing investment in technology is likely to expand the market additionally.
The assessment carried out by MRFR displays the effect of the COVID-19 pandemic. Also, an in-depth analysis of factors amplifying and thwarting the market in the post-COVID-19 environment has been evaluated. We will provide COVID-19 impact analysis with the report.
Key Players
The global forefront players of the market are FlexEnergy, Inc. (U.S.), Capstone Turbine Corporation (U.S.), Ansaldo Energia S.p.A (Italy), Brayton Energy LLC. (U.S.), Microturbine Technology B.V. (the Netherlands), Eneftech Innovation S.A. (Switzerland), Wilson Solar power Corporation (U.S.), Calnetix Technologies LLC (U.S.), Toyota Motor Corporation (Japan), Bladon Jets (Isle of Man), ICR Turbine Engine Corporation (U.S.), and a few others.
Market Segmentation
The worldwide micro turbines market can be segmented on the basis of application, power rating, end-user, and region.
On the basis of application, the worldwide micro turbines market can be segmented into cogeneration and standby power.
On the basis of power-rating, the worldwide micro turbines market can be segmented into 12 KW-50kW, 50kW-250kW, and 250kW-500kW market segments.
On the basis of end-user, the worldwide micro turbines market can be segmented into commercial, industrial, and residential.
On the basis of region, the global micro turbines market can be segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Regional Analysis
The geographical study of North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) has been carried out. As per the analysis, North America is speculated to be the largest market holder. There has been a sudden surge in the power generation resources driven by implementing rules and regulations to lessen the carbon emission. Moreover, there has been a rise in demand for energy in the region which is additionally augmenting the market. Among all nations, the U.S. and Canada are projected to make the most significant contribution is magnifying the market. As per the study, in Europe, France, Germany, and the U.K. is estimated to make the maximum contribution in enlarging the market in the forthcoming period. Besides, the region has been encouraging the usage of green energy which is fueling the regional market growth. The energy generation sector in Europe is likely to augment the market further. On the other hand, the APAC region is estimated to be a lucrative market during the review period. The emerging economies like Japan, China, and India are making maximum participation in enhancing market growth. The rising industrialization and the urbanization are estimated to be the most significant factor resulting in regional market expansion.
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