Microturbine Systems Will Grow at Highest Pace Owing To Modular Deployment
The microturbine systems market consists of gas turbines that have a generating capacity of less than 1 megawatt (MW) of power. Microturbines provide flexible cogeneration, which helps generate both heat and electricity, making them versatile devices for small and distributed applications. They provide green power, as they operate on clean fuels such as natural gas and alternative fuels and also help reduce emissions of greenhouse gases. Microturbines are modular in design and can be easily transported to off-grid locations for seamless installation. This allows for easier and faster deployment as compared to large-scale generation facilities.
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.
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.
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