Micro Gas Turbine Market Analysis

Micro Gas Turbine Market Analysis

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The > 50 kW to 250 kW rated micro gas turbine market held a share of over 35% in 2022. Wide scale utilization of these units across district heating systems and the growing focus on energy efficiency will boost the product disposition. Robust growth in the development of commercial buildings coupled with the shifting focus toward grid energy solutions will positively sway the industry potential.
 

The > 250 kW to 500 kW rated micro gas turbine industry will witness an upsurge owing to expansion of micro-CHP systems in commercial and small-scale industries, driven by the growing demand for utility-scale power generation. Large scale integration of the units with renewable energy sources together with growing adoption in remote and off-grid applications will escalate the industry development. The ability to operate on a variety of fuels, including natural gas, biogas, and liquid fuels, makes them suitable for diverse environments.
 

The hybrid vehicle application will witness growth rate of 8.1% by 2032. Growing demand for long-range electric vehicles coupled with increasing demand for energy-efficient transportation will foster the business prospective. Increasing infrastructural investments and shifting government focus to reduce dependency over fossil fuels will energize the micro gas turbine market dynamics. The increasing installation of these turbine across remote oil & gas operations where access to the electrical grid may be limited or unreliable will propel the business revenues.
 

The marine application will witness an appreciable momentum on account of rising investments in offshore energy projects and development of lightweight & compact micro gas turbine systems. Growth of maritime tourism sector coupled with expansion in luxury ship segment is gaining traction, which in turn will further support the industry growth.
 

The Europe micro gas turbine market was worth USD 22.8 million in 2022. Paradigm shift toward cleaner energy solutions and stringent emission norms will drive the product adoption. Increasing demand for distributed power generation and the shifting government focus toward reduction of greenhouse gas emissions and energy consumption will accelerate the industry landscape. Moreover, ongoing implementation of supportive policies & incentives including feed-in tariffs, tax credits, and grants will favor the business scenario.