Covid-19 Impact: Microturbine Market Report 2020 Share, Size, Trends & Forecast till 2025

NEW YORK - May 19, 2020 - PRLog -- According to the latest report by IMARC Group titled, "Microturbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025", the market to reach a value of US$ 329.7 Million by 2025, exhibiting a CAGR of 8.5% during 2020-2025.

Microturbines are small combustion turbines that produce heat and electricity for small-scale power generation. They are compact and lightweight and require low maintenance costs and result in low carbon emissions as compared to conventionally used alternatives. Consequently, they are extensively utilized in standby power and combined heat and power (CHP) systems.

On account of the increasing environmental concerns, governments of numerous countries are encouraging the adoption of green fuel technologies. Apart from this, they are also undertaking several initiatives to improve the existing energy infrastructure, which in turn is driving the microturbine market growth around the world. Moreover, as microturbines are highly-efficient and use natural gas and waste heat from thermal plants and petroleum fuels, their applications are expanding in a wide range of industries, including oil and gas, construction, pharmaceutical, wastewater treatment, and mining. Owing to this, the market is expected to strengthen in the coming years.

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Insights on Market Segmentation:

Breakup by Application:

1. Combined Heat and Power (CHP)

2. Standby Power

Breakup by Power Rating:

1. 12 kW – 50kW
2. 50 kW – 250 kW
3. 250 kW – 500 kW

Breakup by End-User:

1. Residential

2. Commercial

3. Industrial

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Breakup by Region:

1. North America
2. Asia Pacific
3. South Korea
4. United Kingdom
5. Latin America
6. Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Ansaldo Energia SPA, Bladon Jets, Capstone Turbine Corporation, FlexEnergy Inc., Brayton Energy, LLC, Toyota Motor Corporation, Micro Turbine Technology B.V., ICR Turbine Engine Corporation, Calnetix Technologies, etc.

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