Micro Turbines Market Size | Share and Trends 2024 to 2034

Micro Turbines Market Size and Growth 2024 to 2034

The global micro turbines market size accounted for USD 79.68 million in 2024 and is expected to reach around USD 199.27 million by 2034, expanding at a CAGR of 9.6% from 2024 to 2034. The North America micro turbines market size reached USD 26.17 million in 2023.

Micro Turbines Market Key Takeaways

• North America led the global market with the highest market share of 36% in 2023.
• By application, the combined heat and power (CHP) segment has held the largest market share in 2023.
• By end use, the industrial segment captured the biggest revenue share in 2023.

U.S. Micro Turbines Market Size and Growth 2024 to 2034

The U.S. micro turbines market size was estimated at USD 18.36 million in 2023 and is predicted to be worth around USD 51.39 million by 2034, at a CAGR of 9.8% from 2024 to 2034.

North America dominated the micro turbines market in 2023. The U.S. dominated the micro turbines market in North America region. The growing demand for micro turbines in pharmaceutical, construction, and mining sectors is driving the growth of micro turbines market in North America region. In addition, the rising government initiatives for the development of infrastructure are also boosting the expansion of micro turbines market in the region during the forecast period.

Europe is expected to develop at the fastest rate during the forecast period. The UK dominates the micro turbines market in Europe region. The growth of micro turbines market in Europe region is being driven by the growing strict government regulations for the development of industry. In addition, the growing demand for clean and green energy is also driving the growth of micro turbines market. European government is also heavily investing in clean fuel technology. Thus, this factor is paving way for the growth of micro turbines market in Europe region.

Growth Factors

The micro turbines are small in size and are used while generation of energy. The growth of global micro turbines market is being driven by growing need and demand for low emission energy production. In addition, the surge in demand for clean and green energy is also driving the expansion of global micro turbines market over the forecast period. The growing environmental concerns as well as pollution levels are leading towards the growing demand for micro turbines in the global market. Furthermore, economic developments are also contributing towards the growth and development of global micro turbines market.

One of the key factors driving the growth of global micro turbines market is the growing demand and need for electricity all around the globe. The demand for electricity is growing due to rapid growth of population all over the world. Thus, this factor is driving the demand for micro turbines in the market. On the other hand, the lack of skilled labors is hindering the expansion of global micro turbines market.

The COVID-19 pandemic had significant impact on the growth of global micro turbines market. The economy of developing and developed regions was declining during the pandemic. This factor had negative impact on the expansion of global micro turbines market. In addition, lockdown restrictions and supply chain disruptions had hampered the growth of global market. Moreover, insufficient supply of raw materials also restricted the micro turbines market expansion.

The major market players use a variety of strategies to maintain their market position in the global micro turbines market, including mergers, collaborations, acquisitions, partnership, joint venture, innovation in existing products, and designing a new manufacturing process to increase its customer base in the undiscovered micro turbines market all over the world.

In addition, the market leaders operating in global micro turbines market are taking help of government of particular regions. The government of emerging and established regions is taking constant efforts for the growth and development of global micro turbines market. Moreover, the government is also providing tax benefits such as subsidies and incentives to the manufacturers and market players operating in global micro turbines market.

The regions such as North America, Europe, and Asia-Pacific are highly installing micro turbines in energy sector. The micro turbines help to generate power and energy within a short period of time. This has also increased the productivity of various sectors such as oil and gas, construction and building, and coal mining. These sectors need huge amount of electricity, which is possible with the use of micro turbines. In addition, technological advancements are also propelling the growth and expansion of the global market over the projected period.

Market Scope

Application Insights

The combined heat and power (CHP) segment dominated the micro turbines market in 2023. The combined heat and power (CHP) is an energy efficient system that produces electricity and absorbs waste heat to produce useable thermal energy for space heating and cooling. The combined heat and power (CHP) can be standalone plant or structure or it can be part of utility system. The combined heat and power (CHP) is used in establishments that require both electrical and thermal energy. Thus, growing environmental concerns is driving the demand for combined heat and power (CHP).

The standby power segment is expected to witness remarkable growth during forecast period. The standby power is used during power failure at commercial places. The demand for standby power is increasing due to the surge in demand for electricity. Thus, this factor is driving the growth of the segment.

End Use Insights

The industrial segment dominated the micro turbines market in 2023. The micro turbines are widely used in different industries and sectors such as mining, oil and gas, wastewater treatment, construction and manufacturing, and pharmaceutical. The growing developments in these industries are driving the growth of global micro turbines market over the projected period. In addition, micro turbines are largely used in oil and gas and construction sectors.

The commercial segment is projected to surpass notable growth during forecast period. The micro turbines are utilized for resource restoration and landfill gas applications as they may use a range of fuels. Hotels and motels, restaurants, retail stores, small offices, and other small commercial building businesses are ideal for micro turbines.

Micro Turbines Market Companies

• Capstone Turbine Corporation
• FlexEnergy Inc.
• Ansaldo Energia S.p.A.
• Brayton Energy LLC
• Eneftech Innovation SA
• Microturbine Technology BV
• Wilson Solarpower Corporation
• ICR Turbine Engine Corporation
• Toyota Motor Corporation
• Calentix Technologies LLC

Recent Developments

• Capstone Turbine and FGC Plasma Solutions LLC entered into a collaboration agreement in April 2017. Both will contribute to the C65 miniature turbine’s testing of a latest plasma assisted fuel injection method.
• MTT signed a contract with Addit BV, a Dutch contract manufacturer, in April 2017 to produce commercial EnerTwin micro combined heat and power (CHP) systems for the European market.
• Capstone Turbine’s Australian distributor followed up in July 2017 by installing four C200S Signature Series micro turbines and four C600S Signature micro turbines in Melbourne’s Central Business District to efficiently provide electricity.
• Greenray Energy Solutions teamed with Aurelia in October 2017 to expand business for its A400 gas turbine in the Europe, the Middle East, and Asia.
• Innovametall Stahl und Metallbau received two C65 microturbines from Capstone Green Energy Corporation in July 2021 for use in avery low emission of combined heat and power (CHP) system. Wels Strom GmbH, a Capstone distributor in Austria and Germany was responsible for securing the deal. This was Europe’s first hydrogen powered gas turbine.

Segments Covered in the Report

By Application

• Combined Heat & Power (CHP)
• Standby Power

By Power Rating

• 12 kW – 50 kW
• 50 kW – 250 kW
• 250 kW – 500 kW

By End Use

• Industrial
• Food & Beverages
• Agriculture
• Chemical & Petroleum
• Manufacturing
• Wastewater Treatment
• Commercial
• Hospital
• Hotels
• Others
• Residential

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa