Increasing Adoption of Microturbines and Launch of Products with Flexible Power Source to Augment Growth of Microturbine Systems Market

 

Microturbine Systems Market

Microturbine systems are generally scaled-down versions of turbine engines. These systems come in many varieties. Microturbines provide both utility and military applications and are highly adaptable. They are typically small enough to fit in a vehicle's chassis or can be mounted on a building's roof. They can operate with a variety of fuels, can sense the wind and vary the blade speeds to alter the speed of the rotor's rotors. Applications of microturbines include, industrial (mining, oil & gas, wastewater plants, and land rigs) and commercial sector (hotels, office buildings, schools, sports centers, supermarkets, swimming pools, and hospitals).

Market Dynamics            

Increasing adoption of microturbines is expected to propel growth of the global microturbine systems market. For instance, in February 2021, Capstone Turbine Corporation announced that Cal Microturbine, Capstone's exclusive distributor for California, Hawaii & Nevada and nonexclusive for Oregon and Washington, signed a new 15-year Factory Protection Plan long-term comprehensive service contract for a C800S Capstone Microturbine installed at a landfill in Southern California.

Launch of products with flexible power source is expected to offer lucrative growth opportunities for players in the microturbine systems market. For instance, in March 2020, UAV Turbines, Inc. announced that its Monarch 5 turboshaft engine can now run on natural gas. Moreover, launch of microturbine range extenders is also expected to aid in growth of the market. For instance, in March 2020, Techrules, a China-based startup, announced its plans to start sales of its microturbine range extender that could significantly increase the range of electrified vehicles and reduce the time they need for charging.

Among end-use industries, the oil and gas segment is expected to witness decline in the global microturbine systems market, owing to sluggish growth in the oil and gas sector. For instance,   according to Fitch Ratings Inc., the U.S.-based credit rating agency, the oil and gas sector is expected to lose US$1.8 trillion in 2020.

Among regions, Asia Pacific is expected witness significant growth in the microturbine systems market, owing to increasing adoption of microturbines in the region. For instance, in January 2021, Capstone Turbine Corporation received an order from Optimal Group Australia, Capstone's exclusive Australian distributor, for eight dual-mode C65 microturbines.

Competitive Analysis                                                  

Major players operating in the global microturbine systems market include, Capstone Turbine Corporation, NewEnCo Ltd., Elliot Company Inc., Micro Turbine Technology BV, UAV Turbines, Inc., FlexEnergy Inc., Ingersoll-Rand Company, and Global Microturbine LLC.

Major players operating in the global microturbine systems market are focused on launching new products to expand their product portfolio. For instance, in May 2019, UAV Turbines launched the Monarch RP family of microturbine engines.


Location: India

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