With the emergence and long-term Impact of COVID-19, the Global Microturbines Market is to reach USD XX Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global Microturbines Market is poised to raise up to USD XX Billion by 2027. Microturbines are new distributed technology which is used for stationary power producing applications. These turbines can generate both heat and power on a relatively small scale. A microturbine runs on numerous varieties of fuels such as biogas, natural gas, diesel, alcohol, LPG, and hydrogen. Favorable government regulations for generation of electricity from renewable sources and rising environmental concerns for global warming and burning of fossil fuels are the factors which are driving the growth of Microturbines Market. For instance, According to International Energy Agency, global energy utilization rose by 2.3% in 2018, double than the average rate in the last decade. Moreover, the demand for energy increased with the rate of 4% and the percentage of power in worldwide power intake reached 20% in 2018. As demand for power will increase, it is predicted requirements of micro turbine may also increase notably. Furthermore, growth in distributed power generation capacity will be anticipating the growth of market in forecasted period. However, high level of competition from developing entrant and key market players may impede market growth over the forecast period of 2021-2027.
Geographically, the global Microturbines Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is a dominating region across the world in terms of market size due to aging power plants and frequent natural calamities in the region. Whereas North America is anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to increasing demand of electricity and the adoption of renewable energies in the region.
The global Microturbines Market is highly competitive owing to the presence of several key manufacturers such as Capstone Turbine Corporation, NewEnCo Ltd., Elliot Company Inc., Micro Turbine Technology BV, FlexEnergy Inc., Ingersoll-Rand Company, and others.
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Key findings of the study suggest:
- Global Microturbines Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2021-2027.
- In the End-User segment, commercial emerged as the leading market segment in 2020.
- North America is anticipated to drive regional growth owing to advancement in distributed power generation capacity.
- North America is expected to grow at a high CAGR during 2021-2027.
Bizwit Research & Consulting has considered the following segments for the study:
By Application:
- CHP Generation
- Standby Power
By End-User:
- Industrial
- Commercial
- Residential
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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