Microturbine Propulsion System Market Trends, Forecast 2027

Posted 2021-12-20 11:13:43

Global Microturbine Propulsion System Market: Introduction

Microturbine is a new distributed generation technology, which is being used for energy generation applications. Microturbine is a combustion turbine that produces heat and electricity on a relatively small scale. These turbines have compact size and less moving parts. Hence, demand for microturbines is high in power generation, aerospace, and military industries.
Various private companies are investing in the development of highly energy efficient and mechanical efficiency microturbines due to high for demand for microturbine propulsion systems

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Key Drivers and Restraints of Global Microturbine Propulsion System Market

Increase in demand for microturbine propulsion systems in various industries such as aerospace and military is expected to drive the market. Microturbines have low emissions, no vibrations, and less moving parts. Thus, maintenance costs of microturbines is low. They also result in low air pollution. Thus, demand for microturbines is high in various industries.
Stringent rules and regulations enacted by governments across the globe in order to limit the emission of greenhouse gases and carbon is another key factor driving the global microturbine propulsion system market. Global warming and severe health effects of air pollution are compelling companies to strive for more environmentally- friendly energy solutions. Microturbine can lead to low emissions. This is estimated to boost the global microturbine propulsion system market during the forecast period.
High investment and high initial cost for microturbine propulsion system are major factors restraining the global microturbine propulsion system market. Microturbine propulsion system requires highly advanced technology and specialized equipment. This increases the cost of projects. Thus, high investment and high initial costs are key factors hampering the global microturbine propulsion system market.

Global Microturbine Propulsion System Market: Segmentation

The global microturbine propulsion system market can be segmented based on power rating, end-user industry, and fuel type
Based on power rating, the global microturbine propulsion system market can be divided into 12 KW-50 KW, 51 KW-250 KW, and above 250 KW. The 51KW-250 KW segment is expected to dominate the global microturbine propulsion system market during the forecast period owing to the high demand for these systems in aerospace and military industries.
In terms of end-user industry, the global microturbine propulsion system market can be classified into marine, aerospace, automobile, and others. These microturbines are used in unmanned aerial vehicles (UAVs). Demand for UAVs has increased significantly over the last few years. Thus, demand for microturbine propulsion systems is estimated to be high in aerospace and military segments during the forecast period.
Based on fuel type, the market has been segregated into diesel, natural gas, gasoline, hybrid, and others. The hybrid segment is anticipated to expand at a rapid pace during the forecast period.

Global Microturbine Propulsion System Market: Regional Outlook

Based on region, the global microturbine propulsion system market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific is estimated to dominate the global microturbine propulsion system market from 2020 to 2030 owing to the rapid industrialization and modernization in the region. China, Japan, and India have witnessed rapid development in aviation, automobile, and military industries. This is projected to propel the microturbine propulsion system market in the region in the near future.
The market in North America and Europe is likely to expand significantly during the forecast period, due to rapid increase in infrastructure development related to aviation and military industries in these regions
The market in Middle East & Africa and Latin America is estimated to expand at a steady CAGR during the forecast period, led by steady growth of aviation and military industries in these regions

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Key Players Operating in Global Microturbine Propulsion System Market

Global Microturbine Propulsion System Market: Research Scope

Global Microturbine Propulsion System Market, by Power Rating

Global Microturbine Propulsion System Market, by End-user Industry

Global Microturbine Propulsion System Market, by Fuel Type