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
- Capstone Turbine Corporation
- Ansaldo Energia
- Aurelia Turbines Oy
- Bladon Jets
- ICR Turbine Engine Corporation
- Microturbines Technology BV
- GE AVIATION
- Honeywell International Inc.
- TURBOTECH SAS
- UAV Turbines, Inc.
Global Microturbine Propulsion System Market: Research Scope
Global Microturbine Propulsion System Market, by Power Rating
- 12 KW-50 KW
- 51 KW-250 KW
- Above 250 KW
Global Microturbine Propulsion System Market, by End-user Industry
Global Microturbine Propulsion System Market, by Fuel Type
- Natural Gas
Global Microturbine Propulsion System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.