Saudi Arabia Microturbine Market
Saudi Arabia Microturbine Market Size to Expand at Significant CAGR of 10.7% During 2023–2029
Published | 24 January 2023
The Saudi Arabia microturbine market is gaining traction because of the nation's increased investment in its power producing capacity as well as the rising demand for energy brought on by the country's growing population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia microturbine market size to grow at a significant CAGR of 10.7% during the forecast period between 2023 and 2029. The expansion of Saudi Arabia microturbine market is linked to the nation's increased investments in its power producing capacity as well as the rising demand for energy brought on by the country's growing population. To fulfil the rising demand for energy, it is expected that the Kingdom of Saudi Arabia may need to increase its power generating capacity by 8% annually. It is projected that a key driver driving the growth of the Saudi Arabia microturbine market during the forecast period will be the growing emphasis on the reduction of greenhouse gas (GHG) emissions and the achievement of Net Zero targets.
Saudi Arabia Microturbine Market – Overview
A microturbine is a little combustion turbine that powers an electric generator by burning liquid or gaseous fuels. It burns natural gas, thermal plant waste heat, and fossil fuels, such as kerosene, diesel, and heating oil. It has a compressor, combustor, alternator, turbine, generator, and recuperator and is primarily used to generate small amounts of electricity. To increase the generator's electrical efficiency, it works by recovering exhaust energy and warming compressed inlet air. Microturbines are smaller, lighter, more affordable, and have fewer moving parts, emissions, and fuel waste than conventional substitutes. Due to these advantages, microturbines are widely used in the provision of standby power; combined cooling, heating, and power (CCHP); combined heat and power (CHP); resource recovery; and microgrids.
Saudi Arabia Microturbine Market – By End User
Based on end user, the Saudi Arabia microturbine market is segmented into industrial, commercial, and residential. The industrial segment accounts for the highest share in the market. As Saudi Arabia is increasingly investing in economic diversification, the government is establishing large–scale industries, expanding their hydrocarbons sector, which is expected to boost the demand for microturbine market in the country. However, the commercial segment is expected to register a higher growth rate during the forecast period, because microturbines are utilized for resource restoration and landfill gas applications as they can run on a range of fuels.
Impact of COVID-19 on Saudi Arabia Microturbine Market
The unprecedented COVID–19 pandemic outbreak halted the growth of the Saudi Arabia microturbine market. The operations of various leading industries including automobile, power and energy, hydrocarbons as well as commercial facilities were halted during the lockdown period. The manufacturing and supply chains of microturbines were also affected during this period. All these factors contributed to huge losses in the Saudi Arabia microturbine market during the COVID–19 pandemic period. However, the market is expected to flourish in the post–pandemic period owing to increasing demand for cleaner energy sources.
Major players operating in Saudi Arabia Microturbine market include Al Toukhi, Saudi Aramco Power Company, GE Gas Power, Siemens Energy, Mitsubishi Hitachi Power Systems, and Capstone Turbine Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia Microturbine Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Microturbine Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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