Saudi Arabia Microturbine Market, By Type (Combined Heat and Power (CHP), Standby Power); By Power Rating (12 kW–50 kW, 50 kW–250 kW, 250 kW–500 kW); By End User (Industrial, Commercial, Residential); Trend Analysis, Competitive Landscape & Forecast, 2019
Description
Saudi Arabia Microturbine Market, By Type (Combined Heat and Power (CHP), Standby Power); By Power Rating (12 kW–50 kW, 50 kW–250 kW, 250 kW–500 kW); By End User (Industrial, Commercial, Residential); Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Saudi Arabia Microturbine Market Size to Expand at Significant CAGR of 10.7% During 2023–2029
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.
Competitive Landscape
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.
Saudi Arabia Microturbine Market Size to Expand at Significant CAGR of 10.7% During 2023–2029
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.
Competitive Landscape
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.
Table of Contents
113 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Saudi Arabia Microturbine Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising Demand for Clean Power
- 3.2.1.2. Rising Electricity Demand
- 3.2.2. Restraints
- 3.2.2.1. Falling Oil and Gas Prices
- 3.2.3. Opportunities
- 3.2.3.1. Phased out Nuclear and Coal Plants Replacement
- 3.2.4. Challenges
- 3.2.4.1. Electrical Grid Modernization
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Saudi Arabia Microturbine Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Combined Heat and Power (CHP)
- 4.2.1.2. Standby Power
- 4.2.2. By Power Rating
- 4.2.2.1. 12 kW–50 kW
- 4.2.2.2. 50 kW–250 kW
- 4.2.2.3. 250 kW–500 kW
- 4.2.3. By End User
- 4.2.3.1. Industrial
- 4.2.3.2. Commercial
- 4.2.3.3. Residential
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. Saudi Arabia Microturbine Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid-19 on Saudi Arabia Microturbine Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Al Toukhi
- 7.2. Saudi Aramco Power Company
- 7.3. GE Gas Power
- 7.4. Siemens Energy
- 7.5. Mitsubishi Hitachi Power Systems
- 7.6. Capestone Turbine Corporation
- 7.7. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information of case of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List Of Figures
- Figure 1 Saudi Arabia Microturbine Segmentation
- Figure 2 Saudi Arabia Microturbine Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Saudi Arabia Microturbine Market Size, By Value (USD Million), 2019–2029
- Figure 5 Saudi Arabia Microturbine Market Share, By Type, By Value, 2019–2029
- Figure 6 Saudi Arabia Microturbine Market Share, By Power Rating, By Value, 2019–2029
- Figure 7 Saudi Arabia Microturbine Market Share, By End User, By Value, 2019–2029
- List Of Tables
- Table 1 Saudi Arabia Microturbine Market Size, By Value (USD Million), 2019–2029
- Table 2 Saudi Arabia Microturbine Market Share, By Type, By Value, 2019–2029
- Table 3 Saudi Arabia Microturbine Market Share, By Power Rating, By Value, 2019–2029
- Table 4 Saudi Arabia Microturbine Market Share, By End User, By Value, 2019–2029
- Table 5 Al Toukhi Company Overview
- Table 6 Al Toukhi Financial Overview
- Table 7 Saudi Aramco Power Company Company Overview
- Table 8 Saudi Aramco Power Company Financial Overview
- Table 9 GE Gas Power. Company Overview
- Table 10 GE Gas Power. Financial Overview
- Table 11 Siemens Energy Company Overview
- Table 12 Siemens Energy Financial Overview
- Table 13 Mitsubishi Hitachi Power Systems Company Overview
- Table 14 Mitsubishi Hitachi Power Systems Financial Overview
- Table 15 Capestone Turbine Corporation Limited Company Overview
- Table 16 Capestone Turbine Corporation Limited Financial Overview
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