Global Micro Turbine Market - Forecasts from 2018 to 2023
The global microturbine market was valued at US$116.410 million in 2017 and is projected to grow at a CAGR of 4.91% over the forecast period to reach US$155.198 million by 2023. The micro-turbine market is driven by the surging requirement for cost-effective technology for power generation. Micro-turbines offer low emission power generation along with inexpensive operations, achieving profitable power generation and supply. Moreover, the development of micro-turbines operating on multiple fuels is significantly driving the market growth. Continuous research and development along with huge investments on micro-turbines to achieve efficiency are pushing the demand growth. Furthermore, emphasis on reducing greenhouse gas emissions and other harmful emissions by incorporating natural gas-fired power plants is successfully augmenting the demand for these turbines over the forecast period. Developments and successful commercialization of hybrid electric vehicles are also spurring the growth for micro-turbines market across all geographical regions.
On the basis of application, the global micro-turbine market can be segmented as co-generation, backup power, peak shaving, and power quality. Small or microturbines are extensively used for distributed generation for providing power supply in non-grid connected or remote areas. In the co-generation segment, micro-turbines are widely used for combined cooling and heating power and combined heating and power in isolated areas. Micro-turbines used in small natural gas-fired power plants is capable of providing power as a backup source during a sudden grid collapse or an unhealthy grid condition. These applications are very essential for the power sensitive sectors which include data centers, hospitals, nursing homes, and various other sectors that have critical service requirements. Moreover, micro-turbines are also operated for peak shaving to reduce the extra consumption of power in order to avoid wastage of electricity.
Geographically, North America holds a significant share of the global micro-turbine market owing to the early and rapid adoption of advanced technologies and high investments made in the research and development. Rising demand for electricity coupled with the strengthening of power infrastructure will further remarkably heighten the market for micro-turbines in the Asia Pacific region. Also, increasing adoption for clean and green sources for power generation will significantly augment the growth for the micro-turbine market in this region.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global Micro Turbine market.
Major industry players profiled as part of the report are Flex Energy, Bladon Jets, Capstone Turbine Corporation and Micro Turbine Technology B.V. among others.
The global microturbine market has been analyzed through the following segments:
By End-User Industry
Energy and Power
Middle East and Africa (MEA)
Asia Pacific (APAC)