Global Micro Turbine Market is estimated to grow significantly in the forecast period owing to the increasing preference for low emission power generation sources. Micro turbines are relatively new distributed generation technology that is used for stationary energy generation applications. They are combustion turbine that produces both electricity and heat on a relatively small scale. They offer numerous potential advantages as compared to other technologies for small-scale generation.
The advantages comprise small number of moving parts, compact size, lightweight, greater efficiency, lower emissions, lower electricity price and opportunities to utilize fuel waste. They can be potentially located on sites with space limitations for power generation. Micro turbines are small, have relatively low capital costs, expected low operations and maintenance costs, and automated electronic control due to which they are expected to register significant market share in the years to come. Additionally, micro turbines offer an efficient and clean solution to direct mechanical drive markets like air conditioning and compression.
You Can Also Get Absolutely Free Sample Copy at: https://www.millioninsights.com/industry-reports/micro-turbines-market/request-sample
Outdated power infrastructure and poor grid connectivity across several regions is predicted to fuel the demand for micro turbines, thereby influencing micro turbine market. On site power, generation is predicted to become more practicable and reliable for power supply in urban areas. Moreover, poor grid connectivity in emerging and underdeveloped countries is predicted to rise, which ultimately raises demand for onsite power generation.
Moreover, factors like customized power demand, reliability, and reduced power generation costs are likely to increase demand for micro turbines. Micro turbine systems are easily installed as compared to the complex traditional power plants and can produce low cost energy for comparatively cleaner energy sources. The energy cost from micro turbines is reduced mainly by utilizing them for CHP applications, which not only increases the overall efficiency of a micro turbine but also offer economic benefits to end users.
The installation cost of micro turbine is comparatively high which makes them difficult to compete with reciprocating engines. To be competitive in the market, the installation cost of micro turbines is required to be competitive with the reciprocating engines. Micro turbines have low fuel-efficiency, which is another major restraint in micro turbines market. Besides, the efficiency of micro turbines further declines with increase in part load, which is not the case with reciprocating engines.
Innovations and new technologies in micro turbines are predicted to improve their overall efficiency along with cost effectiveness. Development and installation of micro turbines in off grid areas can reduce the high costs required in grid connection and power transmission. Micro turbines when used with energy storage devices can efficiently meet the demand of end users with no compromise on efficiency. Since micro turbines can also use hydrogen as fuel, using them with fuel cells in CHP applications can perform with higher efficiency with almost zero emissions.
Micro turbine market is categorized on the basis of application, power rating and end users and geography. On the basis of application, market is divided into combined heat & power (CHP) and standby power. In terms of value, combines heat & power (CHP) segment is predicted to hold larger share of micro turbines market owing to its high efficiency. In terms of power rating, micro turbine market is divided into 12 kW -50 kW, 50 kW-250 kW, and 250 kW-500 kW. 50 kW-250 kW is predicted to hold larger share market in the forecast period.
Based on end user, market is divided into industrial, commercial and residential. Geographically, market is segmented as North America, Central America, South America, Europe, Asia Pacific, and Middle East & Africa. Owing to fast economic growth, urbanization and industrialization, North America is predicted to hold larger share of micro turbine market.
The major players in micro turbine market are Ansaldo Energia, Aurelia, 247solar, Capstone Turbine, Brayton Energy, Bladon Jets, Flexenergy, Eneftech Innovation, Icrtec, MTT, Bowman, Turbotech, and Toyota Turbine and Systems.
Want To Access Full Research Report On Global Micro Turbine Market? Click Here: https://www.millioninsights.com/industry-reports/micro-turbines-market
Global Micro Turbine Application Outlook (Revenue, USD Million, 2014 – 2024)
• Combined Heat & Power (CHP)
• Standby Power
Global Micro Turbine Power Rating Outlook (Revenue, USD Million, 2014 – 2024)
• 12 kW -50 kW
• 50 kW-250 kW
• 250 kW-500 kW
Global Micro Turbine End-Use Outlook (Revenue, USD Million, 2014 – 2024)
Global Micro Turbine Regional Outlook (Revenue, USD Million, 2014 – 2024)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa
Browse latest market research reports available with Million Insights:
1. B2C E-commerce Market – The global B2C e-commerce market size was accounted for USD 3.35 trillion in 2019. It is projected to grow at a CAGR of 7.9% over the forecasted period, 2020 to 2027.
2. Self-service Technology Market – The global self-service technology market size was accounted for USD 28.3 billion in 2019. Further, is estimated to expand at 6.7% CAGR over the forecast period, 2020 to 2027.
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publish ers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
For More Information: www.millioninsights.com
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar