The global micro turbine market is growing at a rapid pace. The market growth attributes to the increasing adoption of microturbine technology in distributed energy generation. Besides, the increasing demand for clean energy, aging grid infrastructure, and rising crude oil prices drive the growth of the market. The rising preference of green energy generation for producing combined heat for industrial, commercial, and residential activities boost the size of the Micro Turbine Market.
Moreover, the shifting focus from traditional to renewable energy sources escalates market growth. In its recently published industry analysis, Market Research Future (MRFR) asserts that the global micro turbine market is estimated to grow at 10% CAGR throughout the forecast period (2017-2023). Micro turbines are increasingly used for power generation due to its compact size, lightweight, and higher efficiency. Increasing industrial uses, such as power generators & large ships, accelerate market growth.
Additionally, the notable increase in the renewable energy sectors worldwide, alongside advances in manufacturing techniques and related technologies, define the market landscape. Rising demand for power and increasing greenhouse gas emissions increase the market size, promoting renewable energy sources such as gas energy. Favorable government policies and receding fossil fuel reserves influence the growth of the market.
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Global Micro Turbine Market – Competitive Landscape
Highly competitive, the micro turbine market appears fragmented, with several notable players forming a competitive landscape. To gain a larger competitive share, industry players adopt strategic approaches such as mergers & acquisitions, collaborations, expansions, and product/technology launches.
Technology providers strive to develop new manufacturing techniques and larger & efficient turbine blades. They use time-tested methods and best practices to bring together various point systems and technologies into a security-rich, integrated environment to enhance resource planning and asset management.
Players leading the micro turbine market are FlexEnergy, Inc. (US), Capstone Turbine Corporation (US), Ansaldo Energia S.p.A (Italy), Brayton Energy LLC. (US), Microturbine Technology BV (the Netherlands), Eneftech Innovation SA (Switzerland), Wilson Solarpower Corporation (US), Calnetix Technologies LLC (US), ICR Turbine Engine Corporation (US), Toyota Motor Corporation (Japan), and Bladon Jets (Isle of Man), among others.
Global Micro Turbine Market – Segments
The report is segmented into four dynamics;
By Application : Cogeneration and Standby Power.
By Power Rating : 12 kW -50 kW, 50 kW-250 kW, 250 kW-500 kW.
By End-Use : Industrial, Commercial, and Residential.
By Regions : Europe, Asia Pacific, Americas, and the Rest-of-the-World.
Global Micro Turbine Market – Regional Analysis
North America dominates the global micro turbine market. The market growth attributes to the growing awareness of carbon footprint and increased energy consumption in the region. Besides, increased demand for alternative energy sources and the rising number of coal & nuclear power plants drive the growth of the market.
Moreover, stringent environmental regulations to control rising environmental concerns substantiate the micro turbine market size. Also, rising numbers of retiring power plants, fluctuating weather situations, and unreliable grid operations in the region create growth opportunities for the micro turbines market.
Europe stands second in the global micro turbine market. The growth is driven by the high investments in gas energy sectors in the region. Additionally, favorable government regulations to promote renewable energy accelerate the revenue growth in the market. Also, the largest energy consumption has increased micro-farm capacities.
Furthermore, the growing innovation and technological advances in pressure Micro propel the growth of the regional market. Spain, the U.K., France, and Ireland hold considerable shares in the regional market due to the spurting growth in these countries’ renewable energy sectors.
The Asia Pacific region is a sizable market for micro turbines globally. Factors such as the saturation of natural gas locations and competition from solar energy foster the regional market’s growth. Furthermore, substantial investments in energy plants and equipment, augmenting adoption of microturbines, and growing power generation in the region substantiate the market growth.
The commencement of numerous gas power projects and a shift from the O&G sector boost the regional market growth. Moreover, the vast consumption of energy and rising awareness of renewable sources in the region substantiate market growth. India and China hold substantial shares in the regional market, heading with momentous capacity additions.
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Table of Content:
Chapter 1: Micro Turbine Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Micro Turbine Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Micro Turbine Market Effect Factors Analysis
Chapter 12: Global Micro Turbine Market Forecast
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