Global Microturbines Market Is Driven By Increasing Global Electricity Demand
Pune, Maharashtra, November 04, 2019 (Wired Release) Prudour Pvt. Ltd. – The microturbine is a type of combustion turbine that produces both electricity and heat on a small scale. It is referred as an ideal power generation solution due to greater efficiency, compact size, lightweight, moving parts, lower electricity costs, lower emissions, and capability of using waste fuels for producing power. The basic components of microturbines are compressor, recuperator, generator, fuel compressor, turbine, and combustor. Microturbines are capable of operating on multiple fuels such as biogas, low or high-pressure natural gas gasoline, propane, diesel, etc.
The factors aiding growth of the global microturbine market includes aging grid infrastructure, easy fuel availability, and increasing demand for clean energy. Moreover, increasing global electricity demand and high investments in power plants, increasing awareness regarding benefits of implementing microturbines, along with efforts to reduce global greenhouse gas emissions are some factors projected to drive the growth of the target market. Moreover, favorable government initiatives including incentives and subsidies to end users who are installing microturbines, pushing demand for microturbine systems. Technological advancements and innovations related to improving overall performance along with cost-effectiveness have created enormous growth opportunities for the target market. In addition, development and installation of microturbines in off-grid systems in remote areas to reduce the high costs involved in grid connection and power transmission, giving a new way for the growth of the target market. Whereas, high initial investments may hamper the growth of the target market.
The global microturbines market has been segmented on the basis of power rating, application, end-user, and region. On the basis of power rating, the target market is segregated into 12-50 kW, 51-250 kW, and above 250 kW. On the basis of application, the target market is segmented into combined heat and power (CHP) and standby power. CHP segment dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period, due to the growing adoption of combined heat and power along with rising environmental concerns. On the basis of end-user global microturbines market is segregated into residential, commercial, and industrial.
Based upon the region, global microturbines market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market in North America is estimated to be the highest share in terms of revenue, owing to increasing government support and incentives such as the city of Brenham – net metering (Texas), utility incentives for combined heat and power, and others along with stringent environmental regulations to reduce power sector emissions. In addition, increasing need for energy sources coupled with growing environmental concerns are resulting in increasing demand for the target product. Moreover, shale gas developments are also anticipated to drive growth of the target product in the near future. Major players profiled in the report include Capstone Turbine Corporation, Flexenergy, Bowman, Bladon Jets, Icrtec, Ansaldo Energia, TurboTech Precision Engineering Pvt. Ltd., Aurelia Turbines Oy, and Brayton Energy.