According to the new market research report Micro Turbines Market by Power Rating (12–50 kW, 50–250 kW, and 250–500 kW), Application (Combined Heat and Power and Standby Power), End-User (Industrial, Commercial, and Residential), and Region – Global Forecast to 2022, published by MarketsandMarkets™, The micro turbines market is expected to grow from an estimated USD 159.7 Million in 2017 to USD 251.0 Million by 2022, at a CAGR of 9.46%, during the forecast period. The market is set to grow due to increasing efforts to reduce global greenhouse gas emissions, growing adoption of combined heat and power (CHP), and increasing demand for clean energy worldwide.
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Micro turbines find application mainly in CHP plants. The global market, in terms of value, for micro turbines used in CHP-based applications was the highest and it accounted for a major share of the total market. Cogeneration or CHP is highly efficient and can achieve primary energy savings of nearly 40%. Moreover, they are installed close to the end-user, which helps in reducing T&D losses. They also have lower total emissions since the exhaust is utilized for other operational purposes. Thus, CHP application segment leads the micro turbines market.
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In this report, the micro turbines market has been analyzed with respect to 4 regions, namely, North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the micro turbines market during the forecast period due to the continued increase in energy consumption mainly from the oil & gas sector, which contributed to the highest demand for micro turbines. Another factor contributing to the market growth is the prevalence of distributed power generation in the region.
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Some of the leading players in the micro turbines market include Capstone Turbine (US), Ansaldo Energia (Italy), FlexEnergy (US), MTT (Netherlands), and Toyota Turbine and Systems (Japan), Brayton Energy (US), Eneftech Innovation (Switzerland), and Bladon Jets (UK). These players have adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the micro turbines market.
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