Market Highlights
With
the increasing electrical grid modernization, network upgradations, rising fuel
prices, and growing energy demand, there is a need for alternative energy
sources. Micro turbines are used for cogeneration and as standby power source,
which is projected to witness significant demand in the next five years. The
increasing need of reliable electric supply and subsequent investment in
producing new generation capacity, high productivity, and low carbon discharge
features will attribute towards the growth of gas turbine market.
The
need for producing green energy and high reliability on alternative energy
sources, is driving the global micro turbine market.
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Industry Overview
Growing
clean electricity demand coupled with growing concern for reducing carbon
footprint and the aging grid infrastructure, will boost the global micro
turbine market over the forecast period. Micro turbines are used as an
alternative energy source for power generation. They are widely known for their
function of cogeneration of heat and power.
Micro
turbines are widely accepted across the world in the industrial &
commercial sectors owing to growing demand of combined heat and power in
industries such as, oil & gas, construction, pharmaceutical, manufacturing,
waste water treatment, and mining among others.
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Key Players
The
key players of the global micro turbine market are Capstone Turbine Corporation
(U.S.), FlexEnergy, Inc. (U.S.), Ansaldo Energia S.p.A (Italy), and Brayton
Energy LLC. (U.S.), Eneftech Innovation SA (Switzerland), Microturbine
Technology BV (the Netherlands), Wilson Solarpower Corporation (U.S.), ICR
Turbine Engine Corporation (U.S.), Calnetix Technologies LLC (U.S.), Toyota
Motor Corporation (Japan), and Bladon Jets (Isle of Man) among others.
Segmentation
The
global microturbine market has been segmented on the basis of application, end
use, power rating, and lastly region. The application-based segmentation
segments this market into cogeneration and standby power. Cogeneration is
defined as the generation of electricity and useful heat jointly. Standby power
is the power consumed by an appliance or device when the device is not in use
but is ready to be put into use. Based on end use, the market has been
segmented into commercial, industrial, and residential. By power rating, the
market has been segmented into 12 KW-50kW, 50kW-250kW, and 250kW-500kW.
Regional Outlook
North
America led the global micro turbine market, owing to increased consumption of
energy and growing awareness of carbon footprint in the region. The U.S.
dominated the North America micro turbine market, due to several potential
advantages over other technologies for small-scale generation. The shale gas
activities in the U.S., Canada, and Mexico is expected to contribute in the
development of micro turbine market in the region.
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