Global Micro Turbine
Market Overview
in its newly published
report, Market Research Future (MRFR), asserts that the global micro turbine
market is booming and poised to grow exponentially over the review
period, reaching a significant market valuation and a healthy 10% CAGR in the
forecast period.
The sudden challenges created by the ongoing COVID-19 are captured
effectively to exhibit the long term growth projections in the MRFR report on Micro
Turbine Market. The growth sectors of the Micro Turbine Market are identified
with precision for a better growth perspective.
Drivers and Restraints
Microturbines are
generally deployed for the power generation solution due to its compact size,
lightweight, and higher efficiency. The use of micro turbines results in lower
electricity costs, which increases the demand for the end-use industry.
Microturbines are small combustion turbines with outputs ranging from 12 kW to
500 kW. The increase in the need for energy is expected to increase the growth
of the microturbine market. Microturbines are increasingly being deployed as a
distributed energy generation source these days, owing to the increasing demand
for clean energy, aging grid infrastructure, and easy fuel availability. The
focus on green energy production, along with producing heat for commercial and industrial
or residential activities, and the increasing demand for cogeneration application,
is anticipated to shift trends towards microturbines. With the rising
environmental concerns for global warming, due to the burning of fossil fuels,
cogeneration application is expected to dominate the micro
turbine market analysis during the forecast period.
Segmental Analysis
The global market for
microturbines has been segmented on the basis of power rating, application, end-use,
and lastly, region. The application-based segmentation divides this market into
cogeneration and standby power. Cogeneration is defined as the production of
electricity and useful heat jointly. Standby power is the power used by an
appliance or device when the device is not in usage but is ready to be put into
use. Based on end-use, the market has been segmented into industrial, commercial,
and residential. By power rating, the market has been categorized into
50kW-250kW, 12 KW-50kW, and 250kW-500kW.
Regional Analysis
The geographical analysis
of the global market has been conducted in four major regions, including the
Asia Pacific, North America, Europe, and the rest of the world (Latin America,
the Middle East, and Africa).
The largest regional
market for microturbines is North America, owing to the growing awareness of industrial
carbon footprint and the augmented consumption of energy in the region. In the
North American region, the largest country-specific market is the United States
of America (USA), which is also the most lucrative contributor to market growth.
The market in the USA is increasing due to the rising demand for alternative
energy sources and the possibility of more coal and nuclear power plants to be
decommissioned along with strict environmental regulations. After the USA,
Canada is the most crucial market in North America.
In Europe, the industry
is focusing on green energy due to investments in new technology and
environmental restraints raised by the government, driving the market for
microturbines. In the European region, the most significant country-specific
markets are France, Germany, and the United Kingdom (UK), followed by the rest
of Europe. With the increasing industrialization
and urbanization in the Asia Pacific region, the market can be expected to grow
during the review period as environmental concerns are being raised across this
region. The most industrialized and hence most robust country-based markets in the
APAC region are India, China, and Japan, and the rest of the Asia Pacific
region and are expected to witness growth through the foreseeable future.
Competitive Analysis
The major market players
operating in the global market as identified by MRFR are FlexEnergy, Inc.
(U.S.), Capstone Turbine Corporation (U.S.), Ansaldo Energia S.p.A (Italy),
Brayton Energy LLC. (U.S.), Microturbine Technology BV (the Netherlands), Eneftech
Innovation SA (Switzerland), Wilson Solarpower Corporation (U.S.), Calnetix
Technologies LLC (U.S.), ICR Turbine Engine Corporation (U.S.), Toyota Motor
Corporation (Japan), and Bladon Jets (Isle of Man) among others.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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