The use of microturbines is increasing as a distributed energy generation source nowadays. Market Research Future (MRFR) has published a research report about the global microturbine market that predicts growth for this market with 10% CAGR (Compound Annual Growth Rate) during the forecast period that ends in 2023.
The factors aiding the growth of global microturbine market include aging grid infrastructure, easy fuel availability, increasing demand for clean energy, and need for green energy. The power generation trends are shifting towards microturbines on green energy generation, due to increasing demand for cogeneration application along with producing heat for industrial & commercial or residential activities.
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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.
The regional segmentation of the global microturbine market segments the market into continents-based regional markets that are North America, Europe, Asia Pacific, and the rest of the world (RoW). The biggest regional market for microturbine is North America, due to growing awareness of carbon footprint and increased consumption of energy in the region. In this region, the biggest country-specific market in this region is the United States of America (USA). The market in the USA is growing due to increased demand for alternative energy sources and possibility of more coal and nuclear power plants to be decommissioned coupled with stringent environmental regulations. After the USA, Canada is the most important market in this region.
In Europe, due to investments in new technology and environmental restraints raised by the government, the industry is focusing on green energy, creating a market for microturbines. In this region, the most significant country-specific markets are France, Germany, and the United Kingdom (UK), followed by the rest of Europe. With industrialization and urbanization increasing in the Asia Pacific region, the market can be expected to grow during the forecast period as environmental concerns are being raised in this region too. The most industrialized and hence strongest country-based markets in this region are China, India, and Japan, followed by the rest of the Asia Pacific region.
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Key Players
The key players in the global microturbine market include Ansaldo Energia S.P.A (Italy), Bladon Jets (Isle of Man), Brayton Energy LLC. (USA), Calnetix Technologies LLC (USA), Capstone Turbine Corporation (USA), Eneftech Innovation SA (Switzerland), FlexEnergy, Inc. (the USA), ICR Turbine Engine Corporation (USA), Microturbine Technology BV (the Netherlands), Toyota Motor Corporation (Japan), and Wilson Solarpower Corporation (USA).
Latest Industry News
- The India launch of Vazirani Shul is at 26 SEP 2018. This electric hypercar from Vazirani Automotive features four electric motors that are powered by a battery pack, one on each wheel. As per requirement, a microturbine starts up and charges the battery pack on the go. 24 SEP 2018
- Capstone Turbine Corporation, the world’s leading clean technology manufacturer of microturbine energy systems, is set to expand into the combined heat and power (CHP) market with a project to provide thermal and electrical power at a private high school in Arizona. This project includes the installation of the natural gas-fueled microturbine. 17 SEP 2018
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