Global Micro Turbines Market Overview:
The global 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.
Key Market Players:
Capstone Turbine (US), FlexEnergy (US), Ansaldo Energia (Italy), MTT (Netherlands), and Toyota Turbine and Systems (Japan)
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The combined heat and power segment is expected to hold the largest share of the micro turbines market, by application, during the forecast period.
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.
The research report categorizes the Micro Turbines Market to forecast the revenues and analyze the trends in each of the following sub-segments:
By Application
- Combined Heat and Power (CHP)
- Standby Power
By End-User
- Industrial
- Commercial
- Residential
By Power Rating
- 12 kW–50 kW
- 50 kW–250 kW
- 250 kW–500 kW
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
The 50–250 kW power rating segment is expected to be the largest segment of the micro turbines market in 2017
The report segments the micro turbines market, on the basis of rated capacity, into 12–50 kW, 50–250 kW, and 250–500 kW. The 50–250 kW micro turbines have been widely accepted in the past few years. Capstone Turbine, Ansaldo, and FlexEnergy are the major providers of these micro turbines in the global market. The market for the 50–250 kW rated micro turbines will be driven by the many upcoming CHP-based power plants in Asia Pacific and North America. The replacement of old coal-fired power generation capacity in the US with new large capacity gas-fired power plants will also boost the market.
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North America: Expected to be the leading market for micro turbines during the forecast period.
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. The market in North America is expected to continue leading the market. Urbanization, industrialization, and fast economic growth have led to an increase in the demand for electric power. To meet this growing demand aging infrastructure is being replaced with new power plants, especially gas-fired ones, which use micro turbines.
Browse related reports:
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Steam Turbines Market by Type (Steam Cycle, Combined Cycle and Cogeneration), by Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW and Above 750 MW), by Exhaust Type (Condensing and Noncondensing), by Application (Coal, Nuclear, Biomass and Others) and by Region (Americas, Asia-Pacific, Europe and Middle East & Africa)
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