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",the global micro turbines market is
expected to grow at a CAGR of 9.46%, from 2017 to 2022, to reach a market size
of USD 251.0 million by 2022. Increasing demand for electric power worldwide,
subsequent investments in new power generating capacity, and growing adoption
of combined heat and power (CHP) are likely to drive the micro turbines market
during the forecast period.
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in-depth TOC on "Micro Turbines Market"
70 - Tables
36 - Figures
132 - Pages
The micro turbines market is dominated by a few major
players that are established brand names with a wide regional presence. The
leading players in the micro turbines industry include Capstone Turbine,
Ansaldo, Flexenergy, MTT, Toyota Turbine, Brayton, Eneftech, and Bladon.
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The commercial segment is estimated to be the
fastest-growing segment of the micro turbines market, by end-user, from 2017 to
2022. This segment is being driven by the expansion of urban areas and the
development of commercial trade hubs. The opportunities in the commercial
sector will lead to an increase in the number of shopping malls, sports
complexes, resorts, and hotels. The advancing digital economy and growth of the
IT and telecommunications sector have resulted in an increase in the
construction of office complexes, which demand continuous power.
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Based on application, the micro turbine market has been
categorized into CHP and standby power. The CHP application market is expected
to grow at the highest CAGR during the forecast period. This application is
highly useful for industries such as wastewater treatment plants, breweries,
rubber mills, and paper mills which require heat to drive various internal
processes. CHP-generating micro turbines also provide heat to residences in
colder climates such as in Europe, North America, and some parts of China.
Based on power rating, the 50–250 kW segment is expected
to grow at the highest CAGR from 2017 to 2022. This is due to the increasing
need for backup power and heat in the industrial and commercial sectors. The
micro turbines in this segment offer backup power along with reduced emissions,
thus making the solutions as eco-friendly as possible. The 250–500 kW rated segment is the
second-fastest growing segment, based on power rating. Micro turbines with this
power rating are used to generate onsite power and heat in case of unpredicted
power outages at hospitals and universities, among others. The 250–500 kW rated
power segment also presents promising opportunities for industrial and
commercial end-users.
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Based on region, the micro
turbines market in North America is projected to grow at the fastest rate
from 2017 to 2022 followed by Europe and Asia Pacific. Countries such as the US
and Canada are the largest markets and have increased their investments in CHP
in the recent past, with micro turbines being one such technology. The US
accounted for a major share of the North American market in 2016, while the
Canadian market is projected to grow at the highest CAGR from 2017 to 2022.
Aging power plants and frequent natural calamities have created enormous growth
opportunities for the micro turbines market in North America.
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