Micro Turbine Market 2019 Current Scenario, Top Manufacturers, Business Trends, Upcoming Opportunities, Segmentation and Industry Expansion Strategies Till 2023
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 during the forecast period that ends in 2023.
Pune, India – September 27, 2019 /MarketersMedia/ —
Micro Turbine Market 2019 Report offers a professional and in-depth study on the current state of the Global Micro Turbine Market along with competitive landscape, Micro Turbine Market share and revenue forecasts 2023. This report is a valuable source of guidance for companies and individuals offering Industry Chain Structure, Business Strategies and Proposals for New Project Investments.
Rising adoption of microturbines as a distributed energy generation source has led to significant market growth by the end of 2023. The shift towards ascending growth of the global microturbine adoption is attributed to an increasing focus on green energy generation along with heat production for various industrial, commercial, and residential activities.
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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.
Further, burgeoning demand for cogeneration application is also contributing majorly to the shift of trends towards micro turbine adoption. Other factors fueling market growth for microturbines include the aging of grid infrastructure, easier fuel availability, proliferated demand for clean energy and an ascending need for green energy.
Prominent Market Players
Some key players in the global microturbine market include Bladon Jets (Isle of Man), Ansaldo Energia S.P.A (Italy), Brayton Energy LLC. (USA), FlexEnergy, Inc. (the USA), Toyota Motor Corporation (Japan), Capstone Turbine Corporation (USA), Microturbine Technology BV (the Netherlands), Calnetix Technologies LLC (USA), ICR Turbine Engine Corporation (USA), Eneftech Innovation SA (Switzerland), and Wilson Solarpower Corporation (USA).
Segmental Analysis
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.
Global Micro Turbine Regional Market Outlook
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
Industry Update
March 2019: Techrules, a leading Chinese automotive R&D company has developed its groundbreaking Turbine-Recharging Electric Vehicle (TREV) System. The TREV system is the company’s proprietary series hybrid powertrain technology that comprises a microturbine generator which delivers extraordinary levels of efficiency and performance while having minimal impact on the environment, primarily upon the use of renewable resources.
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