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.
The micro turbines market is dominated by a few major players that are established brand names with a wide regional presence. The major players in the market include Capstone Turbine (US), FlexEnergy (US), Ansaldo Energia (Italy), MTT (Netherlands), and Toyota Turbine and Systems (Japan).
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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.
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.