Micro Turbines Market Scenario
The micro turbines market is expected to grow at a CAGR of 9.46% over the forecast period from 2017 to 2022, according to the research report from MarketsandMarkets. 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.
Growth Factors Include:
Factors such as increasing global electricity demand & subsequent investments in power plants, economic benefits of implementing micro turbines, increasing efforts to reduce global greenhouse gas emissions, and growing adoption of CHP are driving the micro turbine market. However, falling oil & gas prices can hinder the growth of the market.
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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 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.
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.
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Key Market Players
Key market players include Capstone Turbine (US), FlexEnergy (US), Ansaldo Energia (Italy), MTT (Netherlands), and Toyota Turbine and Systems (Japan). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the Micro turbines market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
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