Micro turbines, a distinct class of distributed generation technologies, is still an emerging and a relatively expensive technology, mainly used in applications in the oil & gas sector and CHP plants. Because of their compact size, lightweight, cost-effectiveness, and high efficiency, micro turbine is considered as an ideal technology for the production of power where there is space restriction, especially in commercial, residential, or industrial sectors. With the growing demand for energy and increased focus on reducing the global greenhouse gas emissions, the demand for micro turbines has also increased, thus giving a major boost to the growth of this market.
Drivers & Restraints
The global market for micro turbine has been growing at a significant rate, mainly due to the following reasons:
- Growing adoption of Combined Heat & Power (CHP)
- Increased focus on reducing the global greenhouse gas emissions
- Increasing demand for clean energy across the globe
- Rising demand for electricity and subsequent investments in power plants
Apart from this, easy availability of fuel and growing urbanization and industrialization has opened an array of opportunities for the growth of this market. Moreover, fluctuating weather conditions and unreliable grid operations are likely to boost the market growth even further. However, need for high electrical efficiency and the recent slump in the oil prices are some of the factors that may hamper the growth of this market. Also, the modernization of electrical grid, upgradation of network, and competition from existing distributed generation technologies stand as major challenges for the leading players involved in this market.
Market at a Glance
The value of the worldwide Micro Turbine Market which was predicted to be USD 141.0 Million in 2015 is projected to reach USD 249.9 Million by the end of 2021, growing at a CAGR of 11.5% during the forecast period 2016–2021. Currently, North America is the biggest market for micro turbines and is expected to continue dominating the market over the forecast period as well, thanks to the continued increase in energy consumption from the oil & gas sector.
Among applications, micro turbines find major usage in CHP plants. In terms of value, CHP accounted for the largest market share. However, the demand for standby power application is also likely to increase in the years to come. Based on end-users, the industrial segment held the largest market share in 2015. On the basis of power rating, 50 kW-250 kW rated micro turbines have been gaining traction since the past few years. The market for 50 kW-250 kW micro turbines is expected to grow at the highest CAGR during the forecast period, owing to the many CHP-based plants that are slated to come up in Asia-Pacific and North America in the near future.
Capstone Turbine Corporation (U.S.), FlexEnergy, Inc. (U.S.), Ansaldo Energia S.p.A (Italy), and Brayton Energy LLC (U.S.), among others are the leading players operating in the global market for micro turbines.
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Scope of the Research
The global market for micro turbine has been studied and predicted on the basis of the following segmentation:
- Application: Combined Heat & Power (CHP), Standby Power
- End-User: Industrial, Commercial, Residential
- Rated Capacity: 12 kW-50 kW, 50 kW-250 kW, 250 kW-500 kW
- Geography: North America, Europe, Asia-Pacific, RoW
Growing adoption for CHP and increased demand for electricity is majorly driving the global market for micro turbines.