NEW YORK, April 19, 2016 /PRNewswire/ -- "Micro Turbine market is projected to reach USD 249.9 million by 2021."
The micro turbine market is expected to reach a value of USD 249.9 million by 2021, at a CAGR of 11.5% from 2016 to 2021. Increasing demand for electric power worldwide, subsequent investments in creating new generating capacity, and growing adoption of Combined Heat & Power (CHP) is driving the market for micro turbines across the world.
"The industrial segment would dominate the global micro turbine market"
Industrial segment accounted for more than half of the micro turbine market. This can be attributed to the increased operations in construction & manufacturing, mining industries, oil & gas, automotive, & pharmaceuticals industries, and the demand for micro turbines that powers them. The oil & gas sector is a vital industry for micro turbine applications as various commodity prices depend on the price of oil. Micro turbines also find suitability in the renewable energy industry, particularly in wastewater treatment plants where the environment-unfriendly gas—methane—is used to generate electricity and heat, thereby resulting in the production of clean energy.
"North American region: The largest market for micro turbines"
The North American region is currently the largest market for micro turbines followed by Europe and Asia-pacific. The U.S. accounted for a majority share in the North American region in 2015, whereas Canada is projected to grow at the highest CAGR from 2016 to 2021. Aging power plants and frequent natural calamities have created enormous growth opportunities for the micro turbine market in this region. The Shale gas boom in North America and decommissioning of nuclear plants in Europe are boosting the demand for micro turbines in those regions.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitate information as well as assess future market prospects. Distribution of primary interviews is as follows:
By Company Type: Tier 1—15%, Tier 2—35%, and Tier 3—50%
By Designation: C-Level—23%, Director Level—27%, and Others*—50%
By Region: North America—25%, Europe—15%, Asia-Pacific—43%, and Rest of the World—17%
Note: *Others include sales managers, marketing managers, product managers, and engineers. The tier of companies has been defined on the basis of their segmental revenues, as of 2015: Tier 1 = > USD 100 million, Tier 2 = From USD 50 million to USD 100 million, and Tier 3 = < USD 50 million.
Leading players of this industry have been profiled with their recent developments and other strategic activities. These include Capstone Turbine Corporation (U.S.), FlexEnergy, Inc. (U.S.), Ansaldo Energia S.p.A (Italy), and Brayton Energy LLC. (U.S.), among others.
Why buy this report?
1. The report identifies and addresses key markets for micro turbine which is useful for suppliers and OEMs to review production and distribution plans
2. The report includes analysis for key countries by technological application of micro turbines, i.e., CHP and standby power applications. It analyses historical trends and also forecast for 2021 assisting in strategic decision making
3. It also presents competition by analyzing recent market developments such as key contracts, expansions, and new product launches from the key global market players. It helps understand the competition strategies and plan respective initiatives
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