PUNE, India, March 31, 2016 /PRNewswire/ --
The report "Micro Turbine Market by Power Rating (12 kW-50 kW, 50 kW-250 kW, & 250 kW-500 kW), by Application (Combined Heat Power & Standby Power), by End-User (Industrial, Commercial, & Residential), & by Region - Global Forecast and Trends to 2021" published by MarketsandMarkets, The market is expected to grow from an estimated USD 145.0 Million in 2016 to USD 249.9 Million by 2021, at a CAGR of 11.5% from 2016 to 2021.
Browse 81 Tables and 50 Figures spread through 167 Pages and in-depth TOC on "Micro Turbine Market"
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The market report defines and segments the global Micro Turbine Market with an analysis and forecast of the market size.
The Micro Turbine Market is expected to grow from an estimated USD 145.0 Million in 2016 to USD 249.9 Million by 2021, at a CAGR of 11.5% from 2016 to 2021. Factors such as increasing efforts to reduce global greenhouse gas emissions, growing adoption of Combined Heat & Power (CHP), increasing demand for clean energy worldwide, and subsequent investments in creating new and reliable generating capacity, high efficiency, and low carbon emission characteristics of natural gas-fired power plants are driving the market for micro turbines across the globe.
Major area of application (technological) for micro turbines the CHP plants
Micro turbines find application mainly in CHP plants. The global market in terms of value for micro turbines used in the CHP-based applications was the highest and it accounted for the major share of value of the total market. Cogeneration or CHP is highly efficient and can achieve primary energy savings by nearly 40%. Moreover, they are installed close to the end-user, which helps in reducing T&D losses. It also has lower total emissions since the exhaust is utilized for other operational purposes. So, the market in terms of value for micro turbines used in such plants is relatively high.
Increasing preference for 50 kW-250 kW turbines
The report also segments the Micro Turbine Market on the basis of its rated capacity, which includes 12 kW-50 kW, 50 kW-250 kW, and 250 kW-500 kW rated micro turbines. 50 kW-250 kW rated micro turbines have been widely accepted in the past few years. Capstone Turbine Corporation (U.S.) and FlexEnergy, Inc. (U.S.) are so far the two major providers of these micro turbines in the global market. The market for 50 kW-250 kW rated micro turbines will be driven by the many CHP-based power plants that are planned to come up in Asia-Pacific and North America. Replacement of old coal-fired power generation capacity in the U.S. with new large capacity gas-fired power plants will give a major boost to the market. The 50 kW-250 kW rated Micro Turbine Market is expected to grow at the highest CAGR during the forecast period.
North America the dominant market for micro turbines
In this report, the Micro Turbine Market has been analyzed with respect to four regions, namely, North America, Europe, Asia-Pacific, and Rest of the World. Among all, North America will continue to dominate the market. Factors such as urbanization, industrialization, and fast economic growth necessitates huge requirement for electric power due to aging infrastructure, which demands development of new power plants, especially the gas-fired ones.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Micro Turbine Market including Capstone Turbine Corporation (U.S.), FlexEnergy, Inc. (U.S.), Ansaldo Energia S.p.A (Italy), and Brayton Energy LLC. (U.S.) among others. Dominant players are trying to penetrate developing economies and are adopting various methods to grab the market share.
Market share analysis by revenue for key companies is included in the report. The scope aids market participants to identify high-growth markets and help managing key investment decisions. For this report, major players in the Micro Turbine Market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.
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