Micro Turbines Market Worth 251.0 Million USD by 2022
PUNE, India, November 7, 2017 /PRNewswire/ --
The report "Micro Turbines Market by Power Rating (12-50 kW, 50-250 kW, and 250-500 kW) , Application (Combined Heat and Power and Standby Power), End-User (Industrial, Commercial, and Residential), and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the market is expected to grow from an estimated USD 159.7 Million in 2017 to USD 251.0 Million by 2022, at a CAGR of 9.46%, during the forecast period.
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Browse 70 Market Data Tables and 36 Figures spread through 132 Pages and in-depth TOC on "Micro Turbines Market"
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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.
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.
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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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Micro Turbines Market. These 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.
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