Global Microturbines Market Overview:
Microturbines can be defined as small generators of energy that produce electrical energy by burning gaseous and liquid fuels. The combustion of these fuels in the turbine drives a high-speed rotation of the turbine shaft, which then spins an electric generator to produce electrical energy. Microturbines operate at high speeds and can only be used for power generation or for cogeneration applications (combined heat and power) similar to gas turbines. Microturbines can operate with different types of fuels like natural gas, biogas, corrosive gases, gasoline, diesel, kerosene, fuel oil, etc. They are designed to combine the reliability of an aircraft’s auxiliary power system with the economics of manufacturing a turbocharge. They have a low emission combustion system, whose emission performance is comparable to that of large gas turbines.
The market was valued at USD 144.8 Million in 2015 and is projected to reach USD 249.0 Million by 2023, at a CAGR of 9.26%, from 2015 to 2023
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Global Microturbines Market Drivers and restraints:
The aging of the electricity infrastructure and the low connectivity of the network in several regions should stimulate the demand for on-site energy generation technologies, such as microturbines. It is expected that the maintenance of the old electrical infrastructure, particularly in developed regions such as North America and Europe, will cause a network failure in the region. This is likely to affect the overall productivity of key industries and hamper the daily lives of local residents. The generation of electricity on the site is considered more feasible for a reliable power supply in these areas. In addition, the low connectivity of the network in developing and underdeveloped countries is expected to increase the demand for on-site power generation as the demand for energy in these countries increases. Microturbines also suffer from low energy efficiency, which is a major obstacle.
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Global Microturbines Market Geographical segmentation:
North America is currently the largest market for microturbines. The North American market, which represents approximately 50% of the total revenues of the global market, is led by the United States. The knowledge of the carbon footprint increase is expected to drive the growth of the US market during the forecast period. In addition, it is believed that this market is subject to strict regulatory intervention by several environmental organizations, including the CAA. The second largest market for microturbines is Europe. The policies recently reformed by the EU NEC (national emission ceilings of the EU) have had an optimistic impact on the market. Europe is expected to experience strong demand during the forecast period.
Key players in the Global Microturbines Market:
Capstone Turbine Corporation, Bowman, Ansaldo Energia, Flexenergy, Bladon Jets, Brayton Energy, Icrtec, 247solar, TurboTech Precision Engineering Pvt Ltd., and Aurelia Turbines Oy. The global microturbines market is dominated mainly by Capstone Turbine Corporation, which holds the major share of the market.
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