Future Market Insights has announced the addition of the “Growth of Microturbines Marke Projected to Amplify During 2014 - 2020" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 01/10/2018 -- Microturbines constitute an ideal power generation solution owing to their compact size, lower weight, greater efficiency, minimal emission, economical operational costs, and capability of using waste fuels for producing power. Waste heat recovery can be accomplished with over 80% of the efficiency level, with microturbines.
With increasing energy consumption across the globe, the market for microturbines recorded significant growth within the last couple of years, and is expected to witness twofold growth over the forecast period 2014-2020. Growing energy need is anticipated to continue pushing the demand for microturbine systems. North America is estimated to continue the monopoly in the market globally.
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Global Microturbines Market: Key Drivers
Cost-effective Power Generation to Drive Demand
As the demand and applications of energy are increasing, the need for more number of sources supporting low emission power generation is rising as well. This plays a key role in fuelling the demand for microturbines. Moreover, power generation plants as well as consumers are increasingly looking for cost-effective operation in order to achieve profitable power generation and supply.
Innovative Technology to Play a Crucial Driver
One of the most crucial drivers of the market includes the ability of microturbine systems to operate on multiple fuels. Use of materials, including thermal barrier coatings and ceramics improves the efficiency of microturbine systems, eventually increasing the resultant engine operating temperature. Such technological advancements in microturbines are estimated to further bolster the market. Hybrid electric vehicles raise the maximum demand for low power rating microturbines. As major OEMs are increasingly investing in R&D activities for enhanced microturbines efficiency, the market is projected to gain traction in the near future.
Awareness about Clean Energy and CHP to Fuel the Market
The clean energy trend compels the reduction of greenhouse gas and other emissions. Furthermore, the high efficiency-low carbon emission characteristics of natural gas-fired power plants are driving the market for microturbines globally. Cogeneration of power and heat allows to achieve high efficiency energy generation with substantial primary energy savings, up to 40%, which is majorly driving the demand for microturbines, especially from CHP plants.
Global Microturbines Market: Segmentation
FMI's research on the global microturbines market offers a six-year forecast, segmenting the market according to application and end-use.
On the basis of application, the market is segmented into CHP generation and standby power. Growing demand for CCHP (combined cooling and heating power) and CHP (combined heating and power) is expected to positively shape the market of microturbines. The CHP generation segment is foreseen to dominate the market, accounting for more than half of the total market revenues by 2020 end.
Based on the end-use, the global microturbines market is segmented into industrial, commercial, and residential. The industrial end-use segment currently accounts for the largest market share of over 50% globally, which is anticipated to remain the largest end-use segment during the forecast period as well.
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Regional Outlook: Global Microturbines Market
North America is currently the largest market for microturbines. Contributing around 50% to the total global market revenues, the North American market is led by the U.S. Awareness about increasing carbon footprint is likely to boost the market growth in the U.S. throughout the forecast period. Moreover, strict regulatory intervention by various environmental organisations, including CAA is estimated to drive the market in North America. While N. America is expected to retain the top market position, the U.S. will remain the clear leader through to 2020.
The second largest market for microturbines is Europe. Recently reformed policies by EU NEC (European Union National Emission Ceilings) have had an optimistic impact on the market. Europe is expected to witness strong demand for microturbines during the forecast period.
Asia Pacific is reportedly the fastest growing market for microturbines. Owing to growing demand for fuel-efficient vehicles from developing economies, this region is estimated to record substantial expansion by 2020 end.
Key Players: Microturbines Market
Capstone Turbine Corporation and Brayton Energy are the key players in the global microturbines market. Other notable companies competing the market include Global Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company. Key companies are constantly striving for gaining strong market presence in developing regions in addition to developing higher efficiency microturbines.
Capstone is the undisputed market leader globally, and FMI's research indicates that the company will maintain its position with over 70% of the market share throughout the forecast period 2014-2020.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies