San Francisco, 06 Dec 2018 - According to a report by Grand View Research, Inc., global micro turbine market is anticipated to value USD 339.7 million by 2024. Growing requirement for power generation sources that are likely to curb harmful emissions is anticipated to propel demand for micro turbine. These turbine are expected to offer benefits including compact size, ability to run on multiple fuels, less moving parts, and high efficiency in lower electricity costs.
U.S. Micro Turbine Market revenue by application, 2014 - 2024 (USD Million)
Growing need for advanced energy resources coupled with rising environmental concerns including global warming and pollution can augment market growth. Continual development of micro turbines in emerging economies such as Malaysia, China, and South Korea can fuel growth of market over next few years. In addition, decommissioning of nuclear plants across the globe can fuel overall market growth in near future. Increasing investments and favorable initiatives towards development of new generating capacity can augment market growth during the forecast period (2014 to 2024).
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Frequent fluctuations in oil prices are likely to restrain overall market growth during the forecast period. However, growing industrialization in Middle East and Asia Pacific can establish lucrative opportunities for market during the forecast period.
The micro turbine market can be segregated on the basis of application, power-rating, end-use, and region. Based on application, the market can be categorized into standby power and combined heat & power. Combined heat and power segment dominated the application segment and covered more than majority of market share. The segment is anticipated to witness highest growth from 2016 to 2024. Rising environmental concerns including global warming and pollution levels are predicted to increase product demand for combined heat & power during the forecast period.
On the contrary, standby power segment is predicted to grow at CAGR of 10.7% from 2016 to 2024.
Based on power rating, the market can be classified into 12 kW -50 kW, 50 kW-250 kW, and 250 kW-500 kW. In 2015, 50 kW-250 kW micro turbines dominated the market and account for 38% revenue share. It is predicted to witness significant growth over the forecast period.
Similarly, 12 kW -50 kW micro turbines are expected to witness substantial demand over the forecast period attributed to growing adoption of hybrid electric vehicles in developed regions including North America. The segment is likely to grow at CAGR of 11% from 2016 to 2024.
Based on end-use, the market can be divided into commercial, industrial, and residential. Industry segment is estimated to witness significant growth owing to increasing use of micro turbine in various industries including construction & manufacturing, oil & gas, pharmaceutical, waste water treatment, and mining. The segment is predicted to grow at highest rate of 11% from 2016 to 2024 during the forecast period owing to continual developments in these industries including construction and oil & gas.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In 2015, North America dominated the market and accounted for 35% market share. Higher consumption rates in United States owing to rising demand form construction activities, mining, waste water treatment, and pharmaceutical sector can influence growth of market. Canada and Mexico are predicted to grow at significant CAGR during the forecast period. In addition, shale gas developments in the region are likely to contribute well for market growth over the forecast period.
Similarly, Europe is predicted to follow North America in terms of market growth. It is estimated to account for 25.4% revenue share in 2015. United Kingdom, Germany, and Russia are likely to contribute significantly for growth of market in the region. In addition, stringent environmental regulations are likely to fuel growth over the forecast period.
In Asia Pacific, the market is expected to witness highest CAGR from 2016 to 2024 attributed to increasing electricity tariff rates in the region. In addition, depletion of energy resources can also fuel growth of market. Moreover, favorable initiatives from local governments to improve energy infrastructure can augment market revenue during the forecast period.
Some of the leading companies offering micro turbines are Capstone Turbine Corporation, Bladon Jets, Brayton Energy LLC, Toyota Motor Corporation, and Microturbine Technology BV.
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Grand View Research has segmented the micro turbine market on the basis of application, power rating, end-use and region:
Global Micro Turbine Application Outlook (Revenue, USD Million, 2014 - 2024)
- Combined Heat & Power (CHP)
- Standby Power
Global Micro Turbine Power Rating Outlook (Revenue, USD Million, 2014 - 2024)
- 12 kW -50 kW
- 50 kW-250 kW
- 250 kW-500 kW
Global Micro Turbine End-Use Outlook (Revenue, USD Million, 2014 - 2024)
- Industrial
- Commercial
- Residential
Global Micro Turbine Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Russia
- Asia Pacific
- Australia
- China
- Malaysia
- Central & South America
- Brazil
- Colombia
- Middle East and Africa
Browse Press Release of this Report: https://www.grandviewresearch.com/press-release/global-micro-turbine-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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