The global Micro Turbine Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Micro Turbine Market is estimated to grow significantly in the forecast period owing to the increasing preference for low emission power generation sources. Micro turbines are relatively new distributed generation technology that is used for stationary energy generation applications. They are combustion turbine that produces both electricity and heat on a relatively small scale. They offer numerous potential advantages as compared to other technologies for small-scale generation.
Key Players:
- Brayton Energy, LLC
- Capstone Turbine Corporation
- Bladon Jets
- Flexenergy
- Toyota Motor Corporation
- Ansaldo Energia S.P.A
- Calnetix Technologies LLC.
- Eneftech Innovation SA
- ICR Turbine Engine Corporation
- Microturbine Technology BV
- Wilson Solarpower Corporation
- NewEnCo.
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Growth Drivers:
The advantages comprise small number of moving parts, compact size, lightweight, greater efficiency, lower emissions, lower electricity price and opportunities to utilize fuel waste. They can be potentially located on sites with space limitations for power generation. Micro turbines are small, have relatively low capital costs, expected low operations and maintenance costs, and automated electronic control due to which they are expected to register significant market share in the years to come. Additionally, micro turbines offer an efficient and clean solution to direct mechanical drive markets like air conditioning and compression.
Outdated power infrastructure and poor grid connectivity across several regions is predicted to fuel the demand for micro turbines, thereby influencing micro turbine market. On site power, generation is predicted to become more practicable and reliable for power supply in urban areas. Moreover, poor grid connectivity in emerging and underdeveloped countries is predicted to rise, which ultimately raises demand for onsite power generation.
Moreover, factors like customized power demand, reliability, and reduced power generation costs are likely to increase demand for micro turbines. Micro turbine systems are easily installed as compared to the complex traditional power plants and can produce low cost energy for comparatively cleaner energy sources. The energy cost from micro turbines is reduced mainly by utilizing them for CHP applications, which not only increases the overall efficiency of a micro turbine but also offer economic benefits to end users.
The installation cost of micro turbine is comparatively high which makes them difficult to compete with reciprocating engines. To be competitive in the market, the installation cost of micro turbines is required to be competitive with the reciprocating engines. Micro turbines have low fuel-efficiency, which is another major restraint in micro turbines market. Besides, the efficiency of micro turbines further declines with increase in part load, which is not the case with reciprocating engines.
Innovations and new technologies in micro turbines are predicted to improve their overall efficiency along with cost effectiveness. Development and installation of micro turbines in off grid areas can reduce the high costs required in grid connection and power transmission. Micro turbines when used with energy storage devices can efficiently meet the demand of end users with no compromise on efficiency. Since micro turbines can also use hydrogen as fuel, using them with fuel cells in CHP applications can perform with higher efficiency with almost zero emissions.
Application Outlook:
- Combined Heat & Power (CHP)
- Standby Power
Regional Outlook:
Based on end user, market is divided into industrial, commercial and residential. Geographically, market is segmented as North America, Central America, South America, Europe, Asia Pacific, and Middle East & Africa. Owing to fast economic growth, urbanization and industrialization, North America is predicted to hold larger share of micro turbine market.
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