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Region : Global | Latest Update: Aug, 2019 | Published Date: Jul, 2019 | Report ID: FBI100514| Status : Published
The global microturbine market was valued at nearly 180 Mn in 2018 and is projected to reach more than 360 Mn by the end of 2026, exhibiting a CAGR of 9.23% in the forecast period.
Microturbines are very small turbines with unit sizes ranging from 1kW to 350kW. Microturbine has evolved from turbocharger technology mainly found in automotive and aerospace applications. Microturbines are fuel flexible, can function on either diesel or natural gas, and found its major application in industrial machines ranging from 30kW to 500kW and are much efficient and faster than gas turbines only if the system is integrated with a recuperator. Microturbine has emerged as a breakthrough in CHP application because the exhaust heat can be recovered with a heat recovery boiler and overall efficiency can be increased as compared with convention natural gas turbines. In addition, the high efficiency-low carbon emission properties of gas-fired power plants boost the microturbine market share worldwide. Power and heat cogeneration enables high-efficiency energy generation with significant main energy savings, up to 40%, which mainly contributes to the demand for this product, particularly from CHP facilities. The global demand for microturbine is dominated by developed nations along with the rising concern over energy efficiency and GHG emission acts as a major market growth factors in the forecast period.
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Power Rating Ranging from 50-250kw to Dominate the Market
Microturbines with power ranging from 50-250kW are widely used in industrial and commercial applications. Owing to its increasing adoption in CHP plants and replacing the coal-powered plant, demand for microturbines will fuel in the upcoming years. Apart from industrial machinery applications, these products are widely used in large commercial buildings such as schools, hotels, and offices where the power requirement is in the medium range.
Combined Heat and Power Is the Major Application of Microturbine
Microturbine market size finds a wide application in the combined heat and power sector with the majority of the demand coming from commercial and industrial end users. Globally, on average, the application of microturbine in CHP is more than 50% followed by other application such as standby power purposes. CHP is highly adopted technology across the world and with rising demand for energy efficiency and emission concerns, microturbine has emerged as an optimum solution in order to achieve the country’s target and control environment emission.
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Wide Application in Industrial Segment Holds a Large Share
Microturbine has replaced the demand for convention natural gas turbine across various industries and the trend is expected to continue in the forecast period. Demand from industries such as mining, oil & gas, pharmaceuticals, and water treatment has increased rapidly over the past years, and the industrial segment is expected to dominate the global microturbine market share in the forecast period.
Asia Pacific Is Going to Witness a Significant Growth Rate in the Forecast Period
Currently, the U.S. accounted for a major share of the global market followed by Mexico and China respectively. The market is anticipated to witness a tremendous shift where Asia Pacific countries such as India, Australia, Indonesia, and Malaysia would witness significant demand for microturbine in the upcoming years. In 2018, China covered approximately 40% of the region’s market share paving the way for other countries. In addition to that, the region has lots of upcoming projects lined up in the forecast period, which will favor the growth of the market in this region.
Market Dominated by Major Market Players
The microturbine market is highly dominated by major players around the world. Capstone Turbine is the market leader in the microturbine industry. The company has a significant presence across the globe with the majority of the revenue comes from North America, Latin America and European countries. Other leading players in the global market are Bladon Micro Turbine, UAV Turbines, Ansaldo Energia, Aurelia Turbines, Micro Turbine Technology (MTT), FlexEnergy, ICR Turbine Engine Corporation, Dresser-Rand - A Siemens Business, Turbo Tech Precision Engineering Private Limited, and Brayton Energy.
Microturbines are small combustion turbine that typically runs on gaseous or liquid fuels to drive an electrical generator ranges in size from 30 to 330kW. The development of microturbine was accelerated by the similarity of design to a large turbine which provides the basis for the engineering. The number of fuels used to run microturbine is natural gas, other gaseous fuel, waste heat from a thermal power plant, and liquid petroleum fuels (e.g., gasoline, kerosene, diesel, and heating oil). Ideally, microturbines are suited for distributed generation applications due to its flexibility in the connection method, the ability to provide reliable and stable power, and low emission compared reciprocating engine. These products are intensively used in combined heat and power (CHP), combined cooling heating and power (CCHP), resource recovery, peak shave and baseload power, power only applications, and microgrid.
The report provides qualitative and quantitative insights on the global market and detailed analysis of market size & growth rate for all possible segments in the market. The microturbine industry is segmented by application, power rating, end-user, and geography. Based on the application, the global microturbine market size is segmented into CHP and standby power. Based on the power rating, the market is segmented into Up to 50kW, 50-250kW and Above 250kW. On the basis of end-user, the global market is segmented into residential, commercial and industrial. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market trends, dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
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By Power Rating
· Up to 50kW
· Above 250kW
· Standby Power
By End User
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Mexico, Brazil and Rest of Latin America)
· Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
Key companies covered in the report
Key Industry Developments