The global Micro Turbine Market size was USD 134.1 million in 2015. Increasing preference for lower emission power generation sources is expected to remain a key driving factor for global Micro Turbine Market over the forecast period.
Micro turbines offer the wide range of benefits which includes compact size, ability to run on multiple fuels, less moving parts and higher efficiency resulting in lower electricity costs which are anticipated to increase its demand among the end use industries.
Increasing need for energy sources coupled with growing environmental concerns including pollution levels and global warming is expected to further facility the product development in emerging economies including China, Malaysia, and South Korea. Decommissioning of nuclear plants in developed regions mainly Europe is anticipated to drive overall market demand in near future.
Fluctuating oil prices are expected to restrain the overall industry growth in near future. In the recent years, crude oil prices have drastically decreased which have negatively impact market revenues.
Industrialization in Asia Pacific and the Middle East is expected to establish as the major opportunity for development over the forecast period. High level of competition from currently present distributed generation equipment is anticipated to challenge the market growth in near future.
U.S. Micro Turbine Market revenue by application, 2014 - 2024 (USD Million)
Combined heat & power dominated the application segment and covered more than the majority of share in the global market. The segment is expected to witness the highest growth from 2016 to 2024.
Increasing environmental concerns including global warming and pollution levels is anticipated to increase product demand for CHP over the forecast period. The industry also comprises of standby power application division which is expected to boost at a CAGR of 10.7% from 2016 to 2024.
Power Rating Insights
50 kW-250 kW micro turbines were the leading power rating sector and is expected to witness significant growth over the forecast period. The segment accounted for a revenue share of around 38.0% in 2015.
12 kW -50 kW and 50 kW-250 kW micro turbines demand are anticipated to drive on account of growing hybrid electric vehicles uses in developed regions including North America. 12 kW -50 kW is expected to grow at a CAGR of 11.0% from 2016 to 2024.
Industrial was the leading end-user division as micro turbines are widely used in various industries including oil & gas, construction & manufacturing, pharmaceutical, waste water treatment, and mining.
The segment is expected to enhance at the highest rate of 11.1% from 2016 to 2024 in near future on account of developments in these industries mainly construction and oil & gas.
North America Micro Turbine Market led the global industry and accounted for over 35% of total market revenue in 2015. The regional demand was mainly driven by higher consumption rates in U.S. construction, mining, waste water treatment and pharmaceutical industries.
Canada and Mexico are expected to augment at significant CAGRs over the forecast period. Shale gas developments in the region are also anticipated to significantly contribute towards industry development in near future.
The regional demand was followed by Europe, which accounted for a revenue share of approximately 25.4% in 2015. Germany, UK, and Russia contributed significantly towards regional product demand. Stringent environmental regulations are expected to positively impact industry development in near future.
Asia Pacific is expected to develop at highest CAGR from 2016 to 2024 on account of increasing electricity tariff rates coupled with depleting energy resources. Government initiatives to improve energy infrastructure is anticipated to further enhance market revenue in near future.
Key manufacturers operating in the global Micro Turbine Market include Bladon Jets, Brayton Energy LLC, Capstone Turbine Corporation, Toyota Motor Corporation, Microturbine Technology BV, Flexenergy, Inc., Calnetix Technologies LLC., Ansaldo Energia S.P.A., ICR Turbine Engine Corporation, NewEnCo., Eneftech Innovation SA and Wilson Solarpower Corporation.
In near future, the manufacturers will shift their focus towards expanding their business and enter into the distribution of the products. Therefore, the level of forward integration is anticipated to be high in near future.
Expansion and acquisitions are expected to establish as major strategies adopted by companies. Supplier power is anticipated to remain high on account of availability of wide range of end users including oil & gas, construction, manufacturing, waste water treatment, mining, and pharmaceutical.
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