Favorable government regulations and policies, coupled by the growing number application areas have been driving the demand for global microturbine systems market, states Transparency Market Research in a report. The 74-page publication is titled “Microturbine Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” and is available for sale on the company’s website.
Browse the full Global Microturbine Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 report at https://www.transparencymarketresearch.com/microturbines-market.html
Microturbine systems are a combination of a high-speed generator and a small gas turbine and are used to generate energy ranging from 25kW to 1000kW. These systems are used during power outages to provide standby power to various industries, acting as a supplementary source of energy. Fueled by the growing consumption of electricity in most developing and developed countries, the market for microturbine systems is projected to expand at a 16.7% CAGR by value, rising from US$144.4 mn to US$440.8 mn during the forecast period. By installation, the market is anticipated to rise from 123.2 MW in 2012 to 447.4 MW by 2019 at a 19.8% CAGR therein.
The microturbine systems market has been evaluated based on application, end use, and geography.On the basis of application, the market for microturbine systems has been bifurcated into standby power and CHP generation. The use of microturbine systems in CHP generation is the most common application and in 2012, this segment accounted for a share of over 67%.
Based on end use, the microturbine systems market has been categorized into commercial, industrial, and residential. Among these, the industrial sector held a 59.33% share in the overall market, emerging as the dominant end-use segment in 2012. The use of microturbine systems in the commercial sector is anticipated to rise during the forecast period owing to low power rating requirements. This segment is predicted to rise at a 20.2% CAGR from 2013 to 2019.
The main geographical segments forming the global microturbine systems market are Asia Pacific, North America, Europe, and Rest of the World. Accounting for a share of 42.82% in 2012, North America was the dominant regional segment of the global microturbine systems market. The U.S. formed the largest market in the region and is likely to retain its lead position throughout the forecast period. Favorable regulatory interventions and growing awareness regarding rising carbon footprint have tremendously driven the U.S. market for microturbine systems.
The microturbine systems market in Europe is anticipated to witness strong growth over the next few years owing to the support of the government. Changing policies by the European Union National Emission Ceilings are likely to contribute toward the expansion of the Europe microturbine systems market.
The Asia Pacific and RoW markets for microturbine systems hold immense potential, as highlighted by the report. The APAC microturbine systems market is projected to reach a value of US$61.1 mn by the end of the forecast period. The RoW market, on the other hand, is anticipated to register strong growth in the aforementioned duration, reporting a 19.6% CAGR therein.
The vendor landscape of the global microturbine systems market is immensely consolidated, almost bordering on being monopolistic. Capstone Turbine Corporation is the clear leader in the overall market and in 2012, held a whopping 78.3% share owing to various strategic alliances and acquisitions. Ingersoll-Rand Company, Elliot Company Inc., NewEnCo Ltd., Micro Turbine Technology BV, Global Microturbine LLC, and FlexEnergy Inc. are some of the other notable companies operating in the global microturbine systems market.
Microturbine Systems Market, by End Use
Microturbine Systems Market, by Application
- CHP Generation
- Standby Power
Microturbine Systems Market, by Region
- North America
- Rest of the World
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