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Sales of Global Microturbines Market to Decelerate in 2020 as COVID-19 Pandemic Takes its Toll on Global Market

Microturbines constitute an ideal power generation solution owing to their compact size, lower weight, greater efficiency, minimal emission, economical operational costs, and capability of using waste fuels for producing power. Waste heat recovery can be accomplished with over 80% of the efficiency level, with microturbines.

With increasing energy consumption across the globe, the market for microturbines recorded significant growth within the last couple of years, and is expected to witness twofold growth over the forecast period 2014-2020. Growing energy need is anticipated to continue pushing the demand for microturbine systems. North America is estimated to continue the monopoly in the market globally.

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Global Microturbines Market: Key Drivers

The clean energy trend compels the reduction of greenhouse gas and other emissions. Furthermore, the high efficiency-low carbon emission characteristics of natural gas-fired power plants are driving the market for microturbines globally. Cogeneration of power and heat allows to achieve high efficiency energy generation with substantial primary energy savings, up to 40%, which is majorly driving the demand for microturbines, especially from CHP plants.

Global Microturbines Market: Segmentation

FMI’s research on the global microturbines market offers a six-year forecast, segmenting the market according to application and end-use.

On the basis of application, the market is segmented into CHP generation and standby power. Growing demand for CCHP (combined cooling and heating power) and CHP (combined heating and power) is expected to positively shape the market of microturbines. The CHP generation segment is foreseen to dominate the market, accounting for more than half of the total market revenues by 2020 end.

Based on the end-use, the global microturbines market is segmented into industrial, commercial, and residential. The industrial end-use segment currently accounts for the largest market share of over 50% globally, which is anticipated to remain the largest end-use segment during the forecast period as well.

Regional Outlook: Global Microturbines Market

North America is currently the largest market for microturbines. Contributing around 50% to the total global market revenues, the North American market is led by the U.S. Awareness about increasing carbon footprint is likely to boost the market growth in the U.S. throughout the forecast period. Moreover, strict regulatory intervention by various environmental organisations, including CAA is estimated to drive the market in North America. While N. America is expected to retain the top market position, the U.S. will remain the clear leader through to 2020.

The second largest market for microturbines is Europe. Recently reformed policies by EU NEC (European Union National Emission Ceilings) have had an optimistic impact on the market. Europe is expected to witness strong demand for microturbines during the forecast period.

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Asia Pacific is reportedly the fastest growing market for microturbines. Owing to growing demand for fuel-efficient vehicles from developing economies, this region is estimated to record substantial expansion by 2020 end.

Key Players: Microturbines Market

Capstone Turbine Corporation and Brayton Energy are the key players in the global microturbines market. Other notable companies competing the market include Global Microturbine LLC, NewEnCo, Ansaldo Energia S.p.A, FlexEnergy, NewEnCo Ltd., Elliot Company Inc., and Ingersoll-Rand Company. Key companies are constantly striving for gaining strong market presence in developing regions in addition to developing higher efficiency microturbines.

Capstone is the undisputed market leader globally, and FMI’s research indicates that the company will maintain its position with over 70% of the market share throughout the forecast period 2014-2020.

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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