Increasing demand for tri-generation and co-generation technologies boosting global microturbine market
According to a recently published report by TechSci Research, "Global Microturbine Market Forecast & Opportunities, 2019", the global microturbine market is projected to cross US$ 400 Million by 2019. In terms of revenue share, North America is expected to continue its dominance as the largest contributor in the global microturbine market on account of robust demand from commercial and industrial sectors. The report reveals that the overall global demand for medium power microturbines is expected to outperform the broader market due to their increasing applications in commercial sectors such as retail and hotel industry. Moreover, CCHP and CHP power generation technologies are expected to witness increasing market adoption over the next five years.
Present day microturbines are energy harvesting devices capable of delivering electrical power up to 10 MW by integrating large number of units. Rapid expansion of industrial and commercial sector is creating a huge gap in the demand and supply of power. This creates space for innovative microturbine technologies such as grid integrated microturbine systems to address the rising electricity demand. Moreover, increasing fuel security issues, rising prices of conventional energy sources and growing environmental concerns are driving the adoption of advanced and eco-friendly power generation technologies such as microturbine systems. Major companies currently operating in the global microturbine market include Capstone, FlexEnergy, Ansaldo Energia and Bowman Power.
"Application areas such as hospitality, retail, IT/ITeS and oil & gas are some of the key end-users that are deploying microturbines, globally. Also, increasing energy demand supply gap and shift towards power generation from alternative, environment-friendly sources is further driving the microturbine technology adoption. Nevertheless, with the rising penetration of solar power generating system, wind power generating system and fuel cell, the global microturbine market is also expected to face stiff competition across the globe over the next five years", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Microturbine Market Forecast & Opportunities, 2019" has analyzed the potential of global microturbine market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the global microturbine industry.