Pune, July 04, 2019 (GLOBE NEWSWIRE) -- The global Microturbine Market is expected to grow mainly on account of rising demand for clean energy. According to a report, published by Fortune Business Insights, titled, “MICROTURBINE MARKET : GLOBAL MARKET ANALYSIS, INSIGHTS, AND FORECAST, 2018-2026” the shift from the turbocharger to microturbine technology is predominantly used in aerospace and automotive sector. This shift has pushed the market to rise at a CAGR of 9.23% between 2018 and 2026. In 2018, the market was valued at US$ 179.62 Mn and by 2026 the market is expected to reach double the size i.e. US$ 363.95 Mn by the end of 2026. One of the best properties of microturbines is that they are efficient and faster as compared to gas turbines.
Growth Witnessed Attributed to Demand for Microturbines in Industrial Sector
The trend for using microturbines is gaining the maximum traction in the industrial sector over others. The demand for microturbine generator is increasing among several industries which include oil & gas, mining, water treatment, and pharmaceuticals. The analysts in the report predict that this segment will dominate in the forecast years.
Browse Complete Report Details with Table of Content and Figures:
Asia Pacific to Register Impressive Growth Through 2026
Presently, the market in North America is leading as the U.S. covers the majority of the share. The growing awareness about carbon footprint leads to rising energy consumption, which is driving the market in this region. Stringent regulations by environmental organizations such as CAA are expected to create growth opportunities for the market in North America.
The market in Asia Pacific is anticipated to witness strong demand for microturbines in the forthcoming years. Demand for fuel-efficient vehicles is increasing in this region, which is likely to expand the market. Countries such as Indonesia, India, Malaysia, and Australia are responsible for the optimistic growth of the market. As per the report, China covered 40% of the market in the year 2018. Several projects are lined up in this region, which can help the market dominate in this region.
Increasing Focus on Green Energy Generation Escalates Demand for Microturbines
“The growing concerns over Green House Gas (GHG) emissions and energy efficiency are acting as potential growth enablers in the market,” stated a lead analyst at Fortune Business Insights. “Microturbines have the ability to offer stable and reliable power as compared to the reciprocating engine, which makes it an ideal option for several industries to adopt,” he added.
Driven by the rising demand for clean energy, microturbines are used as the best source for clean energy generation. The poor grid infrastructure and wide availability of fuel are contributing to the growth of the market. Improved reliability and reduced costs of power generation are likely to augment demand for microturbines. Moreover, microturbine systems can be easily installed than conventional power plants and can avoid the risk of any probable losses.
Over the years, microturbine has emerged as a breakthrough development in CHP application. The exhaust heat produced by microturbine can be recovered with the help of a heat recovery boiler and overall efficiency can be increased. Growing environmental concerns such as high pollution levels and global warming are likely to fuel demand for CHP plants, which is driving the market.
Capstone Turbine Corporation Leads the Market
In the report, the analysts indicate that Capstone Turbine Corporation is leading the global Microturbine Market. The company has a significant customer reach and it earns the maximum revenue from regions such as Latin America and North America. Some of the other notable players in the global market are Bladon Micro Turbine, Ansaldo Energia, UAV Turbine, Aurelia Turbine, Brayton Energy, LLC., FlexEnergy Inc., MTT Microturbine, ICR Turbine Engine Corporation, Turbo Tech Precision Engineering Pvt., Ltd., and Dresser-Rand. Companies are constantly striving to gain a strong market position and expand their presence in developing as well as developed countries. Some of the developments are mentioned below:
Key companies covered in the report
Table of Content:
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