Micro Turbines - Global Market Outlook (2018-2027)

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according to Stratistics MRC, the “Global Micro Turbines Market” is accounted for $178.20 million in 2018 and is expected to reach $436.26 million by 2027 growing at a CAGR of 10.5%. Some of the key factors propelling the market growth are rising focus on the generation of clean energy and increasing demand for energy. However, low electrical efficiency is likely to hamper the profit boundaries.

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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.

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Based on the application, the combined heat & power is the fastest growing market for micro turbines. However, the demand for standby power is also increasing rapidly. By geography, North America is expected to dominate the market of micro turbines during the forecast period due to the continued increase in energy consumption mainly from the oil & gas sector, which contributed to the highest demand for micro turbines. Another factor contributing to the market growth is the prevalence of distributed power generation in the region. Furthermore, a large number of coal power plants are scheduled to be shut down in the US, leading to an increase in the demand for alternative sources of energy generation.

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Some of the key players in the Micro Turbines Market include 247solar, Ansaldo Energia, Aurelia, Bladon Jets, Bowman, Brayton Energy, Capstone Turbine, Eneftech Innovation, Flexenergy, Icrtec, MTT, Toyota Turbine and Systems and Turbotech