Micro Turbine Market Size Worth $339.7 Million By 2024

The global micro turbine market is expected to reach USD 339.7 million by 2024, according to a new report by Grand View Research, Inc. Micro turbines have been gaining advantage globally on account of their compact size and high-efficiency levels. The technology is an ideal solution for generating clean energy in the environment. Cost-effectiveness coupled with waste fuel utilization has been the major factors driving the global Micro Turbine Market. Changing grid operations are anticipated to establish a key industry opportunity for product development.

Increasing potential for greener energy solutions is also expected to further augment industry revenue over the forecast period. Growing investment initiatives to develop new generating capacity coupled with a stringent environmental regulatory framework is anticipated to further enhance the overall market growth in the near future. Combined heat & power was the leading application segment and accounted for over 55% of total market revenue in 2015. Increasing initiatives to reduce global warming levels and the installation of CHP are expected to drive this segment over the forecast period.

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Further key findings from the report suggest:

• 50 kW-250 kW emerged as the leading power rating sector and is anticipated to witness high demand in hybrid electric vehicle manufacturing. The segment accounted for 38.3% of total market revenue in 2015. It is also expected to witness the highest growth of 11.1% over the forecast period.

• Industrial was the leading end-user and accounted for over 50% of total market revenue in 2015. Micro turbines find application in construction, oil & gas, mining, wastewater treatment, and pharmaceutical industries. Expanding product application in wastewater treatment is expected to establish a growth opportunity for this segment.

• North America was the leading regional market and accounted for 37.7% of global revenue in 2015. The shale gas boom in the region is expected to significantly contribute to industry enhancement in the near future. Nuclear plants decommission coupled with strict environmental regulations is anticipated to augment the European market over the forecast period.

• Major companies include Bladon Jets, Capstone Turbine Corporation, Microturbine Technology BV, Calnetix Technologies LLC., ICR Turbine Engine Corporation, Eneftech Innovation SA, Brayton Energy LLC, Toyota Motor Corporation, Flexenergy, Inc, Ansaldo Energia S.P.A., NewEnCo. and Wilson Solarpower Corporation. 

Grand View Research has segmented the micro turbine market on the basis of application, power rating, end-use and region:

Global Micro Turbine Application Outlook (Revenue, USD Million, 2014 - 2024)

• Combined Heat & Power (CHP)

• Standby Power

Global Micro Turbine Power Rating Outlook (Revenue, USD Million, 2014 - 2024)

• 12 kW -50 kW

• 50 kW-250 kW

• 250 kW-500 kW

Global Micro Turbine End-Use Outlook (Revenue, USD Million, 2014 - 2024)

• Industrial

• Commercial

• Residential

Global Micro Turbine Regional Outlook (Revenue, USD Million, 2014 - 2024)

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • The U.K.

  • Russia

• Asia Pacific

  • Australia

  • China

  • Malaysia

• Central & South America

  • Brazil

  • Colombia

• Middle East and Africa