Microturbine Market Opportunities, Demand and Forecasts (2020-2026)
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List of Top Key Players Mentioned:
Capstone Turbine Corporation
Bladon Micro Turbine
ICR Turbine Engine Corporation
Turbo Tech Precision Engineering Pvt., Ltd.
Brayton Energy, LLC
"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.
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Some of the developments are mentioned below:
UAV Turbines Inc. announced the launch of the Monarch RP family in August 2019. The family encompasses microturbine engines that will help commercial and defence partners offer reliable and powerful propulsion systems.
Bladon Micro Turbine signed an agreement with Gridserve in January 2019. It is a multi-million contract will see the pioneering Bladon MTG12 integrated into Gridserve's 12kW solar hybrid power solution.
"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.
"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.
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"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.
Name: Ashwin Arora
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Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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