Press release
16.7% CAGR Anticipated for Microturbine Systems Market During 2013-2019
The global rise in energy demand with the growing incidence of grid instability is expected to fuel the market for microturbine systems in the next five to six years. Governments of different countries are also expected to impose stringent environmental regulations to curb the adverse effects of harmful carbon emissions, a factor that would significantly boost the demand for microturbine systems during the forecast period. Factors such as increasing awareness about environment-friendly energy and increasing electricity consumption in off-grid areas are likely to boost the global demand for microturbine systems further. According to the report, the inception of supercritical CO2 that offers 16% more efficiency compared to the traditional microturbine systems is likely to offer new opportunities for the market to capitalize on.
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The market research report by TMR presents a detailed analysis of the global market for microturbine systems in terms of various end use segments, which include industrial, commercial and residential markets for microturbines. The commercial end use segment is expected to drive the future demand in microturbine systems due to its low power rating requirements that ranges from 30 KW to 200 KW. This would fuel the growth of the commercial end use segment at a CAGR of 20.2% during the forecast period. In 2012, the market for microturbines was dominated by the industrial end use segment that accounted for a market share of 59.33%. This segment is further subcategorized in terms of CHP generation and standby power application, among which CHP accounted for a market share of more than 67.0% in 2012.
In 2012 North America emerged as the leading player, accounting for 42.82% of the global market. Within the regional market of North America, the United States dominated the market in 2012 and is expected to continue its run as a market leader over the next couple of years as well. Regulatory interventions coming from environmental agencies such as Clean Air Act (CAA) in order to curb the effect of increasing carbon footprint is expected to boost the demand for the product in North America. The review in the policies of the European Union National Emission Ceilings (EU NEC) has helped the market for microturbine systems in Europe grow radically over the past few years. The microturbine systems market in Asia Pacific is expected to reach US$61.1 million by the end of 2019, while the market in Rest of the World is predicted to register growth at an impressive CAGR of 19.6% during the forecast period from 2013 to 2019.
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The leading players dominating the industry include FlexEnergy, Capstone Turbine Corporation, NewEnCo., and Global Microturbine LLC.
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