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 have been the major
factors driving the global Micro Turbine Market.
Changing
grid operations are anticipated to establish as key industry opportunity for
the product development. Increasing potential for greener energy solution is
also expected to further augment industry revenue in over the forecast period.
Growing investment initiatives to develop new generating capacity coupled with
stringent environmental regulatory framework is anticipated to further enhance
overall market growth in 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 installation of CHP is expected to drive this segment over the
forecast period.
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Further key findings from the study 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, waste water treatment and pharmaceutical industries. Expanding product application in waste water treatment is expected to establish as growth opportunity for this segment.
- North America was the leading regional market and accounted for 37.7% of global revenue in 2015. Shale gas boom in the region is expected to significantly contribute towards industry enhancement in the near future. Nuclear plants decommission coupled with strict environmental regulations are anticipated to augment 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.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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