- Microturbines are combustion turbines that produce both electricity and heat on a small scale. They have an output of around 25 kW to 500 kW. They are majorly used for commercial, residential and industrial purposes. The microturbines market is witnessing major growth owing to lower emissions, higher efficiency, compact size, and lower electricity costs.’
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The primary factors driving the microturbines market are favorable regulations of the government regarding usage of microturbines, technological improvements and low maintenance costs. However, volatility in the prices of fuel is likely to hinder the microturbines market over the coming years.
The microturbines market can be segregated into three major categories, including applications, consumers and geographies. The market, on the basis of applications, can be segmented into standby power and CHP (combined heat and power) generation. CHP generation is likely to witness growth as a result of being environment friendly.
On the basis consumers, the microturbines market can be divided into commercial, industrial and residential. Industrial dominated the market in 2012. The commercial sector is likely to observe growth on account of low power requirements. Geographically, the microturbines market can be divided into four major regions, such as North America, Europe, Asia Pacific and ROW (rest of the world).
North America leads the microturbines market. It occupied around 42.8 % share in the total market in 2012. It was followed by Europe and Asia Pacific. Asia Pacific is likely to observe steady growth. This is as a result of technological developments, low maintenance costs and government support in the region.
Information Source: Grand View Research
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