Microturbines Market Industry Analysis, Trend and Growth, 2014-2020

Microturbines constitute an ideal power generation solution owing to their compact size, lower weight, greater efficiency, minimal emission, economical operational costs, and capability of using waste fuels for producing power. Waste heat recovery can be accomplished with over 80% of the efficiency level, with microturbines.

With increasing energy consumption across the globe, the market for microturbines recorded significant growth within the last couple of years, and is expected to witness twofold growth over the forecast period 2014-2020. Growing energy need is anticipated to continue pushing the demand for microturbine systems. North America is estimated to continue the monopoly in the market globally.

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Global Microturbines Market: Key Drivers

Cost-effective Power Generation to Drive Demand

As the demand and applications of energy are increasing, the need for more number of sources supporting low emission power generation is rising as well. This plays a key role in fuelling the demand for microturbines. Moreover, power generation plants as well as consumers are increasingly looking for cost-effective operation in order to achieve profitable power generation and supply.

Innovative Technology to Play a Crucial Driver

One of the most crucial drivers of the market includes the ability of microturbine systems to operate on multiple fuels. Use of materials, including thermal barrier coatings and ceramics improves the efficiency of microturbine systems, eventually increasing the resultant engine operating temperature. Such technological advancements in microturbines are estimated to further bolster the market. Hybrid electric vehicles raise the maximum demand for low power rating microturbines. As major OEMs are increasingly investing in R&D activities for enhanced microturbines efficiency, the market is projected to gain traction in the near future....