The global microturbine market is projected to cross US$ 400 million by 2019, according to a report by TechSci Research, Global Microturbine Market Forecast & Opportunities, 2019.
North America will be the dominating contributor in global microturbine market considering revenue share on account of high demand from commercial and industrial sectors.
The global demand for medium power microturbines will outperform the market due to their increasing applications in commercial sectors like retail and hotel industry.
CCHP and CHP power generation technologies will gain market approval over the next five years. Present day microturbines are capable of delivering power up to 10 MW, forecasts the report.
The shortage of power supply has created space for technologies like grid integrated microturbine systems. Increasing fuel security issues, rising prices and growing environmental concerns other factors that increase demand for microturbine technology.
Hospitality, retail, IT/ITeS and oil & gas are some users that deploy microturbines, globally. With the increase of solar power generating system, wind power and fuel cell, the microturbine market will face competition over the next five years.