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.
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