The demand for combined heat and power (CHP) and combined cooling, heat and power (CCHP) generation technologies is expected to increase significantly due to rising concerns for global warming and depleting natural resources such as coal and oil, accelerating the market for microturbines globally.
According to the recent ‘Global Microturbine Market Forecast & Opportunities, 2019’ from analysis firm TechSci Research, the global microturbine market is projected to reach $396 million by 2019. North America and Europe are the leading microturbine markets, accounting for majority of the share in global market.
The adoption of microturbine technology is further supported by continuing technological developments to enhance the performance characteristics of the technology with grid-integrated, solar-hybrid and integrated fuel cell and microturbine systems. R&D initiatives towards enhancing the efficiency of microturbines are expected to provide a necessary boost to demand.
Companies such as Brayton Energy and Capstone are key players which are working towards developing efficient microturbines, the report notes. Presently, Capstone is the leading player in the global microturbine market and the company is expected to continue its dominance through 2019.