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Micro Turbines Market and its key opportunities and challenges

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Micro Turbines Market and its key opportunities and challenges

October 14
20:21 2019
Micro Turbines Market and its key opportunities and challenges

The leading players in the micro turbines industry include Capstone Turbine, Ansaldo, Flexenergy, MTT, Toyota Turbine, Brayton, Eneftech, and Bladon.
Increasing demand for electric power worldwide, subsequent investments in new power generating capacity, and growing adoption of combined heat and power (CHP) are likely to drive the micro turbines market during the forecast period.

The micro turbines market was valued at USD 149.8 million in 2016 and is projected to reach USD 251.0 million by 2022, at a CAGR of 9.46%, from 2017 to 2022 as per a report by MarketsandMarkets. 

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Why replacement of phased-out nuclear & coal plants continue to offer more opportunities?

Nuclear power plants used to be viewed as clean, reliable, and affordable sources of power generation at a large scale; however, this perception is changing. The Fukushima nuclear accident in Japan, in the wake of the tsunami in 2011, had a catalyzing effect on the debate on the cost-benefit analyses of nuclear power generation. There are a number of nuclear power plants under construction which have been delayed or abandoned due to large cost overruns and regulatory norms. For instance, in July 2017, two unfinished nuclear reactors were abandoned in South Carolina (US) due to cost overruns. After the Fukushima nuclear accident, Japan offset the loss in nuclear power generation through natural gas-fired power generation. In the US, the likely implementation of the Mercury and Air Toxics Standards by the Environmental Protection Agency is expected to result in the retirement of existing coal-fired plants on a large scale and dramatic downturns in proposed new plants. Natural gas, as a less polluting fuel than coal or petroleum liquid, would continue to be the favored replacement for redundant nuclear and coal-fired capacities, thereby, providing growth opportunities to the micro turbines market.

Why electrical grid modernization & network upgrade remain a major challenge?

The aging T&D infrastructure has resulted in policy changes in developing and developed nations. New investments are being made in the modernization of existing electrical grids to counter unreliable grid operation. For instance, the US Department of Energy (DOE) has implemented a new grid modernization multi-year program. Under the provisions of the program, funds worth USD 220 million will be awarded over the next 3 years, subject to Congressional appropriations, to the DOE’s National Labs and partners to support critical R&D projects. These projects will focus on advanced storage systems, clean energy integration, standards and tests procedures, and a number of other key grid modernization areas.

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India is expected to enact the Restructured Accelerated Power Development and Reform Programme (R-APDRP), which will provide funds worth USD 10 billion over the coming years for grid modernization. Under the first phase of the R-APDRP, approximately USD 2 billion will be allocated toward quantifying transmission losses in the existing power T&D infrastructure. These developments in modernizing the existing power T&D infrastructure will reduce power losses and help lower the demand for distributed power generation, resulting in the reduced demand for micro turbine-based power generation.

The global micro turbines market is dominated by a few players including Capstone Turbine (US), Ansaldo Energia (Italy), FlexEnergy (US), MTT (Netherlands), and Toyota Turbine and Systems (Japan).

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