Reduced oil & gas development activity in the past year has led to reduced sales for leading microturbine manufacturers, report finds
A new report from Navigant Research analyzes the market for microturbines in terms of applications, market segments, and economics, including global forecasts for capacity and revenue, through 2024.
Used primarily for remote power applications in the oil & gas (O&G) industry and for combined heat and power (CHP) applications in the commercial, industrial, and residential high-rise markets, microturbines are an emerging distributed generation (DG) technology driven primarily by the global expansion of shale O&G production. Because they are compatible with a wide range of opportunity fuels, microturbines are also an attractive solution in CHP configurations where grid electricity costs remain high. Click to tweet: According to a new report from Navigant Research, revenue from annual microturbine installations is expected to surpass $1 billion by 2020.
“The adoption of microturbines among commercial and industrial applications represents strong growth opportunities, especially in large addressable markets like North America, where shale gas is relatively inexpensive, stable, and abundant,” says Dexter Gauntlett, senior research analyst with Navigant Research. “However, given the growing competition from other onsite DG technologies, microturbine companies will need to expand their respective visibility in the marketplace, particularly among key customer types that might be less familiar with the technology, despite its advantages in key markets and applications.”
Although the global microturbine market has experienced steady revenue growth over the past five years, according to the report, reduced O&G development activity in the past year has led to reduced sales for leading manufacturers. However, despite the recent decline, the market is expected to recover as shale O&G development continues, creating renewed interest in the technology.
The report, Microturbines, provides an analytical overview of the global microturbine market. The study includes assessments of microturbine applications, market segments, and economics. Global market forecasts for capacity and revenue, segmented by region and size range, extend through 2024. The report also examines the key technologies, components, and fuels related to microturbines and provides profiles of the primary microturbine manufacturers with commercially available products. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Ellie Stutts
* The information contained in this press release concerning the report, Microturbines, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.