BOULDER, Colo.--(BUSINESS WIRE)--A recent 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.
Still an emerging technology in the distributed generation (DG) market, microturbines are benefitting from an accelerating shift away from centralized generation. Microturbines today are primarily used for remote power applications in the oil & gas (O&G) industry, and the global expansion of shale gas production is expected to be a primary driver for the technology in the near term. Click to tweet: According to a new report from Navigant Research, global revenue from microturbine installations is expected to total more than $10 billion from 2015 to 2024.
“Outside of the O&G space, it’s estimated that 95% of microturbine installations are deployed as either combined heat and power (CHP) or combined cooling, heating, and power (CCHP) systems,” says Dexter Gauntlett, senior research analyst with Navigant Research. “Microturbines themselves are not inherently energy efficient, but when coupled with heat exchangers to utilize exhaust heat for onsite heating loads or to drive a chiller, efficiencies can be greatly increased.”
According to the report, the biggest barrier for microturbines in the O&G industry—the primary customer for the technology—is grid power; O&G facilities can get cheaper power from a utility if power lines are installed to a site. However, for remote upstream sites, it is often cheaper for customers to implement microturbines rather than wait out the long lead times necessary to run utility lines over a long distance.
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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* 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.
