Despite Volatility in Energy Markets, Microturbine Market Will Grow to $1B by 2020
This, according to independent research group Navigant Research.
Growth will be led by the oil and gas industry and increased utilization of microturbines in new CHP and CCHP systems among industrial and commercial customers, the report says.
No doubt about it, the global economy, and energy markets in particular, have been very volatile. Oil is down, the US dollar is strong, and major markets such as Russia are experiencing significant downturn. These macro trends have produced headwinds on a global scale for many innovative energy manufacturers.
However, what we at Vergent Power are seeing on a local level in our daily business in the northern and eastern parts of the US and Canada is an increasing interest for Capstone microturbine systems, particularly for CHP and CCHP applications. The factors driving this interest are rising electricity costs, stable natural gas pricing and desire for company or facility-level energy security – none of which are likely to go away in the foreseeable future.
Eventually, these projects will break ground and demonstrate the momentum predicted in Navigant’s report.
Click here for a summary of Navigant’s report.