Multifuel Gas Turbine Market 2022 New Technological Development Projecting Massive Growth till 2032
The global multifuel gas turbine market is expected to be worth US$ 6428.6 million by 2032, up from US$ 4877.4 million in 2022, with a CAGR of 2.8 % over the forecast period. The growing industrialization and increased use of electrical appliances are driving up demand for multifuel gas turbines. Electricity demand is driving sales of multifuel gas turbines as economic activity in developing economies grows.
Furthermore, multifuel gas turbines are being used for their
internal combustion engines, and turbofans are being used to increase gas
turbine efficiency as well as the conversion rate of electricity generation.
The availability of natural gas and stringent environmental
regulations are also influencing demand for multifuel gas turbines.
Furthermore, technological advances in multifuel gas
turbines have made them a viable option for generating power from a clean
source. As a result, the multifuel gas turbine market is expected to grow
significantly during the forecast period.
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Multifuel gas turbines help to replace the ageing fleet of
thermal power plants that produce electrical energy from oil or coal, which is
one of the major factors driving demand for multifuel gas turbines.
Furthermore, rising energy demand, combined with a significant
increase in standard fuel prices, has resulted in a demand for greater fuel
flexibility in gas turbines. As a result, it is expected that demand for
multifuel gas turbines will increase globally.
The advantage of high efficiency, clean power generation
even with fossil fuels, use of renewable energy systems, and other factors are
driving the multifuel gas turbine market size.
Furthermore, the thermal efficiency of multifuel gas
turbines is generally higher than that of a reciprocating engine. Multifuel gas
turbines also have a very high power-to-weight ratio and greater reliability.
Moreover, the increasing demand for uninterrupted power in
the industrial, residential and commercial sectors coupled with the depleting
conventional resources and rising environmental concerns in developing and
developed countries are in turn expected to drive the demand for multifuel
turbines in power plants across the globe.
There is an upsurge in the demand for power, especially in
off-grid sectors, and the industrial sector, and poor grid infrastructure in
emerging economies is expected to boost the demand for multi-fuel gas turbines
across the globe. Moreover, increasing demand for flexible power generating
systems and decommissioning of aging power plants are anticipated to drive the
multifuel gas turbine market.
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Competitive Landscape:
The global multifuel gas turbine market is a highly
consolidated market. A significant share of the global market is dominated by
major manufacturers. New products that contain improved capabilities have been
launched by leading market players. They have taken the necessary steps to
improve the accuracy of devices and overall functionality.
Some of the key players in the multifuel gas turbine market
are:
- Siemens
AG
- General
Electric
- Ansaldo
Energia S.p.A.
- Mitsubishi
Heavy Industries, Ltd.
- Kawasaki
Heavy Industries, Ltd.
- Ming
Yang
- Guodian
United Power
- Nordex
- Dewind,
Senvion
- Wärtsilä
- MHPS
- Other
Key Segments in the Multifuel Gas Turbine Market
By Power Output:
- Low
output (below 100 MW)
- Medium
output (100 MW – 300 MW)
- Heavy
output (< 300 MW)
By Application:
- Energy
& power
- Public
Infrastructure
- Residential
- Commercial
- Industrial
- Oil
& Gas
- Others
By Source:
- Gas
- Liquid
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