The demand for multifuel gas turbines is on the rise due to growing industrialization and the increased use of electrical appliances. With the rise of economic activities in developing economies.
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.
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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.
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:
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Key Segments in the Multifuel Gas Turbine Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 09, 2022
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