The global multifuel gas turbine market is projected to grow from USD 4.9 billion in 2023 to USD 6.5 billion by 2033, with a compound annual growth rate (CAGR) of 2.8% over the forecast period. Increasing industrialization and rising usage of electrical appliances are key drivers behind the growing demand for multifuel gas turbines, particularly as electricity needs rise in developing economies with expanding economic activity.
Multifuel gas turbines, featuring internal combustion engines and turbofans, are increasingly being used to enhance gas turbine efficiency and boost electricity generation conversion rates. The availability of natural gas and stringent environmental regulations are also contributing to the market’s growth.
Technological advancements in multifuel gas turbines have made them an attractive option for cleaner power generation, leading to significant market expansion during the forecast period.
One of the main drivers for the adoption of multifuel gas turbines is their ability to replace aging thermal power plants that generate electricity from oil or coal. Additionally, rising energy demand and increasing fuel prices are boosting the need for greater fuel flexibility in gas turbines, further driving global demand.
The high efficiency, clean power generation capabilities, and compatibility with renewable energy systems are key factors driving the growth of the multifuel gas turbine market. Multifuel gas turbines also offer higher thermal efficiency compared to reciprocating engines, along with a high power-to-weight ratio and enhanced reliability.
Moreover, the growing demand for uninterrupted power in industrial, residential, and commercial sectors, combined with depleting conventional resources and environmental concerns, is expected to further drive the demand for multifuel turbines in power plants globally.
Increased power demand, especially in off-grid areas and industrial sectors, along with poor grid infrastructure in emerging economies, is anticipated to boost the global demand for multifuel gas turbines. Additionally, the rising need for flexible power generation systems and the decommissioning of aging power plants are expected to support market growth.
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
Report Preview: https://www.futuremarketinsights.com/reports/multifuel-gas-turbine-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
