The global multifuel gas turbine market size is likely to be valued at US$ 4.9 billion in 2023. The increasing demand for clean energy power generation is driving the market growth. The market is estimated to garner US$ 6.5 billion in 2033, recording a CAGR of 2.8% from 2023 to 2033
The increasing application of multifuel gas turbines in various industries such as oil and gas, petrochemicals, pulp and paper, and steel, among others, is expected to drive the demand for multifuel gas turbines. Multifuel gas turbines provide a flexible and efficient solution by utilizing different fuel types, ensuring reliable power supply and heat generation for industrial processes.
The growing technological advancements in gas turbine technology drive the multifuel gas turbine market. Manufacturers invest in research and development to improve the efficiency, reliability, and operational flexibility of gas turbines. This includes advancements in combustion systems, materials, and control technologies, leading to higher performance and fuel flexibility of multifuel gas turbines.
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North America is expected to account for a significant market share in the multifuel gas turbines market owing to the well-established energy infrastructure and a growing emphasis on energy efficiency and environmental sustainability. Canada is also witnessing the increasing adoption of multifuel gas turbines, particularly in oil and gas operations.
Rapid industrialization and urbanization led to increased energy demand driving the market growth in Asia Pacific. Multifuel gas turbines offer an attractive solution to meet the growing energy needs while adhering to environmental regulations. The expanding oil and gas industry, along with infrastructure development projects in the region, further contributes to the demand for multifuel gas turbines.
Key Takeaways from the Market Study
- From 2018 to 2022, the multifuel gas turbine market demand expanded at a CAGR of 2.5%
- Based on power output, the heavy-duty segment accounts for a CAGR of 2.7%
- By application, the oil & gas segment is expected to expand at a CAGR of 6% during the forecast period
- North America to emerge as a promising multifuel gas turbine market, capturing a CAGR of 2.7%
- The multifuel gas turbine industry in the United Kingdom is predicted to reach US$ 3.4 billion by 2033
- South Asia and the Pacific to be an opportunistic multifuel gas turbine market, expected to capture a CAGR of 5% during the forecast period.
Competitive Landscape
The global multifuel gas turbine market is fragmented with the presence of several large and medium-scale players. The leading players in the multifuel gas turbine market are investing in strategic agreements in order to capture market share.
Prominent players in the multifuel gas turbines market are:
- Siemens AG
- General Electric
- Ansaldo Energia S.p.A.
- Mitsubishi Heavy Industries Ltd.
- Kawasaki Heavy Industries Ltd.
- Ming Yang
- Guodian United Pow
- Nordex
- Dewind,Senvion
- Wärtsilä
- MHPS
- GE is one of the key players in the gas turbine industry and has made significant contributions to the multifuel gas turbine market. GE’s DLN (Dry Low NOx) technology allows their gas turbines to operate on various fuel types, including natural gas, distillate oil, and biodiesel. GE’s advanced DLN combustion systems provide high efficiency and low emissions across a wide range of fuel compositions.
- Siemens is another major player in the multifuel gas turbine market. Their gas turbines, such as the SGT-800 and SGT-600, are designed to operate on various fuel types, including natural gas, liquid fuels, and alternative fuels. Siemens focuses on improving fuel flexibility and environmental performance through their advanced combustion systems. They have also developed solutions for the integration of hydrogen into gas turbine systems, paving the way for the use of hydrogen as a cleaner fuel source.
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