In-Depth Forecast & Analysis on Multifuel Gas Turbine Market for 2017-2027

Multifuel Gas Turbine Market: Introduction

Gas turbine or combustion turbines work on the principal of internal combustion engine. Gas turbines are comprised of three main parts, namely compressor, turbine, and combustion chamber. However, forth component is added, i.e., turboprop or turbofan to increase the efficiency of the gas turbine as well as to increase the conversion rate of electricity generation. In the power & gas industry, gas turbines are more preferred than steam turbines owing to availability of natural gas and stringent environmental regulations. Furthermore, technological advancements in gas turbines have made it a suitable alternative for power generation with clean source. Also, gas turbine helps to replace the ageing fleet of thermal power plants that are engaged in the production of electric energy from coal or oil. Moreover, rising demand for energy coupled with substantial increase in the standard fuel prices have translated into demand for the greater fuel flexibility in the gas turbines. Owing to this, the demand for multifuel gas turbine has increased across the globe. Multifuel gas turbines offer several advantages such as high efficiency, clean power generation even with fossil fuel, can be used with renewable energy system and capability for load ramp rate, among others

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Multifuel Gas Turbine Market: Dynamics

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. Upsurge in the demand for power, especially in off-grid sectors, industrial sector, and poor grid infrastructure in emerging economics 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 ageing power plants will help drive the multifuel gas turbine market. Several countries across the globe are focusing on emission control, which leads to increase in use of clean sources and consequently helps the growth of the multifuel gas turbine market. However, technological constraints over the use of bio-based fuels hamper the growth of the multifuel gas turbine market

Multifuel Gas Turbine Market: Segmentation

On the basis of power output, the global multifuel gas turbine market can be segmented as:

Low output (below 100 MW)
Medium output (100 MW – 300 MW)
Heavy output (< 300 MW)

On the basis of application, the global multifuel gas turbine market can be segmented as:

Energy & power
Public Infrastructure
Residential
Commercial
Industrial
Oil & Gas
Others

On the basis of source, the global multifuel gas turbine market can be segmented as:

Gas
Liquid

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Multifuel Gas Turbine Market: Regional Outlook

In terms of demand, North America followed by Europe is expected to dominate the global multifuel gas turbine market. The growth of the North America market is mainly attributed by the expansion & restructuring of power plants, government initiatives for emission control and exploration of shale gas in the region, among others. In Europe, restructuring of existing and upcoming new gas plant projects will bolster the demand for multifuel gas turbines. Upcoming new gas power plants in Asia pacific, in order to cater increasing demand for electricity owing to significant growth of industrial sector, infrastructure development and increasing urbanisation help drive the multifuel gas turbine market over the forecast period. The Middle East & Africa and Latin America multifuel gas turbine markets are expected to register steady growths over the forecast period.

Multifuel Gas Turbine Market: Key Participants

Examples of some of the market participants in the global multifuel gas turbine market identified across the value chain include: Siemens AG, General Electric, Ansaldo Energia S.p.A., Mitsubishi Heavy Industries, Ltd. And Kawasaki Heavy Industries, Ltd., among others. Global multifuel gas turbine market is a highly consolidate market. Significant share of global market is dominated by the major manufacturers.

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