Multifuel Gas Turbine Market Analysis

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

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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