The global multifuel gas turbine market is anticipated at USD 4.8 billion in 2022. Demand is likely to remain high for multifuel gas turbines during the assessment period. This is due to the increased application in end-use industries and garnering USD 6.5 billion in 2033, recording a CAGR of 2.8% from 2023 to 2033. The market is likely to secure USD 4.9 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Multifuel Gas Turbine Market Size Value in 2023 | USD 4.9 billion |
| Multifuel Gas Turbine Market Forecast Value in 2033 | USD 6.5 billion |
| Global Growth Rate | 2.8% |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Multifuel Gas Turbine Industry:
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| Historical CAGR (2018 to 2022) | 2.5% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 2.8% |
Demand for multifuel gas turbines grew at 2.5% CAGR between 2018 and 2022. The multi-fuel gas turbine combined cycle is a recent development in the industry that has the potential to conduct secondary power generation by a steam turbine and utilize the exhaust heat expelled after rotating the multifuel gas turbines.
Peak motor speeds are pursued to remove noise emission. The major manufacturers of the multifuel gas turbine market also attempt to make turbines more visually attractive with the help of recent technologies.
The execution of numerous climate change initiatives along with regulations to cut down GHG emissions is expected to lead to a surge in the potential for gas turbines during the forecast period.
Increased Demand for Renewable Energy Sources to Spur the Market Growth
Multifuel gas turbines help in replacing the aging fleet of thermal power plants that are engaged in the production of electrical energy from oil or coal, which is acting as one of the important factors to drive the demand for multifuel gas turbines.
There is a rising demand for energy coupled with a substantial increase in standard fuel prices that has translated into a demand for greater fuel flexibility in gas turbines. It is anticipated that the demand for multifuel gas turbines has increased across the globe.
One of the key drivers for fueling the multifuel gas turbine market size is the advantage of high efficiency, clean power generation even with fossil fuel, use of renewable energy systems, and the capability for load ramp rate.
The adoption of combined cycle wind turbines and integrated wind combined cycles in the industrial and commercial sectors is the major driving factor for the multifuel gas turbine market. These technologies generate high-efficiency and eco-friendly electricity and power.
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.
The Increasing Application in Industrial Sector to Drive the Market Growth
The increasing demand for uninterrupted power in the industrial, residential, and commercial sectors coupled with the depleting of 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.
There is an upsurge in the power demand, 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. Increasing demand for flexible power generating systems and decommissioning of aging power plants are anticipated to drive the multifuel gas turbine market.
A number of market growth opportunities are being created as manufacturers are focusing on the production of new products for specific applications as there are varying demands based on utilization.
The key restraints in the growth of the multifuel turbine market also include high overnight costs, longer start-ups, and less responsiveness to changes in power demand.
The technological constraints over the use of bio-based fuel are likely to hamper the growth of the multifuel turbine market as they also comply with strict regulations.
Increasing Power Generation Activity in The Region to Drive the Market Growth
The North American regions are projected to account for 26.5% of the global market share for multifuel gas turbines. It is anticipated to observe a protruding growth on account of growing government support for power generation technologies that reduce carbon dioxide emissions.
The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants in the country. Assured long-term fuel supply availability in the North American region is also one of the factors supporting the market growth of multifuel gas turbines.
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Rapid Industrialization to Boost the Market Growth in The Region
European regions are projected to account for 24.5% of the total market share, following North America, owing to its rising demand for energy due to rising population and fast urbanization.
There is the restructuring of existing and upcoming new gas plant projects that are expected to bolster the demand for the multifuel gas turbine market in this region.
Increased implementation of policies and regulations that encourage the adoption of multifuel gas turbines in countries such as Germany, the United Kingdom, Italy, and France drive market growth in the region. The development of renewable energy sources, such as wind and solar, has further augmented the need for flexible backup power generation, driving the demand for multifuel gas turbines.
Heavy Output <300 Segment to Remain Highly Sought After
By power output, the heavy output < 300 MW segment is expected to dominate the market in the forecast period. The segment is projected to account for a CAGR of 2.7% during the forecast period.
Heavy output turbines are typically used in utility-scale power plants, combined cycle plants, and large industrial complexes. Large-scale gas turbines provide high efficiency and are capable of generating significant amounts of electricity. They are often integrated with steam turbines in combined cycle configurations to enhance overall plant efficiency.
Oil & Gas Segment to generate high Revenue
Based on application multifuel gas turbines market is segmented into energy & power, public infrastructure, residential, commercial, industrial, oil & gas segments.
As per FMI’s analysis, the oil & gas segment accounts for 35.4% of the total mining shovel market share. The segment is projected to account for a CAGR of 2.6% during the forecast period.
Multifuel gas turbines are often utilized for on-site power generation in remote oil and gas locations. These turbines can operate on a range of fuels, including natural gas, associated gas, flare gas, and liquid fuels. Multifuel gas turbines provide self-sufficiency in power supply, reducing the need for grid connection and costly fuel transportation by utilizing available gas resources.
The global multifuel gas turbine market is highly consolidated. 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 Powe, Nordex, Dewind, Senvion, Wärtsilä, MHPS and other.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 2.8% from 2023 to 2033 |
| Market Value in 2023 | USD 4.9 billion |
| Market Value in 2033 | USD 6.5 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Power Output, Application, Source, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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 |
The market is estimated to be worth USD 6.5 billion by 2033.
Increasing power generation activity in the region drives market growth.
High overnight costs restrain the market growth.
Increased demand for renewable energy sources spurs market growth
North America holds lucrative opportunities.
| Market Value (2022) | USD 2.4 billion |
|---|---|
| Market Anticipated Value (2032) | USD 3.8 billion |
| Market CAGR (2022 to 2032) | 4.7% |
| Microturbines Market Value in 2020 | USD 55 Million |
|---|---|
| Microturbines Market CAGR (2022 to 2032) | 10.8% |
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Multifuel Gas Turbine Market
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