The adoption of combined cycle wind turbines and integrated wind combined cycle in the industrial and commercial sectors is the major driving factor for the multi fuel gas turbines market. These technologies generate high efficiency and eco-friendly electricity and power. Additionally, thermal efficiency of multi fuel gas turbines is generally higher than of a reciprocating engine. Multi fuel gas turbines also have very high power to weight ratio and greater reliability. However, the major restraints of multi fuel gas turbines include high overnight cost, longer start-up, and less responsive to changes in power demand.
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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. The multi fuel gas turbine combined cycle is the 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 multi fuel gas turbines. Furthermore, to remove noise emission, peak motor speeds are pursued. The major manufacturers of the multi fuel gas turbines market also attempt to make turbines more visually attractive with the help of recent technologies.
Manufacturers focus to produce new products for specific applications as there are varying demands based on utilization. Multi fuel gas turbines are cost-effective and have to comply with strict regulations. Furthermore, multi fuel gas turbine has its major application in water pumping activities.
Companies covered in the market report are Sinovel, Siemens, Ming Yang, Guodian United Power, Nordex, Dewind, Senvion, Wärtsilä, MHPS, and GE.
COVID-19 scenario analysis:
- The decline in the demand for industrial activities, including transportation, petrochemicals, and others is expected to hamper the multi fuel gas turbines market growth.
- Additionally, insufficiency in raw material supply further affects the production rate of the multi fuel gas turbines market, thus affecting the multi fuel gas turbines supply chain management.
- Furthermore, large dependency on Chinese exports and recent ban on power equipment from China are expected to create supply demand gap in the market. In 2018-2019, India imported around 30% of its total power equipment from China.
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Key benefits of the report:
- This study presents the analytical depiction of the multi fuel gas turbine market along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the multi fuel gas turbine share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the multi fuel gas turbine market growth scenario.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
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