wire and Cable Expo 2024 Update: Shift to Cleaner Power Generation Causes Market Volatility
As the shift towards cleaner modes of power generation increases, the global market for gas turbines in the power industry is experiencing significant growth. However, wire and Cable Expo 2024 has learned that market expansion is being challenged by fluctuations in natural gas prices. Utility companies aim to maintain a balanced mix of raw materials to protect electricity prices from price volatility. Nevertheless, the rising trend of natural gas-powered power plants is increasing dependence on natural gas. Given the current low natural gas prices, this dependency seems less risky. However,
In the power industry, gas turbines face challenges from various aspects. Fuel consumption and operational costs are major concerns for the utilities sector, with natural gas prices, carbon capture and storage (CCS), hydrogen fuel gas, materials, and diagnostics being key areas to improve efficiency levels and reduce nitrogen oxide emissions.
wire and Cable Expo 2024 2024 has learned that historical trends suggest that increases in demand and rising crude oil prices could lead to significant hikes in oil prices. This, in turn, would lead to increased utility costs and consequently, higher electricity prices for consumers.
In 2023, the average price of natural gas at Henry Hub in the USA was $2.57 per million British thermal units (MMBtu), while in the same year, the domestic price in India was $8.47 per MMBtu.
Fluctuations in natural gas prices caused by imbalances in production and consumption could negatively impact the raw material usage in natural gas power plants, hindering the growth of the global gas turbines market in the power industry during the forecast period.
Population growth and urbanization require a substantial amount of electricity, but transmission and distribution losses limit the efficiency of traditional power plants. Offshore locations offer potential solutions, but also present unique challenges, such as harsh environments and complex logistics.
Currently, climate change, along with utility companies gradually shifting towards renewable energy sources such as wind and solar, is progressively reducing dependence on oil and natural gas. Combined cycle turbines are one of the options for improving efficiency and alleviating fuel supply pressures, with experts predicting that in the future, cooling technologies, materials, and combustion systems will have significant impacts on the development of the electricity grid.
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