The volume of the global natural gas fired electricity generation market is estimated to touch 70,500.0 MW by 2027, as per a new report by Million Insights. The market is estimated to register 4.71% CAGR over the forecast years. Factors such as increasing energy demand across the globe, rise in the production of natural gas and favorable government initiatives are propelling the market growth.
Power consumption across the world has increased significantly owing to the rapid economic growth and urbanization. Countries such as the United States, Japan, India and China are witnessing a considerable rise in energy consumption. These countries are increasingly opting for natural gas-based power generation owing to growing emission by coal-based power generation.
Market players are partnering with governments to modernize and renovate their existing energy infrastructure. In addition, strategic initiatives such as merger & acquisition, geographical expansion and joint ventures are being adopted by market players to strengthen their position in the market.
However, natural gas production is limited to a few countries. Geopolitical tension may result in disruption of gas supply, which in turn, is estimated to restrain the market growth. In addition, increasing penetration of renewable energy sources such as solar and wind is estimated to hamper the natural gas-fired electricity generationmarket growth over the forecast duration.
The Asia Pacific accounted for 35.0% share in the market in 2019. Additionally, the region is projected to register the maximum growth over the forecast duration. Countries such as Japan and China are contributing to the maximum growth of the region.
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Further key findings from the report suggest:
• In 2019, combined cycle accounted for the highest share in the market and anticipated to dominatefrom 2020 to 2027.
• Power & utility held the largest share in the market in 2019 owing to the increasing adoption of natural gas to fulfill the demand for global energy need.
• APAC is estimated to register the highest growth over the forecast duration. Countries such as Japan, Thailand and China are the major contributors to the market in the region.
• In 2019, North America held a considerable share in the market due to increasing production of natural gas in the region.
Million Insights has segmented the global natural gas fired electricity generation market on the basis of technology, end-use and region:
Natural Gas Fired Electricity Generation Technology Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
• Open Cycle
• Combined Cycle
Natural Gas Fired Electricity Generation End-use Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
• Power & Utility
Natural Gas Fired Electricity Generation Regional Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• Asia Pacific
• Middle East & Africa
• Saudi Arabia
• Central & South America
List of Key Players of Natural Gas Fired Electricity Generation Market
• General Electric
• Siemens AG
• Mitsubishi Hitachi Power Systems, Ltd.
• Kawasaki Heavy Industries, Ltd.
• AnsaldoEnergia S.P.A.