Global Natural Gas Fired Electricity Generation Market by Technology (Open Cycle, Combined Cycle), by End Use (Industrial, Power & Utility) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global natural gas-fired electricity generation market demand was 48.793.9 MW in 2019. It is expected to increase at a compound annual rate (CAGR of 4.71%) between 2020 and 2027. Natural gas-fired power plants are now cleaner options for baseload power generation due to environmental concerns about the high carbon emissions from coal-based power generators. The market is driven by the support regulations and policies for natural gas power generation. Many countries plan to replace coal with natural gas as their main source of power generation. The U.S. has seen a rise in natural gas production due to technological advancements for extracting natural gas from and shale gas resources.

In 2019, natural gas production was 9.8 billion cubic yards per day, which is a 10% increase over 2018. The country's natural gas-fired electricity generation market has grown due to the abundant supply of natural gas. The government has also taken the necessary measures to ensure that natural gas is a viable power source for the country. Natural gas, which accounted for around 38% of the country's power generation fuel in 2019, is still the main source of power. These factors will increase the market's growth over the forecast period.

Natural gas is being increasingly used for electricity generation. This is a more environmentally friendly option than coal-based power generation. It will increase market growth. The market growth forecast period will be strengthened by the expected drop in natural gas prices due to cost-effective production of some unconventional gas resources.

The industry's growth is expected to be hampered by an increase in renewable energy. The market growth can also be impeded by the presence of coal-based economies in Asia Pacific, and a lack in gas infrastructure in some countries.

Technology Insights

The market can be divided into two types based on technology: open cycle and combined cycle. In 2019, the combined cycle technology segment accounted for 78.2% of the market's total volume. Because it can improve the efficiency of the plant, combined cycle technology is gaining momentum. Additionally, combined cycle technology uses less fuel to produce the required amount of energy than open cycle technology. Due to the rising demand for large-capacity power plants to meet the increasing power demand in different regions of the globe, the combined cycle technology segment will see significant growth over the next few years.

Open cycle technology is the extraction of air from the atmosphere. The compressed air is then used to fuel a combustion chamber. Additionally, fuel is added to the mixture and ignited at constant pressure.

Open cycle technology has the advantage of requiring less space for installation, making them more suitable for small-scale installations. The segment's growth is likely to be limited by its high energy loss and lower efficiency. The growth of open cycle technology will be aided by the rising demand for small-scale power plants and mobile phones.

End-use Insights

The market can be divided by end-use into power, utility, and industrial. In 2019, 85.8% of the revenue came from the power and utility segment. This is due to the need for large-scale power plants to meet the rising baseload power demand. The development of natural gas-fired electricity generation plants will be boosted by the rising power demand from residential, commercial, industrial and other sectors. These factors will fuel the growth of power and utility segments over the forecast period.

Due to the growth in industrial operations across countries, the industrial end-use segment will likely expand at a rapid pace. The industrial sector has opted for natural gas-fired electricity generation plants due to the growth of the sector and government initiatives in different countries to improve the manufacturing sector. For captive power generation, these units are used in many industries such as chemical, cement, and iron and steel. The rise in demand for natural-gas-fired electricity generation in captive power plants has been attributed to frequent load shedding, blackouts and power outages in certain regions.

Regional Insights

Asia Pacific accounted for 35.0% of global revenue in 2019. It is expected to grow at the fastest rate over the next five years in terms revenue. The region's industrial sector will grow significantly due to the significant contribution of Japan and China in the coming years. These countries' governments are making efforts to reduce their carbon emissions, which encourages the power generation sector in this region to use natural gas instead of coal.

In 2019, North America accounted for a large revenue share. The power generation industry has had to shift its focus from other fuels to produce electricity to natural gas due to the increase in shale gas production.

Additionally, there are regulations and policies that support carbon emission reductions and switch to natural gas over coal. This will increase the number of natural gas-fired electricity generation plants. These factors will boost North America's growth over the forecast period.

Due to the number of projects currently in progress in different countries such as Saudi Arabia and Iraq, the Middle East and Africa are expected to see significant growth over the forecast period. Many countries in the region want to improve electricity access. These factors will increase the region's growth over the forecast period.

Market Share Insights & Key Companies

Companies that hold a dominant share of the market are concentrated. Many industry players offer complete services, including equipment, construction, commissioning and operation of natural gas-fired electricity generation plants. To strengthen their market position, industry players are taking on several strategic initiatives such as joint ventures and mergers & acquisitions. The following are some of the most prominent players in natural gas-fired electricity generation:

• General Electric

• Siemens AG

• Mitsubishi Hitachi Power Systems, Ltd.

• Kawasaki Heavy Industries, Ltd.

• Ansaldo Energia S.P.A.

Up Market Research published a new report titled “Natural Gas Fired Electricity Generation Market research report which is segmented by Technology (Open Cycle, Combined Cycle), by End Use (Industrial, Power & Utility), By Players/Companies Mitsubishi Hitachi Power Systems Ltd, Ansaldo Energia SPA, Kawasaki Heavy Industries Ltd, General Electric, Siemens AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Natural Gas Fired Electricity Generation Market Report Segments:

The market is segmented by Technology (Open Cycle, Combined Cycle), by End Use (Industrial, Power & Utility).

Natural Gas Fired Electricity Generation Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Natural Gas Fired Electricity Generation Market

Overview of the regional outlook of the Natural Gas Fired Electricity Generation Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Natural Gas Fired Electricity Generation Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Natural Gas Fired Electricity Generation Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Open Cycle

                2. Combined Cycle

                1. Industrial

                2. Power & Utility

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Natural Gas Fired Electricity Generation Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Natural Gas Fired Electricity Generation Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.