The global natural gas fired electricity generation market is anticipated to grow significantly over the forecast period. Growing energy demand owing to increasing population across the world is one of the major factors driving the market for natural gas electricity generation. Natural gas is one of the front runners in the overall electricity generation market on account of its environmental friendly characteristics when compared with other fuels used of electricity generation.
Shale gas boom in North America has also been prompting the electricity generation industry in the region to shift their focus towards generating electricity using natural gas at a relatively low cost. This boom coupled with environmental concerns has been putting pressures on old coal fired power plants to be replaced by natural gas fired electricity generators in the region. In addition, the regulatory support for electricity generation using natural gas has also been acting as one of the major factors driving its market. Natural gas is compared to be more efficient and cleaner fuel compared with other fuels (mainly coal) used for power generation. However, the market situation in Europe is totally different from North America as natural gas power plants are being replaced by coal fired power plants owing to increasing natural gas prices in the region. Major companies operating in the European market have been reporting losses owing to volatility in natural gas prices.
Industry has been expecting old coal based power plants to go off the grid which will allow natural gas fired power plants to cater the unmet electricity demand across the globe. Moreover, higher efficiency of combined cycle gas turbines compared to coal based power generation is further expected to put more pressure on coal fired power generation market. North America and Asia Pacific are expected to be attractive markets for natural gas fired power generation over the next decade or so. Governments of countries such as China and India are constantly working on reducing their carbon footprints as these countries have been shifting their focus towards generating electricity using clean natural gas rather using coal.
Grand View’s market research study takes a closer look at the natural gas fired electricity generation industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key technologies including natural gas fired steam turbines, gas turbines, natural gas combined cycle and natural gas fuel cells. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global natural gas fired electricity generation market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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