Natural Gas Fired Electricity Generation Market Demand To Reach 64.12 Billion By 2030

Natural Gas Fired Electricity Generation Market Growth & Trends

The global natural gas fired electricity generation market demand is expected to reach 64.12 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% from 2025 to 2030. Rising government support, growing energy demand across the world, and a rise in natural gas production are various factors boosting industry growth.

Worldwide power demand is rapidly growing owing to strong economic growth in some of the major countries globally. Furthermore, the growth was powered by countries, such as the U.S., China, Japan, and India, which account for a dominating share in the world’s energy demand. Countries are looking to opt for natural gas as a power generation source over coal owing to fewer carbon emissions being emitted by natural gas.

Industry participants are entering into various strategic collaborations with the governments of some of the countries to aid them to renovate and modernize the power sector of the respective countries. Furthermore, vendors are utilizing joint ventures and mergers and acquisitions in order to develop advanced technologies and expand their foothold across various regional markets.

However, the production of natural gas is concentrated in a few countries, which results in the risk of gas supply disruptions owing to geopolitical tensions, eventually affecting trade and supply of natural gas. Furthermore, the rise in adoption of renewable energy technologies is estimated to hamper the growth of the market in the forecast period.

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Natural Gas Fired Electricity Generation Market Report Highlights

• Combined cycle technology emerged as the dominating segment in 2024 and is expected to maintain its lead over the forecast period owing to its higher overall efficiency and lower fuel requirement as compared to open cycle technology

• Power and utility emerged as the largest end-use segment in 2024 owing to a number of natural gas fired electricity generation power plants under pipeline to fulfill the growing demand from power in their region of operation

• North America held a significant revenue share in the market in 2024 owing to the rise in production and availability of natural gas in the region

• The Asia Pacific is expected to expand at the fastest growth rate over the forecast period. China, Japan, and Thailand are expected to contribute significantly to the growth of the market in the region

Natural Gas Fired Electricity Generation Market Segmentation

Grand View Research has segmented the global natural gas fired electricity generation market report based on technology, application, and region:

Natural Gas Fired Electricity Generation Technology Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Open Cycle

• Combined Cycle

Natural Gas Fired Electricity Generation Application Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Power & Utility

• Industrial

Natural Gas Fired Electricity Generation Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

• Europe

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Thailand

• Latin America

• Middle East and Africa

  • Saudi Arabia

  • Iraq

List of Key Players in the Natural Gas Fired Electricity Generation Market

• General Electric

• Siemens AG

• Mitsubishi Hitachi Power Systems, Ltd.

• Kawasaki Heavy Industries, Ltd.

• Ansaldo Energia S.P.A.

• Bharat Heavy Electricals Limited

• Opra Turbines B.V.

• Man Energy Solutions

• Centrax Gas Turbines