A Better Approach To Natural Gas Fired Electricity Generation Industry
Posted by Mrudula Anil Karmarkar on May 2nd, 2022
The global natural gas fired electricity generation market demand is expected to reach 70,500.0 MW by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.71% from 2020 to 2027. 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.
The rise in environmental concerns regarding the high amount of carbon emissions from coal-based power generation plants has resulted in making natural gas fired power plants a cleaner option for baseload power generation. Furthermore, supporting regulations and policies for power generation using natural gas is the main factor driving the market in some of the major countries around the world. Some of the major countries around the world are planning to make natural gas the major power generation source by replacing coal with it. Natural gas production has been on the rise in the U.S. owing to technology advancement for the extraction of natural gas from shale gas reserves.
To Request Sample Copy of this report, click the link:
For instance, natural gas production in the country was recorded as 9.8 billion cubic feet per day in 2020, which was a 10% increase as compared to 2018. The availability of abundant natural gas has driven the market for natural gas fired electricity generation in the country. Furthermore, the government has taken necessary steps with regards to regulations and policies to support the growth of natural gas as a power generation source in the country. Furthermore, currently, natural gas is the major power generating fuel utilized in the country that accounted for a share of around 38% in 2020. These factors will boost the growth of the market in the forecast period.
Natural Gas Fired Electricity Generation Market Report Highlights
The market is concentrated with companies that account for a dominating share in the market. Some of the industry participants provide complete services ranging from equipment, construction, commissioning, to operation for natural gas fired electricity generation plants. Industry players are taking up several strategic initiatives, such as joint ventures, mergers & acquisitions, partnerships, and new product offerings, in order to strengthen their foothold in the market. Some of the prominent players in the natural gas fired electricity generation market include:
Like it? Share it!
About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 888
More by this author