The Global Natural Gas-Fired Electricity Generation Market size was valued at US $41.13 Bn. in 2019, and it is expected to reach US $55.26 Bn. by 2027 with a CAGR of 4.31% during the forecast period.
Natural Gas-Fired Electricity Generation Market Overview:
The Natural Gas-Fired Electricity Generation Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Natural Gas-Fired Electricity Generation Market, as well as the causes for variances in the industry’s growth in various places
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Natural Gas-Fired Electricity Generation Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Natural Gas-Fired Electricity Generation Market Drivers:
As environmental concerns about the high carbon emissions from coal-fired electricity generation plants have grown natural gas-fired power stations have become a cleaner option for baseload electricity generation. Some of the world's major countries in the Asia Pacific, Europe, and North America expect to be able to replace coal with natural gas as the primary source of electricity generation.
Natural gas production in the United States has increased as technology for extracting natural gas from shale gas reserves has enhanced. For example, the natural gas production in the country reached 9.8 billion cubic feet per day in 2019, up 10% from 2018. The country's market for natural gas-fired electricity generation has been driven by the availability of natural gas. In 2019, natural gas is been USA's primary electricity generation fuel, contributing to approximately 38% of the total electricity generation.
Also, the government of various nations across the globe has taken the relevant regulatory and policy initiatives like EPI (Energy Policy of India), EPE (Energy Plan for Europe) to encourage the use of natural gas as an electricity generation source in the country. The reduced natural gas costs as a result of cost-effective production from some unconventional gas resources in significant quantities are expected to drive market growth throughout the forecast period.
Natural Gas-Fired Electricity Generation Market Segmentation:
By Technology
Open Cycle
Combined Cycle
By End-Use
Industrial
Power & Utility
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Natural Gas-Fired Electricity Generation Market Key Players: The key players are
• General Electric
• Siemens AG
• Mitsubishi Hitachi Power Systems Ltd.
• Kawasaki Heavy Industries Ltd.
• Ansaldo Energia S.P.A.
• Power Grid Corporation
• National Thermal Power Corporation
• Damodar Valley Corporation
• Royal Dutch Shell
• BP PLC
• Novatek
• Albama Power
• Decatur Utilities
• Arizona Public Service
• Public Service Company of Colorado
• Direct Energy
• Georgia Power
• Solar Turbines Inc.
• Centrax Gas Turbines
• Opra Turbines
• Others
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Natural Gas-Fired Electricity Generation Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Natural Gas-Fired Electricity Generation Market Report are:
Which sub-segment had the largest share in the Natural Gas-Fired Electricity Generation Market?
How is the competitive landscape of the Natural Gas-Fired Electricity Generation Market in 2023?
Which are the key drivers impacting the Natural Gas-Fired Electricity Generation Market growth?
Which region holds the maximum share in the Natural Gas-Fired Electricity Generation Market?
What will be the CAGR of the Natural Gas-Fired Electricity Generation Market during the forecast period (2023-2029)?
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