Natural Gas Fired Electricity Generation Market to grow by 122.7 million toe from 2022 to 2027 | The increasing natural gas production to boost the market- Technavio
NEW YORK, Aug. 25, 2023 /PRNewswire/ -- The natural gas-fired electricity generation market is estimated to grow by 122.7 million toe from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.95% during the forecast period. However, the growth momentum will progress. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a free sample report
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Natural Gas-Fired Electricity Generation Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (CGCT and OCGT), and end-user (residential, commercial, and industrial)
- The market share growth by the CGCT segment will be significant during the forecast period. The combined cycle is called the integration of different thermodynamic energy production processes. The combined cycle electric generating system consists of a combination of combustion turbines and steam turbines, which act as power units. CCGT performance exceeds OCGT. The current trend emphasizes the improved efficiency (temperature reduction) that can be achieved through larger combined cycle power units. Hence, these factors are expected to drive segment growth during the forecast period.
Geography Overview
By geography, the natural gas-fired electricity generation market is segmented into North America, APAC, Europe, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the natural gas-fired electricity generation market.
- North America is estimated to contribute 55% to the growth of the global market during the forecast period. The US was the main contributor to the market in the regionThis is because due to the shale gas boom in the US, natural gas production in the region has increased significantly. The majority of electricity produced, according to the US EIA, is generated from fossil fuels. For example, in 2020, natural gas generated 38% of all electricity generated in the country, which is the highest percentage. Hence, these factors are expected to drive market growth in the region during the forecast period.
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a free Sample Report
Natural Gas-Fired Electricity Generation Market – Market Dynamics
Key Driver
The increasing natural gas production is a key factor driving market growth. Due to the rising supply of tight gas, shale gas, and coalbed methane, natural gas is now the fossil fuel with the fastest rate of growth. The global supply of natural gas has expanded since 2008 as a result of effective shale oil and gas extraction in countries like the US. Russia, the second-largest producer of natural gas in the world behind the US, has enormous untapped natural gas production capability on the Yamal peninsula. The growth in natural gas output globally means that natural gas will be easily accessible for use in producing electricity. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend
A shift to gas generators is a major trend in the market.
Significant Challenge
The environmental concerns associated with the combustion of natural gas is a significant challenge restricting market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a free sample report!
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Natural Gas-Fired Electricity Generation Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.95% |
Market growth 2023-2027 |
122.7 million toe |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.7 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 55% |
Key countries |
US, Canada, China, Japan, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bharat Heavy Electricals Ltd., Centrais Eletricas Brasileiras SA, Central Puerto S.A., China Resources Holdings Co. Ltd., Dominion Energy Inc., Duke Energy Corp., Exelon Corp., General Electric Co., Iberdrola SA, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Nextera Energy Inc., NRG Energy Inc., NTPC Ltd., RWE AG, Sembcorp Industries Ltd., Siemens AG, Tokyo Electric Power Co. Holdings Inc., Vattenfall AB, and ENGIE SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End User
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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Website: www.technavio.com
SOURCE Technavio
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