Natural Gas Power Generation Market worth $122.49 billion by 2030 | MarketsandMarkets™

DELRAY BEACH, Fla., Oct. 7, 2025/PRNewswire/ -- The global Natural Gas Power Generation Market is anticipated to grow from estimated USD 96.95 billion in 2025 to USD 122.49 billion by 2030, at a CAGR of 4.8% during the forecast period. Market growth is driven by increasing electricity demand, the need for reliable and flexible power, and the transition toward lower-carbon energy sources compared to coal and oil. Advancements in high-efficiency combined-cycle turbines, distributed generation, and LNG infrastructure are enhancing operational efficiency and scalability. Supportive government policies, emissions regulations, and incentives for cleaner energy accelerate adoption. Additionally, natural gas's role in balancing intermittent renewable energy, reducing grid volatility, and ensuring energy security further strengthens market growth.

Browse 200 market data Tables and 70 Figures spread through 290 Pages and in-depth TOC on 'Natural Gas Power Generation Market - Global Forecast to 2030'

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By technology segment, the open cycle is expected to grow at the highest CAGR during the forecast period.

The Open Cycle segment is expected to grow at the highest CAGR in the Natural Gas Power Generation Market due to its quick start-up and shut-down capabilities, making it ideal for meeting peak electricity demand and supporting grid stability. Its relatively lower capital expenditure compared to combined-cycle plants enables faster deployment and flexible operation. Technological improvements in aeroderivative and small-scale gas turbines enhance efficiency and reduce maintenance costs. Additionally, the growing integration of intermittent renewable energy sources, such as solar and wind, is driving demand for open-cycle plants as reliable peaking and backup power solutions.

By power output segment, the 201–500 MW segment is expected to grow at the highest CAGR during the forecast period.

The 201–500 MW power output segment is expected to grow at the highest CAGR in the Natural Gas Power Generation Market due to its optimal balance between scale and flexibility. Plants within this range can efficiently serve regional grids, industrial zones, and urban centers without the high capital requirements of larger projects. They offer faster deployment, lower operational complexity, and adaptability to fluctuating demand. Technological advancements in mid-sized combined-cycle and open-cycle turbines further improve efficiency and emissions performance. Additionally, the increasing integration of renewable energy sources drives the need for mid-sized plants to provide reliable backup and grid-stabilizing support.

By region, Asia Pacific is expected to be the fastest-growing region during the forecast period.

In the Natural Gas Power Generation Market, Asia Pacific is poised to emerge as the fastest-growing region through 2030, propelled by a confluence of innovative drivers. Surging electricity demand from data centers and AI-driven digital economies in China and India is accelerating gas adoption for reliable baseload power. Extreme weather events, including 2024 heatwaves, are intensifying cooling needs and grid resilience requirements. Policy shifts, such as China's coal-to-gas conversions and the Philippines' tax incentives for LNG development, are fostering cleaner transitions. Enhanced regional LNG imports and pipeline expansions in ASEAN nations further enable flexible integration with renewables, curbing emissions while supporting industrialization.

Key Market Players

Some of the major players in the Natural Gas Power Generation Market are GE Vernova (US), Siemens Energy (Germany), Tecogen, Inc. (US), Destinus Energy (US), Bechtel Corporation (US), Fluor Corporation (US), Worley (Australia), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Caterpillar Inc. (US), Wärtsilä (Finland), McDermott (US) and Clarke Energy (UK). These players adopt major strategies, including acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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GE Vernova (US)

GE Vernova (US) is a global energy technology company that focuses on accelerating the energy transition through advanced power solutions. The company operates primarily in the areas of gas power, steam power, nuclear power, grid solutions, and wind power, with a strong emphasis on delivering reliable, sustainable, and efficient energy systems worldwide. Within its power segment, GE Vernova provides integrated technologies and services across natural gas and steam turbines, generators, and nuclear reactor systems, supported by a robust portfolio of digital and service offerings. The gas power business delivers high-efficiency turbines and combined-cycle systems, enabling utilities and industrial players to meet growing energy demand with lower emissions. Its steam power operations serve both utility-scale and industrial customers, offering advanced boiler technologies and turbine systems designed for high efficiency and reliability, including applications for nuclear facilities.

Siemens Energy (Germany)

Siemens Energy (Germany) is a Germany-based global energy technology company that focuses on delivering sustainable, reliable, and efficient solutions across the entire energy value chain. The company operates through four main business segments, namely, Gas Services and Grid Technologies, Transformation of Industry, and Siemens Gamesa, while also holding a significant stake in Siemens Gamesa Renewable Energy. Its Gas Services segment forms a core part of its portfolio and provides technologies and services for gas turbines, steam turbines, generators, and related systems that are crucial for power generation and industrial applications. Through this segment, Siemens Energy offers advanced gas turbine solutions with high efficiency and low emissions, supporting both combined-cycle and cogeneration plants.

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