Natural Gas-Fired Power Generation Market Report 2020-2030: Forecasts by Type {Combined Cycle Gas Turbine (CCGT), Open Cycle Gas Turbine (OCGT)}, by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.

Natural gas's environmental benefits over fossil fuels have led to increased use in power plants around the world. The production of natural gas-fired electricity is also funded by the government's financial assistance to power utilities. Investment in the production of natural gas-fired electricity in the US has grown substantially. This investment in natural gas-fired power plants is becoming increasingly critical due to the potential closure of several U.S. coal and nuclear power plants. Growing developments in the fired power generation industry of natural gas will have a positive impact on the growth of the size of the global market for fired electricity generation.

Global policymakers have been pressured by rising environmental concerns to implement clean energy technology to reduce carbon emissions. The Government of Belgium has recently agreed to provide incentives for new energy resources such as natural gas-fired power plants to mitigate nuclear phasing out by 2025. During the forecast period, these supportive government regulations would drive growth in the global size of the fired electricity generation market at a CAGR of nearly 3%.

For 2019, the North American field led the market for the production of gas-fired electricity, followed by APAC, Europe, MEA and South America. The US shale gas boom has resulted in a substantial increase in North America's natural gas production. Furthermore, due to the availability of cost-effective domestic assets, the use of natural gas for power generation is expected to increase rapidly in the country.

Government support for implementing clean energy technology will be one of the primary drivers of the demand for the production of natural gas-fired electricity. The need for less carbon-intensive technology such as natural gas-fired power generation is also rising with the high demand for energy and increasing emphasis on reducing carbon emissions.

Notes for Editors
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