The increased environmental concerns regarding the high carbon emissions from coal-based power generation plants have made 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. The rise in the adoption of natural gas for electricity generation is considered a cleaner option for coal-based power generation, which will boost the market growth. Dropping costs of natural gas owing to the cost-effective production from some of the unconventional gas resources in a large quantity are assessed to strengthen the market growth in the forecast period.
MARKET SCOPE
The "Global Natural gas Fired Electricity Generation Market Analysis to 2028" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the natural gas fired electricity generation market with detailed market segmentation by technology, end user, and geography. The global natural gas fired electricity generation market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading natural gas fired electricity generation market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global natural gas fired electricity generation market is segmented by technology, and end user.
- On the basis of technology, the market is segmented into Open Cycle, Combined Cycle.
- On the basis of end user, the market is segmented into Power and Utility, Industrial.
MARKET DYNAMICS
Drivers-
- The rise in the adoption of natural gas for electricity generation is considered a cleaner option for coal-based power generation, which will boost the market growth.
Restrains
- The rise in the share of renewable energy in the power generation mix is anticipated to hamper the industry growth over the forecast period.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The market has been severely affected owing to the COVID-19 outbreak. Electric power plants require a workforce and a continuous supply of natural gases. However, the Covid-19 pandemic has resulted in a lack of human resources. Additionally, service providers operating in the market, providing equipment, construction, and commissioning, were hit badly due to the proper shutdown of manufacturing hubs. Furthermore, due to end-use industries' closure, electricity demand has significantly dropped. Moreover, market players have reduced their expenditure on research and development amid the economic crisis. Nonetheless, the market is estimated to witness considerable growth over the next few years as the pandemic has increased energy consumption from residential sectors. However, in 2019, natural gas production in the United States was 9.8 billion cubic feet per day, a 10% increase from last year. The easy availability of a large amount of natural gas has increased its use in electricity generation. Natural gas is one of the major power-generating sources, occupying approximately 38% of total electricity production as of 2019. Furthermore, the government has taken necessary steps concerning regulations and policies to support the growth of natural gas as a power generation source in the country. Moreover, natural gas is currently the major power-generating fuel utilized in the country, accounting for around 38% in 2019. These factors will boost the growth of the market and also helps to recover from the covid-19 disruptions to some extent in the forecast period.
MARKET PLAYERS
The reports cover key developments in the natural gas fired electricity generation market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from natural gas fired electricity generation market are anticipated to lucrative growth opportunities in the future with the rising demand for natural gas fired electricity generation in the global market. Below mentioned is the list of few companies engaged in the natural gas fired electricity generation market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the natural gas fired electricity generation market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, the key development in the past five years.
- General Electric
- Siemens AG
- Mitsubishi Hitachi Power Systems, Ltd.
- Kawasaki Heavy Industries, Ltd
- Bharat Heavy Electricals Limited
- Ansaldo Energia S.P.A
- Solar Turbines Incorporated
- Opra Turbines B.V
- Man Energy Solutions
- entrax Gas Turbines