Latest Research Report on Natural Gas Fired Electricity Generation Market begins with a deep introduction and then delves broad into specific segments such as raw material, application, end user, and region, policy study, value chain structure, and upcoming trends in particular segments or regions. The report on Natural gas fired electricity generation prepares a case for investments in different regions based on a practical view of their regulatory outline, manufacturing dynamics, and availability of skills and resources in that region.
The volume of the global natural gas fired electricity generation market is estimated to touch 70,500.0 MW by 2027, as per a new report by Million Insights. The market is estimated to register 4.71% CAGR over the forecast years. Factors such as increasing energy demand across the globe, rise in the production of natural gas and favorable government initiatives are propelling the market growth.
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Power consumption across the world has increased significantly owing to the rapid economic growth and urbanization. Countries such as the United States, Japan, India and China are witnessing a considerable rise in energy consumption. These countries are increasingly opting for natural gas-based power generation owing to growing emission by coal-based power generation.
Market players are partnering with governments to modernize and renovate their existing energy infrastructure. In addition, strategic initiatives such as merger & acquisition, geographical expansion and joint ventures are being adopted by market players to strengthen their position in the market.
However, natural gas production is limited to a few countries. Geopolitical tension may result in disruption of gas supply, which in turn, is estimated to restrain the market growth. In addition, increasing penetration of renewable energy sources such as solar and wind is estimated to hamper the natural gas-fired electricity generation market growth over the forecast duration.
The Asia Pacific accounted for 35.0% share in the market in 2019. Additionally, the region is projected to register the maximum growth over the forecast duration. Countries such as Japan and China are contributing to the maximum growth of the region.
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