LONDON--(BUSINESS WIRE)-- According to Technavio Research Report "Global Natural Gas-Fired Power Generation Market by type (CCGT, and OCGT) and geographic regions (APAC, Europe, North America, South America, and MEA) is witnessed to grow by 249.76 GW, at a CAGR of 3% from 2019 to 2023”.
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Technavio has published a new market research report on the global natural gas-fired power generation market from 2019-2023. (Graphic: Business Wire)
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Global Natural gas-fired power generation market: Development of battery storage-augmented gas turbines
Gas turbines have played an important role in meeting the global energy demand for decades owing to their ability to quickly flex up or down with the surge and dips in peak power demand. However, the efficiency of gas turbines plunges when operated under or above the optimal load. Such drawback led to the development of battery storage-augmented gas turbines. In this type, the battery storage serves as a reserve, which comes into action to smoothen and optimize turbine performance levels. Thus, the emergence of battery storage-augmented gas turbines will significantly impact the growth of the market during the forecast period.
“Apart from the emergence of battery storage-augmented gas turbines, other factors such as the development of the global LNG market, and the growing investments in gas-fired power generation will have a significant impact on the growth of the natural gas-fired electricity generation market size during the forecast period,” says a senior analyst at Technavio.
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Global Natural gas-fired power generation market: Segmentation analysis
This market research report segments the global natural gas-fired power generation market by type (CCGT, and OCGT) and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the natural gas-fired electricity generation market in 2018, followed by, APAC, Europe, MEA and South America respectively. The shale gas boom in the US has resulted in a significant increase in the production of natural gas in North America. Moreover, the use of natural gas for power generation is expected to increase at a rapid pace in the region owing to the availability of cost-effective domestic resources. This is expected to fuel the growth of the natural gas-fired power generation market in North America during the forecast period.
Global Natural gas-fired power generation market: Rising government support
A key factor driving the growth of the global natural gas-fired power generation market size is the rising government support. Coal-fired power generation is reducing significantly owing to the increasing shift toward the adoption of clean energy technologies to reduce carbon emission. Moreover, many countries are abandoning the use of carbon-intensive energy generation technologies and increasingly adopting less carbon-intensive technologies, such as natural gas-fired power generation. Hence, governments are increasingly imposing regulations to ensure efficient power generation using natural gas, thereby, fueling the natural gas-fired electricity generation market.
Few Major Players for the Global Natural Gas-Fired Power Generation Market are:
- Chubu Electric Power Co. Inc.
- RWE AG
- Southern Co.
- Tokyo Electric Power Company Holdings Inc.
- Uniper SE
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Source: Technavio Research