The global natural gas-fired power generation market will record a 3% growth between 2019 and 2023, according to a new study by research firm Technavio.
The market's incremental growth in terms of capacity is expected to be 249.76GW, with a 2.64% year-over-year growth rate during the forecast period.
The Asia Pacific region is expected to account for 43% of the growth.
A key market driver is the rising support by governments towards the adoption of less-carbon intense technologies.
Governments are expected to increase imposing regulations encouraging the adoption of clean energy technologies such as natural gas-fired power generation to reduce carbon emissions and to address climate change.
Moreover, utilities are shifting towards natural gas since it is cost-effective compared to coal.
The emergence of battery storage-augmented gas turbines will significantly impact the growth of the market.
North America led the natural gas-fired power generation market in 2018, owing to a significant increase in the production of natural gas and the availability of cost-effective domestic resources in the region.
A senior analyst at Technavio, said: “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.”
Major market players include Chubu Electric Power, TEPCO and RWE.