Main Content start here
Main Layout
Report Description

Report Description

Forecast Period

2026-2030

Market Size (2024)

USD 44.75 Billion

Market Size (2030)

USD 56.05 Billion

CAGR (2025-2030)

3.67%

Fastest Growing Segment

Cogeneration

Largest Market

North America

Market Overview

Global Natural Gas-Fired Electricity Generation Market was valued at USD 44.75 Billion in 2024 and is expected to reach USD 56.05 Billion by 2030 with a CAGR of 3.67% during the forecast period.

The global natural gas-fired electricity generation market plays a central role in the evolving global energy landscape, bridging the gap between traditional fossil fuels and renewable energy sources. Natural gas has become the preferred fossil fuel for power generation due to its relatively lower carbon emissions compared with coal and oil, along with its ability to provide flexible, reliable, and cost-effective electricity. The market has witnessed strong expansion in recent years, driven by rising global energy demand, ongoing urbanization, industrial development, and the need for grid stability in regions with rapidly growing renewable penetration. Governments and utilities across developed and emerging economies are increasingly turning to natural gas-fired power plants as a transitional solution to decarbonization, leveraging the fuel’s ability to complement intermittent solar and wind resources. Advanced technologies such as combined cycle gas turbines (CCGTs) and cogeneration are enabling higher efficiency and reduced emissions, further strengthening the market’s role in the global power mix.

Key Market Drivers

Rising Global Electricity Demand

The steady growth in global electricity consumption is a major driver for natural gas-fired generation. Global electricity demand increased by nearly 4.3% in 2024, up from 2.5% in 2023, reflecting accelerated urbanization and industrial activity. Buildings alone contributed over 600 terawatt-hours (TWh) of additional demand, accounting for nearly 60% of the total increase. Industrial demand also grew by almost 4% year-on-year, as heavy industries such as steel, chemicals, and cement expanded output. The transportation sector is adding new layers of demand, with global electric vehicle sales surpassing 17 million units in 2024, up from fewer than 14 million in 2023—all of which require reliable charging infrastructure. In India, monthly natural gas consumption rose by 24% in 2023, reaching 5.8 billion cubic meters (BCM), with power generation alone recording a 34% increase. Globally, population growth and the rapid digitalization of economies are also pushing electricity consumption higher, particularly from data centers, which are projected to double their power use within the next decade. Natural gas-fired power plants, with their ability to deliver large volumes of electricity on demand, are central to meeting this accelerating requirement.

Need for Grid Flexibility to Support Renewables

The rapid integration of solar and wind energy has created a pressing need for grid stability, and natural gas-fired generation provides the most effective solution. Combined-cycle gas turbine (CCGT) plants built between 2010 and 2022 averaged a capacity factor of about 64%, compared to 55% for those from the 2000s and only 35% for plants from the 1990s, highlighting efficiency improvements. Fleet averages for CCGT plants rose from 40% in 2008 to 57% in 2022, showing greater utilization. Heat rates for modern CCGT units average around 6,960 Btu/kWh, equivalent to nearly 49% thermal efficiency, which is about 7% more efficient than older plants. Even simple-cycle gas turbine units, traditionally used for peaking power, exceeded the 20% capacity factor mark for the first time in 2022, underscoring their growing role in balancing intermittent renewables. On the demand side, global natural gas consumption rebounded by 2.8% in 2024, driven by power sector requirements to fill renewable intermittency gaps. With their quick ramp-up capability, natural gas plants provide essential load-following and reserve capacity, ensuring energy security as renewables expand.

Expansion of Natural Gas Supply and LNG Infrastructure

The growth in natural gas supply and liquefied natural gas (LNG) infrastructure is enabling wider adoption of gas-fired power generation. Global LNG demand is expected to rise by around 60% by 2040, reaching between 630 and 718 million metric tons per year. In 2024 alone, global gas demand expanded by 2.8%, with major consumption increases recorded in Asia, North America, and the Middle East. Russia reported consumption growth of more than 6% during the year, while the U.S. accounted for about 22% of global demand, reflecting strong reliance on natural gas for its power sector. India recorded a sharp jump in monthly gas use, hitting 5.8 BCM, largely due to higher requirements in power generation and industrial facilities. Meanwhile, LNG export and regasification capacity worldwide is being scaled up, with additional terminals increasing the flexibility of gas trade across regions. As infrastructure develops, LNG enables countries without domestic pipeline access to secure stable supplies, making gas-fired power plants more attractive. This combination of abundant supply and expanding LNG logistics underpins the long-term role of gas in electricity generation.

Regulatory Pressure and Technology Advancements

Environmental regulations and technological innovation are pushing natural gas-fired power generation forward. The global market for gas turbine upgrades is valued at over USD 19 billion in 2025, with North America alone accounting for more than 40% of revenues. Emission standards are increasingly strict, with modern turbines being designed to reduce nitrogen oxides (NOₓ) to below 15 parts per million (ppm). Technological retrofits, such as advanced turbine blade coatings, can improve durability and efficiency by 8–12%, often delivering returns on investment of up to 200% within five years. New turbine models also offer greater fuel flexibility, with some designed to operate on 30% hydrogen blends, and demand for such turbines has grown by more than 40% since 2022. Heat recovery steam generators and combined heat and power (CHP) systems can increase overall plant efficiency to more than 70%, meeting both power and industrial heat requirements. These improvements allow natural gas-fired plants to comply with regulations, extend asset life, and align with decarbonization pathways, ensuring continued adoption globally.

Economic Competitiveness and Fuel Switching Dynamics

The economics of natural gas-fired power are a strong driver for the market, particularly in regions facing high coal costs or carbon penalties. In OECD countries, gas-fired power generation increased by 8.8% year-on-year in early 2025, showing its cost competitiveness despite coal temporarily rising by 14%. Global domestic natural gas consumption grew by 2.8% in 2024, partly because gas prices dropped by around 15% compared with 2023 levels, making generation more affordable. Efficiency gains from new turbines also reduce costs: modern CCGT plants with heat rates of about 6,960 Btu/kWh are roughly 7% more fuel-efficient than those built in previous decades. In the U.S., simple-cycle turbines exceeded the 20% capacity factor threshold for the first time in 2022, demonstrating their expanded economic role beyond just peaking plants. In India, gas demand for power generation surged by 34% year-on-year, highlighting utilities’ preference for gas when it aligns with seasonal demand profiles and relative pricing. These dynamics make gas-fired power a flexible and competitive option, especially when carbon pricing or emissions limits penalize coal more heavily.

 

Download Free Sample Report

Key Market Challenges

Volatility in Natural Gas Prices

One of the most pressing challenges for the global natural gas-fired electricity generation market is the volatility of natural gas prices. Unlike renewable sources with near-zero fuel costs, gas-fired plants are heavily exposed to price fluctuations in international gas and liquefied natural gas (LNG) markets. For instance, global LNG spot prices rose by more than 400% between 2021 and 2022, before correcting by around 50% in 2023, reflecting sensitivity to geopolitical shocks, supply disruptions, and seasonal demand swings. Power producers relying on imported LNG in Asia often pay two to three times more than domestic producers in gas-rich regions such as North America or the Middle East. This disparity limits the competitiveness of gas plants, especially in countries with regulated power tariffs, where utilities are unable to pass on higher costs to consumers. Even in developed markets, electricity prices have surged due to fuel price spikes, leading to political and regulatory backlash. Volatility also discourages long-term investment in new capacity, as financial models become harder to sustain without hedging or subsidies. Developing economies, where affordability is a critical issue, are particularly vulnerable, with many forced to scale back gas-fired power expansion plans when prices surge. As a result, operators must constantly balance operational economics against market dynamics, making fuel price volatility a significant hurdle for the sustained growth of natural gas-fired generation globally.

Growing Competition from Renewables

The rapid rise of renewable energy sources such as wind and solar poses a strong competitive challenge to natural gas-fired electricity generation. Renewable capacity additions have surged, with more than 500 gigawatts (GW) of new renewable installations globally in 2023, marking a record-breaking expansion. In many regions, the levelized cost of electricity (LCOE) for solar and onshore wind has dropped to below USD 40 per megawatt-hour, compared to gas-fired generation which often ranges between USD 60–100/MWh, depending on fuel prices. Policies in Europe, the United States, and China strongly favor renewable deployment through subsidies, tax incentives, and priority grid access, accelerating the displacement of fossil fuel-based power. As renewable penetration rises, the capacity factors of gas plants decline; for example, in Germany, average utilization of gas-fired plants has fallen below 30% in some years, as renewables supply a larger share of base load demand. Furthermore, investments in battery storage and grid-scale flexibility solutions are gradually reducing the need for gas-fired peaking plants, which were traditionally seen as indispensable to balance renewables. The perception of gas as a “transition fuel” is also under increasing scrutiny, with long-term energy policies in advanced economies setting pathways toward net-zero systems that aim to minimize gas reliance after 2035–2040. This competitive pressure not only reduces the financial attractiveness of new gas plants but also risks stranding existing assets, making renewable competition a critical structural challenge for the market.

Carbon Emissions and Environmental Regulations

Although natural gas produces fewer emissions than coal, it still remains a fossil fuel, and rising concerns about carbon emissions are challenging its long-term role. Burning natural gas for power emits approximately 400–500 grams of CO per kilowatt-hour, compared with around 900–1,000 g/kWh for coal, but significantly more than zero-emission renewable sources. Moreover, methane leakage during extraction and transportation is a major issue, as methane is over 25 times more potent than carbon dioxide over a 100-year timeframe. Regulators are increasingly tightening emissions standards, with the European Union’s “Fit for 55” program and the U.S. EPA’s proposed rules targeting reductions of greenhouse gas emissions from the power sector by 80–90% by 2035. Many jurisdictions are also considering or have already implemented carbon pricing schemes, with prices exceeding USD 100 per ton of CO in some European markets. Such measures directly impact the operating costs of gas-fired plants, eroding their competitiveness against renewables. Utilities operating gas fleets are under mounting pressure from investors to decarbonize, further limiting financing opportunities for new projects. Without carbon capture and storage (CCS) or hydrogen blending, natural gas-fired plants risk becoming incompatible with long-term climate goals, creating uncertainty around their future role in the energy mix. This regulatory and environmental burden significantly challenges both the short- and long-term viability of gas-fired generation globally.

Infrastructure and Capital Investment Constraints

Natural gas-fired electricity generation projects require substantial investment in both generation infrastructure and supporting fuel logistics. Building a modern combined cycle gas turbine (CCGT) plant costs between USD 700–1,200 per kilowatt of installed capacity, excluding the cost of fuel supply infrastructure. In many developing economies, the absence of robust pipeline networks or LNG regasification terminals creates additional capital burdens, often requiring billions of dollars in parallel investments before a plant can even operate. For example, a single large-scale LNG import terminal can cost upwards of USD 1–2 billion, while cross-country pipelines often demand tens of billions in financing. These high upfront costs can deter investment, particularly in regions where alternative options such as renewables are more affordable and quicker to deploy. Furthermore, rising global interest rates have increased the cost of capital, making financing for large gas projects more challenging. In some markets, private investors are reluctant to back long-term gas projects due to the risk of asset stranding as countries accelerate decarbonization policies. Even where projects are approved, delays in infrastructure development—such as pipeline bottlenecks in Asia or permitting challenges in Europe—often push timelines back by several years. The need for large, integrated investments in generation and fuel logistics remains a structural constraint that hampers the global expansion of natural gas-fired electricity generation.

Energy Security and Geopolitical Risks

Energy security and geopolitical tensions represent a persistent challenge to the natural gas-fired generation market. Many regions depend heavily on imported gas, making them vulnerable to supply disruptions. For instance, Europe historically relied on Russia for over 35–40% of its gas supply before 2022, but geopolitical tensions led to sharp reductions, forcing costly adjustments through LNG imports. Such disruptions create volatility in both availability and pricing, directly affecting electricity markets. LNG-importing countries in Asia, such as Japan, South Korea, and India, collectively consume more than 200 BCM of gas annually, much of it transported over long distances by sea, which exposes supply chains to geopolitical flashpoints in areas like the Strait of Hormuz or the South China Sea. Sudden curtailments or sanctions can result in electricity shortages or surging prices, as witnessed during the global energy crisis of 2021–2022. Additionally, competition between regions for LNG cargoes has at times driven Asian spot prices to nearly double those in Europe, putting additional strain on emerging economies. This dependency on globally traded gas markets makes natural gas-fired generation inherently exposed to external risks that operators cannot control. As countries seek to strengthen energy independence, reliance on imported gas may become less desirable, limiting new investments in gas-fired power.

Key Market Trends

Growth in Distributed and Small-Scale Gas Generation

Alongside large utility-scale plants, distributed natural gas-fired generation is gaining traction, particularly in industrial and commercial applications. Small-scale gas turbine and reciprocating engine plants, often below 50 MW, are being deployed to serve captive industrial facilities, hospitals, data centers, and business parks. These plants offer localized, reliable, and often cheaper alternatives to grid electricity, especially in regions with unreliable transmission infrastructure. For example, industrial clusters in Asia and Africa are increasingly adopting combined heat and power (CHP) systems that utilize natural gas to achieve overall energy efficiencies above 70%, compared to 35–40% for grid electricity alone. The global adoption of distributed energy systems is accelerating, with more than 20% of new gas-fired capacity additions in 2023 being below 100 MW in size. In North America and Europe, data centers—whose electricity demand is projected to double by 2030—are increasingly considering on-site gas-fired generation as a backup and supplementary power source. The trend reflects the growing diversification of gas-fired generation, moving beyond central grids into more flexible, decentralized energy models that align with industrial growth and resilience needs.

Increasing Role of Gas in Emerging Economies

Emerging economies in Asia, Africa, and Latin America are becoming central to demand growth for gas-fired electricity. Countries such as India, Vietnam, and Bangladesh are investing heavily in LNG infrastructure to meet surging electricity demand while reducing reliance on coal. India alone recorded a 24% increase in monthly natural gas consumption in 2023, with the power sector accounting for more than a 34% jump in demand. Similarly, Southeast Asia is expected to double its natural gas-fired capacity by 2030, supported by LNG imports. In Africa, nations like Nigeria and Egypt are expanding domestic gas utilization for electricity generation, leveraging abundant reserves to address chronic power shortages. Latin America, particularly Brazil, is also scaling up gas-fired plants to balance its hydropower-dominated system during drought years. The affordability of modular CCGT and CHP systems, along with falling LNG import costs, is making gas an attractive option for developing regions. With electricity demand in emerging economies projected to rise by more than 60% by 2040, natural gas-fired plants are expected to play a critical role in bridging supply gaps and supporting industrialization.

Digitalization and Advanced Analytics in Gas Plants

The application of digital technologies and advanced analytics is reshaping operations in natural gas-fired power plants. Modern turbines are increasingly equipped with IoT sensors and predictive maintenance systems, enabling real-time monitoring of performance and efficiency. Data-driven maintenance has been shown to reduce unplanned outages by up to 30% and extend component lifetimes by as much as 20%, directly lowering operating costs. Digital twins—virtual replicas of turbines and plants—are being used to simulate performance under various load and fuel scenarios, optimizing both efficiency and emissions. Fleet operators using AI-based optimization platforms have reported fuel savings of up to 2–3% per unit, translating into millions of dollars annually for large-scale plants. In addition, automation systems allow plants to ramp output more quickly to match demand fluctuations, improving their ability to integrate with renewable-heavy grids. Globally, over 60% of new gas turbines commissioned since 2020 are equipped with digital monitoring systems, highlighting the growing emphasis on smart operations. This trend enhances both the competitiveness and sustainability of natural gas-fired power, aligning it with modern grid requirements.

Segmental Insights

Technology Insights

Open Cycle Gas Turbine segment dominated in the Global Natural Gas-Fired Electricity Generation market in 2024 due to its operational flexibility, rapid deployment capability, and suitability for peak-load applications. Unlike combined cycle systems, which achieve higher efficiency but require longer start-up times, OCGTs can reach full capacity in less than 10–15 minutes, making them indispensable for grid balancing in renewable-heavy markets. As global renewable penetration surpassed 30% of electricity supply in 2023, the demand for flexible backup capacity surged, reinforcing the role of OCGTs.

Additionally, OCGTs are characterized by relatively lower capital costs, typically around USD 450–700 per kW, compared to combined cycle plants which average USD 900–1,200 per kW. This cost advantage makes them more attractive for utilities and independent power producers in developing economies, where affordability and speed of deployment are critical. The segment also benefits from modularity, with units ranging from 10 MW to 200 MW, suitable for both distributed generation and centralized peaking applications.

In emerging markets across Africa, Southeast Asia, and the Middle East, OCGTs are increasingly deployed to stabilize power systems facing rapid demand growth and infrastructure limitations. For instance, several African nations have installed small to mid-sized OCGTs in the 50–150 MW range to address immediate electricity shortages. Moreover, rising LNG imports have improved fuel accessibility, ensuring reliability of OCGTs in import-dependent nations.

Environmental considerations also play a role. Although less efficient than combined cycle plants, OCGTs emit significantly less CO than coal-based peakers, aligning with transitional decarbonization strategies. Their ability to run on alternative fuels, such as hydrogen blends up to 30%, further future-proofs the technology. Collectively, the combination of cost-effectiveness, speed, operational flexibility, and adaptability underpins the dominance of OCGTs in the global natural gas-fired electricity generation market in 2024.

Capacity Insights

50–200 MW segment dominated the Global Natural Gas-Fired Electricity Generation market in 2024 due to its balance between scalability, cost efficiency, and versatility. Plants in this range are large enough to support urban grids or industrial clusters, yet small enough for faster installation and localized deployment compared to gigawatt-scale facilities. Average capital costs in this segment are around USD 600–900 per kW, making them attractive to both developed and developing economies. Additionally, they are widely used for industrial combined heat and power (CHP) applications, enabling efficiency levels above 70%. Their modular nature ensures faster adoption in both grid-connected and distributed setups.


Download Free Sample Report

Regional Insights

Largest Region

North America dominated the Global Natural Gas-Fired Electricity Generation market in 2024 underpinned by abundant natural gas reserves, advanced infrastructure, and a supportive policy environment. The United States alone accounted for more than 950 billion cubic meters (BCM) of natural gas production in 2023, making it the world’s largest producer. This abundant and relatively inexpensive supply has kept fuel costs for gas-fired plants highly competitive compared to global averages. Consequently, natural gas accounts for nearly 40% of U.S. electricity generation, supported by widespread adoption of combined cycle and open cycle technologies.

Infrastructure maturity further consolidates North America’s dominance. The region is home to over 300,000 miles of natural gas transmission pipelines and extensive LNG export and import capacity, ensuring secure and flexible fuel availability. Gas-fired plants in the U.S. and Canada also benefit from highly efficient technologies, with modern combined cycle gas turbine (CCGT) plants achieving efficiencies of up to 64%, among the highest globally.

The role of gas-fired generation as a flexible complement to renewables further strengthens North America’s position. With renewables contributing over 25% of U.S. electricity in 2023, gas-fired plants are critical for ensuring grid stability, particularly during peak demand and periods of renewable intermittency.

In addition, favorable regulatory policies and market structures, such as capacity markets and ancillary service payments, incentivize investment in flexible gas-fired assets. Canada and Mexico are also expanding their gas-fired fleets, with Mexico importing over 6 BCF/day of U.S. gas to meet rising electricity demand.

Combined, abundant domestic gas supply, advanced infrastructure, technological efficiency, and supportive market structures make North America the clear leader in the global natural gas-fired electricity generation market in 2024.

Emerging Region

Europe is the emerging region in the Global Natural Gas-Fired Electricity Generation market in the coming period driven by its transition away from coal and nuclear while expanding renewables. Following the sharp reduction of Russian gas imports, LNG infrastructure investments surged, with regasification capacity set to increase by 50% by 2030. Natural gas is increasingly used as a bridging fuel to complement wind and solar, which now provide over 40% of EU electricity. Additionally, Europe is at the forefront of hydrogen co-firing, with several pilot projects targeting 20–30% hydrogen blending. This dual role—bridging and decarbonizing—positions Europe for strong growth.

Recent Developments

  • In July 2025, BASF and Equinor have signed a ten-year strategic supply agreement for up to 23 TWh of natural gas annually, commencing October 1, 2025. The deal secures a significant portion of BASF’s European gas requirements while reinforcing energy security and industrial resilience. Equinor emphasized that Norwegian gas, with among the lowest production and transportation emissions globally, will support BASF’s decarbonization efforts. The agreement underscores the companies’ long-term collaboration and highlights natural gas as both a reliable energy source and critical industrial feedstock.
  • In February 2025, At India Energy Week 2025, multiple strategic energy agreements were signed to enhance security, diversify supply, and accelerate transition to a gas-based economy. BPCL entered a term contract with Petrobras to import up to 6 million barrels of crude, while IOCL and ADNOC finalized a USD 7 billion LNG deal for 1.2 MMTPA over 14 years. BPCL also signed a five-year LNG offtake for 2.4 MMT. Additionally, IOCL secured India’s first LNG export contract with Nepal’s Yogya Holdings via Odisha’s Dhamra Terminal.
  • In February 2025, ONGC and bp entered a technical services contract for the Mumbai High field, India’s largest offshore oil asset. ONGC retains ownership and operational control, while bp provides expertise to stabilize declining output and drive production growth. For two years, bp will be paid a fixed personnel fee, followed by a service fee linked to incremental oil and gas production. The collaboration aims to leverage bp’s technical capabilities to maximize recovery and strengthen the long-term viability of the Mumbai High basin.
  • In July 2025, ABB India commissioned its ABB Ability™ SCADAvantage solution for THINK Gas, delivering full automation and digitalization across its City Gas Distribution (CGD) network spanning ten states and 19 Geographical Areas. The system integrates over 500 CNG stations, 550,000+ DPNG connections, and 17,000 inch-km of pipeline. Managed from a centralized control room in Chennai, the cloud-based platform provides real-time visibility, improved operational efficiency, and enhanced reliability. This deployment positions THINK Gas as a digitally advanced CGD operator, strengthening service delivery to industrial, commercial, and residential customers.

Key Market Players

  • General Electric             
  • Siemens Energy
  • Mitsubishi Hitachi Power Systems
  • Kawasaki Heavy Industries
  • Ansaldo Energia
  • Bharat Heavy Electricals Limited
  • ENGIE SA
  • Dominion Energy
  • NTPC Limited
  • Exelon Corp.           

By Technology

By Capacity

By Application

By Region

  • Open Cycle Gas Turbine
  • Combined Cycle Gas Turbine
  • Cogeneration
  • Reciprocating Engines
  • Below 50 MW
  • 50–200 MW
  • 200–500 MW
  • Above 500 MW
  • Base Load Power Generation
  • Peaking Power Generation
  • Backup Power Generation
  • Industrial Power Generation
  • Distributed Power Generation
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

Report Scope:

In this report, the Global Natural Gas-Fired Electricity Generation Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  •  Natural Gas-Fired Electricity Generation Market, By Technology:

o   Open Cycle Gas Turbine

o   Combined Cycle Gas Turbine

o   Cogeneration

o   Reciprocating Engines

  • Natural Gas-Fired Electricity Generation Market, By Capacity:

o   Below 50 MW

o   50–200 MW

o   200–500 MW

o   Above 500 MW

  • Natural Gas-Fired Electricity Generation Market, By Application:

o   Base Load Power Generation

o   Peaking Power Generation

o   Backup Power Generation

o   Industrial Power Generation

o   Distributed Power Generation

  • Natural Gas-Fired Electricity Generation Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Natural Gas-Fired Electricity Generation Market.

Available Customizations:

Global Natural Gas-Fired Electricity Generation Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Natural Gas-Fired Electricity Generation Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, and Trends

4.    Voice of Customer

5.    Global Natural Gas-Fired Electricity Generation Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.   Market Share & Forecast

5.2.1.    By Technology (Open Cycle Gas Turbine, Combined Cycle Gas Turbine, Cogeneration, Reciprocating Engines)

5.2.2.    By Capacity (Below 50 MW, 50–200 MW, 200–500 MW, Above 500 MW)

5.2.3.    By Application (Base Load Power Generation, Peaking Power Generation, Backup Power Generation, Industrial Power Generation, Distributed Power Generation)

5.2.4.    By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

5.3.  By Company (2024)

5.4.  Market Map

6.    North America Natural Gas-Fired Electricity Generation Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Technology

6.2.2.    By Capacity

6.2.3.    By Application

6.2.4.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Natural Gas-Fired Electricity Generation Market Outlook

6.3.1.1.   Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2.   Market Share & Forecast

6.3.1.2.1. By Technology

6.3.1.2.2. By Capacity

6.3.1.2.3. By Application

6.3.2.    Canada Natural Gas-Fired Electricity Generation Market Outlook

6.3.2.1.   Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2.   Market Share & Forecast

6.3.2.2.1. By Technology

6.3.2.2.2. By Capacity

6.3.2.2.3. By Application

6.3.3.    Mexico Natural Gas-Fired Electricity Generation Market Outlook

6.3.3.1.   Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2.   Market Share & Forecast

6.3.3.2.1. By Technology

6.3.3.2.2. By Capacity

6.3.3.2.3. By Application

7.    Europe Natural Gas-Fired Electricity Generation Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Technology

7.2.2.    By Capacity

7.2.3.    By Application

7.2.4.    By Country

7.3.  Europe: Country Analysis

7.3.1.    Germany Natural Gas-Fired Electricity Generation Market Outlook

7.3.1.1.   Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2.   Market Share & Forecast

7.3.1.2.1. By Technology

7.3.1.2.2. By Capacity

7.3.1.2.3. By Application

7.3.2.    France Natural Gas-Fired Electricity Generation Market Outlook

7.3.2.1.   Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2.   Market Share & Forecast

7.3.2.2.1. By Technology

7.3.2.2.2. By Capacity

7.3.2.2.3. By Application

7.3.3.    United Kingdom Natural Gas-Fired Electricity Generation Market Outlook

7.3.3.1.   Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2.   Market Share & Forecast

7.3.3.2.1. By Technology

7.3.3.2.2. By Capacity

7.3.3.2.3. By Application

7.3.4.    Italy Natural Gas-Fired Electricity Generation Market Outlook

7.3.4.1.   Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2.   Market Share & Forecast

7.3.4.2.1. By Technology

7.3.4.2.2. By Capacity

7.3.4.2.3. By Application

7.3.5.    Spain Natural Gas-Fired Electricity Generation Market Outlook

7.3.5.1.   Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2.   Market Share & Forecast

7.3.5.2.1. By Technology

7.3.5.2.2. By Capacity

7.3.5.2.3. By Application

8.    Asia Pacific Natural Gas-Fired Electricity Generation Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Capacity

8.2.3.    By Application

8.2.4.    By Country

8.3.  Asia Pacific: Country Analysis

8.3.1.    China Natural Gas-Fired Electricity Generation Market Outlook

8.3.1.1.   Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2.   Market Share & Forecast

8.3.1.2.1. By Technology

8.3.1.2.2. By Capacity

8.3.1.2.3. By Application

8.3.2.    India Natural Gas-Fired Electricity Generation Market Outlook

8.3.2.1.   Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2.   Market Share & Forecast

8.3.2.2.1. By Technology

8.3.2.2.2. By Capacity

8.3.2.2.3. By Application

8.3.3.    Japan Natural Gas-Fired Electricity Generation Market Outlook

8.3.3.1.   Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2.   Market Share & Forecast

8.3.3.2.1. By Technology

8.3.3.2.2. By Capacity

8.3.3.2.3. By Application

8.3.4.    South Korea Natural Gas-Fired Electricity Generation Market Outlook

8.3.4.1.   Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2.   Market Share & Forecast

8.3.4.2.1. By Technology

8.3.4.2.2. By Capacity

8.3.4.2.3. By Application

8.3.5.    Australia Natural Gas-Fired Electricity Generation Market Outlook

8.3.5.1.   Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2.   Market Share & Forecast

8.3.5.2.1. By Technology

8.3.5.2.2. By Capacity

8.3.5.2.3. By Application

9.    Middle East & Africa Natural Gas-Fired Electricity Generation Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Capacity

9.2.3.    By Application

9.2.4.    By Country

9.3.  Middle East & Africa: Country Analysis

9.3.1.    Saudi Arabia Natural Gas-Fired Electricity Generation Market Outlook

9.3.1.1.   Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2.   Market Share & Forecast

9.3.1.2.1. By Technology

9.3.1.2.2. By Capacity

9.3.1.2.3. By Application

9.3.2.    UAE Natural Gas-Fired Electricity Generation Market Outlook

9.3.2.1.   Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2.   Market Share & Forecast

9.3.2.2.1. By Technology

9.3.2.2.2. By Capacity

9.3.2.2.3. By Application

9.3.3.    South Africa Natural Gas-Fired Electricity Generation Market Outlook

9.3.3.1.   Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2.   Market Share & Forecast

9.3.3.2.1. By Technology

9.3.3.2.2. By Capacity

9.3.3.2.3. By Application

10. South America Natural Gas-Fired Electricity Generation Market Outlook

10.1.     Market Size & Forecast

10.1.1. By Value

10.2.     Market Share & Forecast

10.2.1. By Technology

10.2.2. By Capacity

10.2.3. By Application

10.2.4. By Country

10.3.     South America: Country Analysis

10.3.1. Brazil Natural Gas-Fired Electricity Generation Market Outlook

10.3.1.1.  Market Size & Forecast

10.3.1.1.1.  By Value

10.3.1.2.  Market Share & Forecast

10.3.1.2.1.  By Technology

10.3.1.2.2.  By Capacity

10.3.1.2.3.  By Application

10.3.2. Colombia Natural Gas-Fired Electricity Generation Market Outlook

10.3.2.1.  Market Size & Forecast

10.3.2.1.1.  By Value

10.3.2.2.  Market Share & Forecast

10.3.2.2.1.  By Technology

10.3.2.2.2.  By Capacity

10.3.2.2.3.  By Application

10.3.3. Argentina Natural Gas-Fired Electricity Generation Market Outlook

10.3.3.1.  Market Size & Forecast

10.3.3.1.1.  By Value

10.3.3.2.  Market Share & Forecast

10.3.3.2.1.  By Technology

10.3.3.2.2.  By Capacity

10.3.3.2.3.  By Application

11.  Market Dynamics

11.1.     Drivers

11.2.     Challenges

12. Market Trends and Developments

12.1.     Merger & Acquisition (If Any)

12.2.     Product Launches (If Any)

12.3.     Recent Developments

13. Company Profiles

13.1.      General Electric              

13.1.1. Business Overview

13.1.2. Key Revenue and Financials 

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services Offered

13.2.     Siemens Energy

13.3.     Mitsubishi Hitachi Power Systems

13.4.     Kawasaki Heavy Industries

13.5.     Ansaldo Energia

13.6.     Bharat Heavy Electricals Limited

13.7.     ENGIE SA

13.8.     Dominion Energy

13.9.     NTPC Limited

13.10.   Exelon Corp.            

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

The market size of the Global Natural Gas-Fired Electricity Generation market was USD 44.75 Billion in 2024.

Above 500 MW is the fastest growing segment in the Global Natural Gas-Fired Electricity Generation market, by Capacity in the coming period due to rising demand for large-scale, efficient power plants that support urbanization and industrialization. These plants offer economies of scale, advanced combined cycle technology with efficiencies above 60%, and flexible integration with renewables, making them attractive for long-term grid stability.

Key challenges include natural gas price volatility, carbon emission regulations, and competition from low-cost renewables. Infrastructure investment requirements, energy security concerns, and geopolitical risks further complicate growth. Financing constraints and risks of stranded assets under decarbonization policies also limit expansion, pressuring operators to balance reliability with sustainability.

Growth is driven by rising electricity demand, transition from coal, efficiency of combined cycle gas turbines, and gas’s role in balancing renewable intermittency. Abundant gas reserves, expanding LNG infrastructure, and technological advances such as hydrogen blending and digitalization reinforce adoption. Policy support in emerging economies further strengthens demand.

Related Reports

We use cookies to deliver the best possible experience on our website. To learn more, visit our Privacy Policy. By continuing to use this site or by closing this box, you consent to our use of cookies. More info.