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The natural gas fired electricity generation market size is estimated to grow at a CAGR of 3.95% between 2022 and 2027. The market size is forecast to increase by 122.7 million toe. The growth of the market depends on several factors, including increased energy demand, rising support from governments worldwide, and increasing natural gas production.
This natural gas fired electricity generation market report extensively covers market segmentation by type (CGCT and OCGT), end-user (residential, commercial, and industrial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
What will be the size of the Natural Gas Fired Electricity Generation Market During the Forecast Period?
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Natural Gas Fired Electricity Generation Market: Key Drivers, Trends, Challenges, and Customer Landscape
The increasing natural gas production is notably driving the market growth, although factors such as environmental concerns associated with the combustion of natural gas may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Natural Gas Fired Electricity Generation Market Driver
The increasing natural gas production is notably driving market growth. The fastest-growing fossil fuel is now natural gas due to the increasing supply of tight gas, shale gas, and coalbed methane. Since 2008, successful shale oil and gas extraction in nations like the US has increased the global supply of natural gas. The US EIA estimated that shale gas production will reach 8.1 million barrels per day (bpd) by September 2020. Additionally, the IEA predicted that by 2022, US natural gas production would make up 40% of the world's total natural gas output. Furthermore, the Permian Basin, where natural gas production was anticipated to double by 2022, dominates US shale gas production.
Similarly, the IEA predicted that by 2022, the Middle East would increase global natural gas production by 2,472.03 bcf (70 bcm). The Yamal peninsula is also home to significant untapped natural gas production capacity for Russia, which is the second-largest natural gas producer in the world after the United States. Hence, natural gas will be readily available for use in generating electricity due to the increase in natural gas production around the world. Hence, such factors will boost the growth of the global market during the forecast period.
Significant Natural Gas Fired Electricity Generation Market Trends
A shift to gas generators is an emerging trend in market growth. Natural gas, one of the non-renewable fuels used by gas generators, is a cost-efficient and efficient source of energy for mobile power generation. Compared to other fossil fuels, natural gas is more efficient and has lower operating costs. The capacity utilization rate of natural gas-fired combined cycles was the highest among other fossil fuels in 2018, according to the US EIA. By 2030, it is anticipated that 80% of natural gas's capacity will be used, further promoting the use of this fuel for the production of natural gas-fired electricity.
Compared to diesel generators, gas generators emit fewer emissions and are cleaner. These generators produce a smaller amount of air pollutants. Additionally, unlike diesel generators, they do not produce ash and soot leftovers. The power industry has switched to gas generators as a result of these benefits. New government regulations that encourage the use of gas generators have also been created as a result of environmental concerns. As a result, gas generators are becoming more widely used. Moreover, new variations of natural gas generators are also being introduced by numerous vendors active in the target market. Hence, factors like these will fuel the growth of the global market during the forecast period.
Major Natural Gas Fired Electricity Generation Market Challenge
The environmental concerns associated with the combustion of natural gas are major challenges impeding market growth. Natural gas is a fossil fuel, and so it still releases a variety of hazardous pollutants when it is burned, even though the emissions of greenhouse gases (GHGs) are much lower than those from coal or oil. Additionally, the combustion of natural gas releases nitrogen oxides, which are precursors to smog. These emissions have also been linked to a number of human illnesses, including lung cancer, asthma, bronchitis, and heart disease, in addition to air pollution. Furthermore, exposure to high concentrations of these air pollutants may have negative health effects, including cancer, cardiovas
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This archive contains raw input data for the Public Utility Data Liberation (PUDL) software developed by Catalyst Cooperative. It is organized into "https://specs.frictionlessdata.io/data-package/">Frictionless Data Packages. For additional information about this data and PUDL, see the following resources:
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TwitterThis time-enabled map shows global energy production and reserves by country from 1990 to 2014. Coal production, oil production, oil reserves, natural gas production, and natural gas reserves are shown.Unit Definitions:BBL = billion barrels of petroleum liquids (1 bbl = 42 million US gallons)TBPD = thousand barrels per dayTCF = trillion cubic feet (natural gas unit of volume)BCF = billion cubic feet (natural gas unit of volume)The data is sourced from the U.S. Energy Information Agency “International Energy Statistics” - www.eia.gov/beta/international.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas (Pipeline) for California (EMISSCO2VNGICBCAA) from 1980 to 2018 about pipeline, carbon dioxide emissions, gas, CA, industry, and USA.
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Archived from https://www.eia.gov/opendata/bulkfiles.php. The Annual Energy Outlook data is also archived separately here.
This archive contains raw input data for the Public Utility Data Liberation (PUDL) software developed by Catalyst Cooperative. At present, PUDL integrates only a few specific data series related to fuel receipts and costs figures from the Bulk Electricity API. It is organized into Frictionless Data Packages. For additional information about this data and PUDL, see the following resources:
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The Short-Term Energy Outlook (STEO) dataset is a report released by the U.S. Energy Information Administration (EIA). It provides near-term forecasts and analysis of energy market trends in the United States.
The dataset covers various aspects of the energy sector, including
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United States Total Energy Production: Natural Gas data was reported at 39.164 BTU qn in 2023. This records an increase from the previous number of 37.560 BTU qn for 2022. United States Total Energy Production: Natural Gas data is updated yearly, averaging 19.623 BTU qn from Dec 1980 (Median) to 2023, with 44 observations. The data reached an all-time high of 39.164 BTU qn in 2023 and a record low of 16.541 BTU qn in 1986. United States Total Energy Production: Natural Gas data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.EIA.IES: Energy Production and Consumption: Annual.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas (Pipeline) for United States (DISCONTINUED) (EMISSCO2VNGICBA) from 1980 to 2017 about pipeline, carbon dioxide emissions, gas, industry, and USA.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas (Pipeline) for Alaska (EMISSCO2VNGICBAKA) from 1980 to 2018 about pipeline, carbon dioxide emissions, AK, gas, industry, and USA.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas (Pipeline) for Louisiana (EMISSCO2VNGICBLAA) from 1980 to 2018 about pipeline, carbon dioxide emissions, LA, gas, industry, and USA.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas for Oregon (EMISSCO2TOTVICNGORA) from 1970 to 2021 about carbon dioxide emissions, OR, gas, industry, and USA.
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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.
This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.
What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?
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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Floating Liquefied Natural Gas Market Driver
Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.
Key Floating Liquefied Natural Gas Market Trend
The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.
Key Floating Liquefied Natural Gas Market Challenge
Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas projects. As t
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View weekly updates and historical trends for US Natural Gas Rig Count. from United States. Source: Baker Hughes. Track economic data with YCharts analyti…
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Ghana Total Energy Production: Natural Gas data was reported at 0.115 BTU qn in 2023. This records a decrease from the previous number of 0.118 BTU qn for 2022. Ghana Total Energy Production: Natural Gas data is updated yearly, averaging 0.000 BTU qn from Dec 1980 (Median) to 2023, with 44 observations. The data reached an all-time high of 0.118 BTU qn in 2022 and a record low of 0.000 BTU qn in 2013. Ghana Total Energy Production: Natural Gas data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s Ghana – Table GH.EIA.IES: Energy Production and Consumption: Annual.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas for California (EMISSCO2TOTVICNGCAA) from 1970 to 2021 about carbon dioxide emissions, gas, CA, industry, and USA.
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Graph and download economic data for Industrial Carbon Dioxide Emissions, Natural Gas (Pipeline) for New York (EMISSCO2VNGICBNYA) from 1980 to 2018 about pipeline, carbon dioxide emissions, gas, NY, industry, and USA.
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