Natural gas power market seen topping $68 billion by 2030

The global market for natural gas fired electricity generation is forecast to exceed $68 billion by 2030, with North America remaining the largest region and combined-cycle plants driving most of the growth. The Business Research Company says rising electricity demand, grid reliability needs and industrial power consumption are pushing the sector forward.

Why it matters: - Natural gas fired electricity generation remains a key bridge between rising power demand and the need for flexible, lower-emission electricity supply. - The market is forecast to exceed $68 billion by 2030, making it a meaningful slice of both the broader natural gas and oil and gas industries. - Grid operators, utilities and industrial users are relying more on gas-fired plants for dispatchable capacity as renewable power grows.

What happened: - The Business Research Company released its Natural Gas Fired Electricity Generation Global Market Report 2026, covering market size, trends and forecasts through 2035. - The report says NextEra Energy Inc. led the market in 2025 with an 8% share. - The top 10 companies held 20% of total revenue in 2025, showing a moderately fragmented market. - The market is forecast to grow at a 6% CAGR through 2030. - The report says the sector will account for about 3% of the projected $2,084 billion natural gas market by 2030. - The sector will represent nearly 0.6% of the projected $10,725 billion oil and gas industry by 2030.

The details: - Combined-cycle technology is expected to dominate the market, reaching 66% of total value, or about $45 billion, by 2030. - The report points to superior thermal efficiency and lower fuel use as the main reasons for combined-cycle growth. - The market is segmented by output size, fuel type, application and end user. - Output categories include less than 100 MW, 100-500 MW, 500-1000 MW and over 1000 MW. - Fuel categories include conventional natural gas, liquefied natural gas, compressed natural gas and biogas. - Applications include base load, peak load, mid load and backup power generation. - End-use categories include distributed and micro generation, commercial and industrial sectors. - North America is projected to remain the largest regional market, reaching $22 billion by 2030 from $17 billion in 2025. - The United States is forecast to reach $19 billion by 2030, up from $14 billion in 2025. - Combined cycle, open cycle and cogeneration technologies together are expected to add more than $18 billion in value by 2030. - Combined cycle alone is forecast to add $13 billion, open cycle $4 billion and cogeneration $1 billion from 2025 levels. - The report names NextEra Energy Inc., Duke Energy Corp., Southern Company, Constellation Energy Corporation, NRG Energy Inc., Calpine Corporation, Dominion Energy Inc., EDF SA, Engie SA and RWE AG among the leading companies. - Other major players listed include Uniper SE, TotalEnergies SE, AES Corporation, Vistra Corp., CLP Holdings Limited, Sembcorp Industries Ltd., PPL Corporation, Central Puerto S.A. and Petróleo Brasileiro S.A. - Raw material suppliers named in the report include ExxonMobil Corporation, Shell plc, Chevron Corporation, BP plc and Cheniere Energy Inc. - The report also lists major wholesalers and distributors such as Kinder Morgan Inc., Williams Companies Inc., Enbridge Inc., TC Energy Corporation and Sempra Infrastructure.

Between the lines: - Demand growth is being driven by higher electricity use tied to population growth, urbanization and economic development. - Gas-fired plants remain attractive because they can be built relatively quickly and can ramp output up or down to match load. - Dependable, flexible generation is becoming more valuable as grids absorb more variable solar and wind power. - Industrial users are also adding demand by seeking reliable on-site or dedicated power for manufacturing, chemicals, refining, mining and processing. - The market’s fragmentation suggests scale, fuel access and grid integration remain major barriers to entry. - Companies are competing on turbine efficiency, digital monitoring, carbon capture and grid modernization rather than only on generation capacity.

What's next: - North America is expected to keep its lead as shale gas supply, coal retirements and grid modernization support new gas-fired capacity. - The U.S. market is likely to keep growing as LNG exports expand and utilities add dispatchable power to balance renewable generation. - The report suggests continued investment in combined-cycle plants, flexible gas assets and efficiency upgrades will shape the next phase of growth. - Companies with larger portfolios and stronger infrastructure networks are positioned to defend or expand share as demand rises.

The bottom line: - Natural gas fired electricity generation is still growing because utilities and industry need power that is fast, flexible and reliable.