Demand for natural gas is likely to prove strong for several more years, and the fuel should maintain its market share in the electricity mix despite a transition to renewable sources of power such as wind and solar, Raymond James & Associates Inc. analysts said.

global power generation

“We believe that gas-fired generation has room to grow on an absolute basis — in the U.S. and globally — at least through 2025,” the analysts said in a report Monday. “Renewables are poised for much greater share gain than gas, and the energy transition megatrend is likely to set the stage for ‘peak gas’ in the long run. But, for now, it would be premature to write the obituary for gas.”

Coal has and likely will continue to lose share to renewables, while gas maintains its position. Consumption of natural...