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Fossil Fuel Electricity Global Market Report 2024 - By Trends, Size Share And Industry Demand, Forecast To 2033
Fossil Fuel Electricity Market
As per the report, the fossil fuel electricity market size has grown strongly in recent years. It will grow from $1056.4 billion in 2023 to $1118.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The fossil fuel electricity market size is expected to see strong growth in the next few years. It will grow to $1378.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
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Driving Factors For Fossil Fuel Electricity Market Growth
The growing demand for electricity is expected to be a key driver of the fossil fuel electricity market in the forecast period. This can be attributed to growing economies and a rising population, especially in developing countries such as China, India, Brazil, and some African countries. According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year by 2040, twice the rate of primary energy demand. This raises electricity's share in total final power consumption from 19% in 2018 to 24% in 2040. Both China and India will account for a major portion of this growth. According to government data, India's energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396 billion by 2022, supporting the demand for electricity and driving the fossil fuel electricity market growth.
Government Backing For Carbon Capture And Storage (CCS) In Power Generation
Governments globally are increasingly supporting the adoption of carbon capture and storage (CCS) technology across industries, including power generation. CCS withholds up to 90% of the carbon dioxide emissions produced by burning fossil fuels from entering the atmosphere. In CCS, carbon dioxide is first isolated from gases produced in power generation. It is then transported to be stored safely. The ADM Illinois Industrial Carbon Capture & Storage (ICCS) Project, for instance, isolates carbon dioxide from an ethanol manufacturing facility and stores it in a nearby deep saline formation, storing an estimated 1.1 million tonnes of carbon dioxide a year.
The fossil fuel electricity market covered in this report is segmented -
1) By Fuel Type: Coal, Oil, Natural Gas
2) By End-User: Residential, Commercial, Industrial
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Major companies operating in the fossil fuel electricity market include Iberdrola S.A., Huaneng Power International Inc., Engie SA, Enel SpA, State Power Investment Corporation Limited, AGL Energy Limited, Origin Energy Limited, EnergyAustralia Holdings Limited, Stanwell Corporation Limited, American Electric Power Company Inc., Duke Energy Corporation, Southern Company, China Energy, China Power, NTPC Limited, SSE plc, Tokyo Electric Power Company Holdings Inc., ENEOS Holdings Inc., Reliance Industries Limited, Energy Transfer LP, Enterprise Products Partners L.P., Indian Oil Corporation Limited, EOG Resources Inc., Suncor Energy Inc., PJSC Tatneft, Electricité de France SA, Ecopetrol SA, Repsol S.A., Idemitsu Kosan Co. Ltd.
Contents of the report:
1. Executive Summary
2. Fossil Fuel Electricity Market Report Structure
3. Fossil Fuel Electricity Market Trends And Strategies
4. Fossil Fuel Electricity Market - Macro Economic Scenario
5. Fossil Fuel Electricity Market Size And Growth
…..
27. Fossil Fuel Electricity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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