Press release
Driving Factors For Fossil Fuel Electricity Market Growth Driver: A Major Catalyst in the Evolution of the Fossil Fuel Electricity Market in 2025
Fossil Fuel Electricity Market
Recent years have seen significant growth in the size of the fossil fuel electricity market. The market, valued at $1099.37 billion in 2024, is predicted to reach $1159.25 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.4%. This growth during the previous period can be ascribed to increased energy demand, economic expansion, infrastructure advancements, and policy and regulation.
Expectations are high for a consistent rise in the size of the fossil fuel electricity market in the upcoming years. The projections show an escalation to $1393.08 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.7%. This anticipated growth during the prediction period is mainly due to environmental responsibilities, renewable energy assimilation, energy effectiveness, and energy conservation. Notable trends for the forecast period encompass technological progress, adaptation of more environmentally friendly technologies, resilience, and enhancement of the grid system.
What Are the Key Drivers Behind the Growth of the Fossil Fuel Electricity Market?
The anticipated spike in electricity demand is predicted to significantly influence the growth of the fossil fuel electricity market in the upcoming years. This could be linked to burgeoning economies and an increasing population, predominantly in developing nations like China, India, Brazil, and several African countries. To illustrate, in January 2024, the International Energy Agency (IEA), an independent intergovernmental organization based in France, reported a 2.2% increase in global electricity demand in 2023. Moreover, the United States saw a 2.6% rise in electricity demand in 2022.
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Who Are the Major Industry Players Fueling Fossil Fuel Electricity Market Expansion?
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.
Which Key Developments Are Influencing the Fossil Fuel Electricity Market?
Around the world, governments are promoting the use of carbon capture and storage (CCS) technology in various industries, notably in power generation. This technique holds the potential to stop around 90% of the carbon dioxide emissions produced by the combustion of fossil fuels from infiltrating the atmosphere. Within the CCS process, the initial step is the segregation of carbon dioxide from the gases generated during power production. Following this, the gas is carried and stored safely. For example, the ADM Illinois Industrial Carbon Capture & Storage (ICCS) Project implements this technique by separating carbon dioxide from an ethanol production facility and depositing it into a local deep saline formation. This results in the storage of approximately 1.1 million tonnes of carbon dioxide annually.
How Is the Segmentation of the Fossil Fuel Electricity Market Defined?
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
Subsegments:
1) By Coal: Steam Coal, Coking Coal, Sub-Bituminous Coal, Anthracite Coal
2) By Oil: Crude Oil, Diesel, Heavy Fuel Oil (HFO), Light Fuel Oil (LFO)
3) By Natural Gas: Conventional Natural Gas, Shale Gas, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG)
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What Is the Leading Region in the Fossil Fuel Electricity Market?
Asia-Pacific was the largest region in the fossil fuel electricity market in 2023. Western Europe was the second-largest region in the fossil fuel electricity market. The regions covered in the fossil fuel electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Fossil Fuel Electricity Global Market Report?
- Market Size Analysis: Analyze the Fossil Fuel Electricity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Fossil Fuel Electricity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Fossil Fuel Electricity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Fossil Fuel Electricity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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