Press release
Strategic Forecast for the Fossil Fuel Electricity Industry: Market Outlook 2025-2034
Fossil Fuel Electricity Market
Fossil Fuel Electricity Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size of fossil fuel electricity has seen significant growth. Forecasts suggest a rise from $1099.37 billion in 2024 to $1159.25 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.4%. Factors contributing to this growth during the historic period include escalating energy demand, economic growth, infrastructure development, along with policy and regulation.
How Will the Fossil Fuel Electricity Market Size Evolve and Grow by 2029?
Expectations are for the fossil fuel electricity market to maintain a consistent growth trajectory in the coming years, eventually reaching $1393.08 billion by 2029 with a compound annual growth rate (CAGR) of 4.7%. Factors contributing to this growth in the projected period include environmental issues, incorporation of renewable energy, energy efficiency and energy storage. The major trends expected in this period involve technological progress, the employment of cleaner technologies, resilience and the modernization of the grid.
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What Drivers Are Propelling the Growth of Fossil Fuel Electricity Market Forward?
Forecast projections indicate that the escalating need for electricity will play a vital role in propelling the fossil fuel electricity market. This trend is expected due to expanding economies and population growth, particularly in emerging nations such as China, India, Brazil, and several African countries. The International Energy Agency (IEA), an independent intergovernmental organization based in France, revealed in January 2024 that worldwide electricity demand surged by 2.2% in 2023. Simultaneously, the year 2022 witnessed a 2.6% rise in electricity demand in the United States.
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Which Emerging Trends Are Transforming the Fossil Fuel Electricity Market in 2025?
Around the world, governments are showing greater support for the implementation of carbon capture and storage (CCS) technology across various sectors, including electricity generation. CCS effectively prevents up to 90% of carbon dioxide emissions, which are by-products of fossil fuel burning, from entering the atmosphere. The CCS process involves segregating carbon dioxide from gases created during power generation and then transporting it for safe storage. An example of this is the ADM Illinois Industrial Carbon Capture & Storage (ICCS) Project. This project extracts carbon dioxide from an ethanol production facility and keeps it in a proximate deep saline formation. As a result, it is capable of storing approximately 1.1 million tonnes of carbon dioxide yearly.
What Are the Key Segments in the Fossil Fuel Electricity Market?
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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Who Are the Key Players Shaping the Fossil Fuel Electricity Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth 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
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