Press release
Outlook on the Fossil Fuel Electricity Market: Major Segments, Strategic Developments, and Leading Companies
Fossil Fuel Electricity
Forecasted Market Size and Growth of the Fossil Fuel Electricity Market
The fossil fuel electricity market is anticipated to experience steady expansion over the next several years. By 2029, the market value is projected to reach $1316.13 billion, growing at a compound annual growth rate (CAGR) of 4.5%. This growth is influenced by factors such as rising environmental concerns, increasing integration of renewable energy, advancements in energy efficiency, and improvements in energy storage technologies. Key trends expected to drive the market forward include the adoption of cleaner technologies, ongoing technological progress, efforts to enhance grid resilience, and modernization initiatives.
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Leading Companies Shaping the Fossil Fuel Electricity Market
Several prominent corporations dominate the fossil fuel electricity market space, including Iberdrola S.A., Huaneng Power International Inc., Engie SA, Enel SpA, and State Power Investment Corporation Limited. Other key players are 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., and Idemitsu Kosan Co. Ltd.
A notable development occurred in November 2023, when Capital Power, a Canadian electricity generation firm, acquired the La Paloma and Harquahala natural gas-fired power plants for $1.1 billion. This acquisition is set to enhance Capital Power's operational capacity and market reach, elevating it to the position of the fifth-largest flexible gas-fired generator in North America. The deal supports the company's strategy to consolidate its presence in critical markets across Canada and the United States.
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Technological Shifts Impacting the Fossil Fuel Electricity Market
Governments around the world are increasingly backing carbon capture and storage (CCS) technologies across various sectors, with power generation being a significant focus area. CCS technology can prevent up to 90% of carbon dioxide emissions produced by fossil fuel combustion from entering the atmosphere. The technology works by isolating CO2 from gases generated during power production and then transporting it to secure storage sites. A prominent example is the ADM Illinois Industrial Carbon Capture & Storage (ICCS) Project, which captures carbon dioxide from an ethanol manufacturing plant and stores roughly 1.1 million tonnes annually in a nearby deep saline formation.
Detailed Segment Analysis of the Fossil Fuel Electricity Market
This market is divided into segments based on fuel type and end-user categories. The fuel types include coal, oil, and natural gas, with further subcategories as follows:
- Coal: steam coal, coking coal, sub-bituminous coal, and anthracite coal
- Oil: crude oil, diesel, heavy fuel oil (HFO), and light fuel oil (LFO)
- Natural Gas: conventional natural gas, shale gas, liquefied natural gas (LNG), and compressed natural gas (CNG)
By end-user, the market is segmented into residential, commercial, and industrial sectors, each reflecting different consumption patterns and demand drivers within fossil fuel-based electricity generation.
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