What is the current size and annual growth rate of the fossil fuel electricity market?
The fossil fuel electricity market size has grown strongly in recent years. It will grow from $1099.37 billion in 2024 to $1159.25 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to energy demand, economic growth, infrastructure development, policy and regulation.
The fossil fuel electricity market size is expected to see steady growth in the next few years. It will grow to $1393.08 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to environmental concerns, renewable energy integration, energy efficiency, energy storage. Major trends in the forecast period include technological advancements, adoption of cleaner technologies, resilience and grid modernization.
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Which major factors have contributed to the expansion of the fossil fuel electricity market?
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. For instance, in January 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand grew by 2.2% in 2023. In 2022, the demand for electricity in the United States increased by 2.6%.
How is the fossil fuel electricity market segmented?
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 top competitors in the fossil fuel electricity market?
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 trends are expected to influence the fossil fuel electricity market in the coming years?
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.
Which regional trends are influencing the fossil fuel electricity market, and which area dominates the industry?
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 Does The Fossil Fuel Electricity Market Report 2025 Offer?
The fossil fuel electricity market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Fossil fuel electricity is generated by burning coal, natural gas, or oil in power plants to produce heat, which creates steam to drive turbines and generate power. It has been the dominant energy source due to its reliability, established infrastructure, and ability to meet large-scale energy demands. This method provides consistent electricity for residential, industrial, and commercial use but is a major source of greenhouse gas emissions.
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