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LONDON, GREATER LONDON, UNITED KINGDOM, June 4, 2025 /EINPresswire.com/ -- According to the latest report by The Business Research Company, the fossil fuel electricity market is expected to grow from $1099.37 billion in 2024 to $1159.25 billion in 2025 at a compound annual growth rate CAGR of 5.4%. This robust growth can be traced back to surging energy demand, remarkable economic growth, rigorous infrastructure development, and regulatory policies that continue to support the utilization of fossil fuel resources for electricity production.
What Can We Expect For The Future Growth Of The Fossil Fuel Electricity Market Size?
Delving further into the forecast period, the market size is projected to continue its upwards journey to $1393.08 billion by 2029, indicating a CAGR of 4.7%. This trend, surprisingly, will be influenced by environmental concerns, integration of renewable energies, improving energy efficiency, and advancements in energy storage.
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What Are The Core Growth Drivers Of The Fossil Fuel Electricity Market?
The growth in demand for electricity is primarily accountable for driving this market expansion. Economies and populations are growing, especially in emerging nations such as China, India, Brazil, and several African countries. For instance, as per the International Energy Agency IEA, global electricity demand surged by 2.2% in 2023. In 2022, the United States witnessed a 2.6% increase in electricity demand.
Who Are The Key Industry Players Shaping The Fossil Fuel Electricity Market Landscape?
Steering this market are several notable players. These 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, and Stanwell Corporation Limited.
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What Are The Emerging Trends In The Fossil Fuel Electricity Market?
These companies are not resting on their laurels; they're pushing the envelope by innovating, developing, and adopting cutting-edge technologies to ensure the efficiency of hydrogen fuel cells. A fitting example is Mahindra Group’s Veero Light Commercial Vehicle, launched in September 2024, which offers improved fuel efficiency.
How Is the Global Fossil Fuel Electricity Market Segmented?
The fossil fuel electricity market encompasses various segments, categorized by fuel type, end-user and subsegments regarding specific fuel forms. By fuel type, the market is split into coal, oil, and natural gas. From an end-user perspective, it services residential, commercial, and industrial sectors. Coal, oil, and natural gas are further subdivided into several forms like steam coal, coking coal, crude oil, diesel, conventional natural gas, shale gas, and more.
What Are The Regional Insights Of The Fossil Fuel Electricity Market?
From an extensive regional standpoint, Asia-Pacific surfaced as the largest region in the fossil fuel electricity market in 2024, followed by Western Europe. Nevertheless, the market is widespread, extending its services across multiple other regions like North America, South America, the Middle East, and Africa.
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