Fossil Fuel Electric Power Generation Market:
WiseGuyReports.com adds “Global Fossil Fuel Electric Power Generation Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
The fossil fuel electric power generation market consists of sales of fossil fuel electric power and related services that convert fossil fuels into electrical energy and operate electric power generation facilities. The fossil fuel electric power generation industry includes establishments that produce electricity through the use of fossil fuels such as coal, oil and natural gas as energy sources. Fossil fuels are buried combustible geologic deposits of organic materials, formed from decayed plants and animals that have been converted to crude oil, coal, natural gas, or heavy oils by exposure to heat and pressure in the earth’s crust.
The global fossil fuel electric power generation market reached a value of nearly $830.4 billion in 2019, having grown at a compound annual growth rate (CAGR) of .29% since 2015, and is expected to grow at a CAGR of 5.69% to nearly $1036.3 billion by 2023.
The fossil fuel electric power generation market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the fossil fuel electric power generation market in 2019.
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The fossil fuel electric power generation market covered in this market is segmented by fuel type into coal, oil, natural gas and by end-user into residential, commercial, industrial.
The growing demand for electricity is expected to be a key driver of the fossil fuel electric power generation market in the forecast period. This can be attributed to growing economies, rising population, especially in developing countries such as China, India, Brazil, and some African countries. Global electricity demand is projected to grow from 25,000 TWh in 2017 to 38,700 TWh by 2050, an increase of 57%. China and India will account for a major portion of this growth. Electricity consumption in India is expected to grow at a CAGR of 7.1% from 2017 to 2022. Furthermore, the global household appliances market is expected to grow from $283.8 billion in 2018 to $396.2 billion in 2022 at a CAGR of 8.7%, supporting the demand for electricity and driving the fossil fuel electric power generation market going forward.
Governments globally are implementing regulations to reduce fossil fuel electric power generation due to rising environmental concerns. Fossil fuel power plants are major sources of toxic pollutants such as mercury, sulfur dioxide, and carbon emissions. Power generation accounts for about 40% of carbon emissions produced by the energy sector, or 25% of global greenhouse gas emissions. Regulatory bodies are enforcing stringent regulations on thermal power generation to control harmful effects on the environment. For instance, the 2016 Paris agreement requires a 25% reduction in carbon dioxide emissions from the current level of emissions, by 2030. Regulations such as these are expected to increase the costs of procuring cheaper fossil fuel-based power, acting as a restraint on the fossil fuel electric power generation market.
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, isolate carbon dioxide from an ethanol manufacturing facility and stores it in a nearby deep saline formation, storing an estimated 1.1 million tons of carbon dioxide a year.
In September 2018, JERA Co., Inc., through its subsidiary JERA Energy America LLC, acquired three natural gas-fired thermal power generation plants (the Compass Portfolio), in the USA for an undisclosed amount from Starwood Energy Group Global, LLC, a private investment firm based in the USA that specialized in energy infrastructure investments. JERA Americas, headquartered in the USA, is a power generation and energy infrastructure development company, focused on merchant gas-fired and renewable energy generating facilities. The Compass Portfolio includes the Marcus Hook Energy Center, the Dighton and Milford Energy.
Major players in the market are Iberdrola, SA, 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 and, American Electric Power.Fossil Fuel Electric Power Generation Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global fossil fuel electric power generation market.
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