The main players in the fossil fuel power generation 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, American Electric Power, Duke Energy, Southern Company, China Energy, China Power, NTPC, SSE, and Tokyo Electric Power Company.
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Fossil Fuel Electricity Global Market Report 2022” – https://www.reportlinker.com/p06193694/?utm_source=GNW
The global fossil-fueled electricity market is expected to grow from $ 997.10 billion in 2021 to $ 1,066.54 billion in 2022 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 1,348.44 billion in 2026 at a CAGR of 6%.
The fossil-fueled electricity generation market includes sales of fossil-fueled electricity and related services that convert fossil fuels into electrical energy and operate power generation facilities. The fossil fuel-based electricity generation industry includes establishments that generate electricity using fossil fuels such as coal, oil, and natural gas as energy sources.
Fossil fuels are buried combustible geological deposits of organic material, formed from decaying plants and animals that have been converted to crude oil, coal, natural gas, or heavy oils by exposure to heat and pressure from the environment. Earth’s crust.
The main types of fuels in the production of electricity from fossil fuels are coal, petroleum and natural gas. Coal is a flammable black or brownish-black sedimentary rock that occurs in the form of coal seams.
Coal is considered a fossil fuel because it is produced from once living plants. The different sectors include residential, commercial and industrial.
Growing demand for electricity is expected to be a major driver of the fossil fuel power generation market during the forecast period. This can be attributed to growing economies, increasing population, especially in developing countries such as China, India, Brazil and some African countries.
According to the International Energy Agency (2019), global electricity demand is growing by 2.1% per year until 2040, which is twice the rate of primary energy demand. This brings the share of electricity in total final electricity consumption from 19% in 2018 to 24% in 2040. China and India will account for a significant share of this growth. According to government data, India’s energy consumption increased 13.38% to 110.94 billion units (BU) in October 2020, mainly due to buoyant industrial and commercial activities. In addition, the global home appliance market is expected to reach $ 396.2 billion by 2022, supporting the demand for electricity and advancing the market for power generation from fossil fuels.
Governments around the world are increasingly supporting the adoption of carbon capture and storage (CCS) technology in all sectors, including power generation. CCS prevents up to 90% of carbon dioxide emissions produced by the combustion of fossil fuels from entering the atmosphere.
In CCS, carbon dioxide is first isolated from the gases produced during the production of electricity. It is then transported for safe storage.
The ADM Illinois Industrial Carbon Capture & Storage (ICCS) project, for example, isolates carbon dioxide from an ethanol manufacturing plant and stores it in a nearby deep salt formation, storing about 1.1 million tonnes of carbon dioxide per year.
Governments around the world are implementing regulations to reduce the production of electricity from fossil fuels due to growing environmental concerns. Fossil fuel power plants are major sources of toxic pollutants such as mercury, sulfur dioxide and carbon emissions.
Electricity production accounts for around 40% of carbon emissions produced by the energy sector, or 25% of global greenhouse gas emissions. Regulators enforce strict regulations on thermal power generation to control harmful effects on the environment.
Such regulations are expected to increase the costs of supplying cheaper fossil fuel energy, acting as a constraint on the market for fossil fuel power generation.
In August 2021, ArcLight Capital Partners, LLC, a US-based company focused on energy infrastructure investments, acquired the 6,750 MW fossil fuel power plant portfolio from the Public Service Enterprise Group (PSEG) for $ 1.92 billion. This acquisition is part of ArcLight Capital Partners LLC’s growth into a clean energy infrastructure company that will help it achieve its goal of a low carbon economy. Public Service Enterprise Group (PSEG) is a United States-based electrical services company that provides electricity generation from fossil fuels.
The regions covered by the fossil fuel power generation market are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered by the market for the production of electricity from fossil fuels are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the United Kingdom, the United States and Australia.
Read the full report: https://www.reportlinker.com/p06193694/?utm_source=GNW
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