Major players in the fossil fuel electric 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, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fossil Fuel Electricity Global Market Report 2022" - https://www.reportlinker.com/p06193694/?utm_source=GNW
The global fossil fuel electricity market is expected to grow from $997.10 in billion 2021 to $1,066.54 billion in 2022 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,348.44 billion in 2026 at a CAGR of 6%.
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 main types of fuel in fossil fuel electric power generation are coal, oil and natural gas.Coal is a flammable black or brownish-black sedimentary rock that is found in the form of coal seams.
Coal is referred to as a fossil fuel because it is generated from once-living plants. The different sectors include residential, commercial and 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.
According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year to 2040, twice the rate of primary energy demand. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. China and India will account for a major portion of this growth. According to the government data, India’s energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396.2 billion by 2022, supporting the demand for electricity and driving the fossil fuel electric power generation market going forward.
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.
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.
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.
In August 2021, ArcLight Capital Partners, LLC, a US based company that focuses on energy infrastructure investments acquired 6,750 MW fossil-fuel plant portfolio of 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 firm which will help them achieve their goal of a low-carbon economy. Public Service Enterprise Group (PSEG) is a US based electric services company that offers fossil fuel electric power generation.
The regions covered in the fossil fuel electric power generation market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the fossil fuel electric power generation market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
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