Fossil Fuel New Energy Generation Market Size – By Source (Oil, Gas, Coal), Analysis, Share, Growth Forecast, 2024 - 2032

Fossil Fuel New Energy Generation Market Size

The global fossil fuel new energy generation market size was valued at over USD 340.5 billion in 2023 and is anticipated to grow a CAGR of 12% from 2024 to 2032. Rising energy demand across various sectors along with strategic partnerships and increased investments for energy generation are shaping the industry dynamics.
 

Accelerating collaborations by technology firms, to accelerate low-carbon technology development and stringent environmental norms toward emission reduction will complement the industry landscape. For instance, in April 2024, the U.S. EPA issued rules controlling pollution from fossil fuel-fired electric power generators which would affect existing coal and new natural gas plants.

Fossil Fuel New Energy Generation Market Trends

Increasing investment for the infrastructure development, stringent regulations pertaining toward environmental protection and favorable initiatives by respective authorities toward construction of new power plants will complement the industry landscape. For example, in 2023, EIA said Michigan and Florida installed around 5.8 GW of new combined-cycle natural gas power generation capacity. Further, the sector will witness high growth as driven by the significant investment in the building of a new power plant, and a rapidly growing power output.
 

Fossil Fuel New Energy Generation Market Analysis

The coal segment is set to surpass USD 510 billion by 2032, on account of abundant availability of coal reserves across several regions and rising energy demands are witnessing a growth in coal-fired power plants. The growth in coal reserves across several geographies in addition to rising energy demands are propelling the growth in construction of coal power plants. The application of cleaner coal technologies, including incorporation of carbon capture & storage and use of more efficient emission compliant plants will further broaden the industry’s horizons.
 

The use of gas powered electricity generation plants is expected to increase significantly owing to improvement in efficiency and power output, backed by gas burning turbines with high efficiency and low emissions. The annual gain in plants output by installing newer, more efficient combined cycle technology is expected to result in increased investment for gas powered generation plants as part of low carbon technology strategy. For example, Berlin allocated USD 17.3 billion (EUR 16 billion) in February 2024 to construct four large scale natural gas plants intending to meet the city’s expanding electricity consumption by 2028. Shifting focus toward enhanced energy generation and adherence to stringent emission regulations, will augment the industry outlook.
 

The Asia Pacific fossil fuel new energy generation market size is predicted to reach USD 550 billion by 2032. Rising energy demand across several industrial processes, robust industrial investments, rising population have accelerated the deployment of fossil fuel power plants, further proliferating the industry dynamics. Availability of abundant fossil reserves across the region along with favorable measures toward the energy generation is set to augment the business outlook.
 

Fossil Fuel New Energy Generation Market Share

Major companies operating across the fossil fuel new energy generation industry are focusing on making strategic collaborations, partnerships, and aiming for research & development initiatives to introduce low carbon methods for power generation from fossil fuels to enhance their competitive edge over the others. Key players including TotalEnergies, Vattenfall AB, RWE, STEAG GMBH, Engie, and Uniper SE, among other, holds majority of the market share.
 

Fossil Fuel New Energy Generation Market Companies

Major manufacturers in fossil fuel new energy generation industry include:

• ArcelorMittal
• AtkinsRéalis
• ?EZ, a. s.
• China Datang Corporation
• China Huadian Corporation LTD
• Engie
• Eskom Holdings SOC Ltd
• Iberdrola, S.A.
• IPJSC EN+ GROUP
• Pampa Energía S.A.
• RWE
• The AES Corporation
• TotalEnergies
• Vattenfall AB
• Uniper SE
   

Fossil Fuel New Energy Generation Industry News

• In May 2024, Eskom announced its plan to keep a few selected coal-fired power plants running until at least 2030 as it aims to protect the national power grid. The initiative, which affects at least three stations, is driven by technical and economic reasons for decommissioning them on time. In addition, the company is negotiating with the government to receive a significant amount of USD 21 billion in public and private funding that would be used for the power grid expansion.
   
• In February 2024, Uniper plans to add 1–2 GW of new gas-fired power capacity, depending on its success in an upcoming German government tender. Germany will issue tenders for 10 GW of new power capacity, requiring future conversion to pure hydrogen. The company’s authorities stated that it would participate with 1–2 GW of plants if conditions are favorable, with decisions expected by year-end. Uniper’s participation depends on details regarding capital and operational subsidies, which the government is expected to clarify.
   

The fossil fuel new energy generation market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW and USD Million” from 2021 to 2032 for the following segments:

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Market, By Source

• Coal
• Gas
• Oil

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Indonesia
  • Vietnam
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Türkiye
  • South Africa
• Latin America
  • Mexico
  • Argentina