Fossil Fuel New Energy Generation Market Size - By Source (Oil, Gas, Coal), Regional Outlook & Growth Forecast, 2024 - 2032

Fossil Fuel New Energy Generation Market Size

Fossil Fuel New Energy Generation Market 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. Environmental Protection Agency unveiled regulations targeting pollution from fossil fuel-fired power plants, impacting both existing coal plants and newly established natural gas facilities.
 

Fossil Fuel New Energy Generation Market Trends

Fossil fuel new energy generation industry is set to witness substantial growth owing to increasing focus toward energy generation, increasing power demand and rising deployment of low emission fossil fuel power plants. 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. Furthermore, steadily expanding energy generation, increased investments and expenditure for development of power plants across various geographies will positively influencing the industry outlook.
 

Fossil Fuel New Energy Generation Market Analysis

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. These plants are pivotal for energy security and providing low-cost electricity. In addition, advancements in cleaner coal technologies, including integration of carbon capture and storage along with inclination on enhancing efficiency and complying with stricter emission standards is set to complement the industry landscape. Furthermore, there's an exploration of hybrid systems and a shift towards less polluting practices will positively influence the industry outlook.
 

Gas segment is anticipated to grow on account of rising adoption of gas-fired power plants known for their efficiency and reduced emissions. Advancement in combined cycle technology to enhance efficiency, along with increasing focus on adopting lower-carbon technologies will accelerate the deployment of gas fired power plants. For instance, In February 2024, Berlin allocated USD 17.3 billion (EUR 16 billion) to build four major natural gas plants. This investment aims to meet rising electricity demand and enhance generation by 2028. Shifting focus toward enhanced energy generation and adherence to stringent emission regulations, will augment the industry outlook.
 

Asia Pacific fossil fuel new energy generation market is set to grow over 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. Favorable initiatives to enhance the energy efficiency and rising adoption new technologies for improving the energy generation processes across power plants will complement the business landscape.
 

Fossil Fuel New Energy Generation Market Share

Major companies operating across the fossil fuel new energy generation industry is 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 operating across the industry consists of:

• ArcelorMittal
• AtkinsRéalis
• CEZ, 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 revealed its strategy to maintain the operation of select coal-fired power plants until a minimum of 2030, aiming to safeguard the national power grid. This decision, impacting at least three stations, stems from the technical and economic challenges associated with their timely decommissioning. Additionally, the company is in talks with the government to secure a substantial USD 21 billion in both public and private funding, intended for the expansion of the power grid.
   
• 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.
   

This 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