New York, USA, June 26, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global fossil fuel energy market is anticipated to generate a revenue of $10,646.50 billion and grow at a CAGR of 5.3% during the analysis timeframe from 2022 to 2031.
As per our analysts, the increasing energy consumption across developing countries due to the rising population and supporting their economic growth is expected to fortify the growth of the fossil fuel energy market over the analysis timeframe. Besides, the increasing use of fossil fuels across many industries such as transportation, electricity generation, and manufacturing for various operations is expected to propel the growth of the market over the forecast period. Moreover, the increasing adoption of new technologies in the fossil fuel industry to increase efficiency and reduce costs is predicted to create immense growth opportunities for the fossil fuel energy market throughout the estimated period. However, the increasing environmental concerns over fossil fuel energy may hinder the growth of the market over the analysis period.
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Segments of the Fossil Fuel Energy Market
The report has divided the market into segments based on sources, end-user, and regions.
Sources: Oil Sub-Segment to be Most Productive
The oil sub-segment held the largest market share in 2021 and is expected to hold the fastest growth over the forecast period. This is mainly due to the increasing demand for oil for transportation, industrial production, and heating. Moreover, the increasing demand for oil owing to global economic growth, geopolitical events, technological advancements, and many more are expected to bolster the growth of the market sub-segment over the analysis period.
End-User: Industrial Sub-Segment to be Most Profitable
The industrial sub-segment of the fossil fuel energy market generated the highest revenue in 2021. This is mainly due to the increasing demand for fossil fuel energy in the industrial sector to power manufacturing, transportation, and other industrial activities. Additionally, the increasing use of low-cost fossil fuels for industrial applications as they are highly efficient to produce large amounts of energy is predicted to augment the growth of the market sub-segment over the estimated period.
Region: Asia-Pacific Market Held the Largest Market Share in 2021
The Asia-Pacific region of the fossil fuel energy market held the maximum market share in 2021. This is mainly because various countries across the region are deliberately dependent on fossil fuels to power their industries and transportation. Furthermore, the higher consumption of coal, oil, and natural gas among the countries of this region for various purposes is expected to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Fossil Fuel Energy Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across various industries. It has also hampered the growth of the fossil fuel energy market during the pandemic period. The lockdowns and travel restrictions have decreased the consumption of fossil fuels such as coal, oil, and natural gas. Moreover, the disruption in supply chains due to government-imposed regulations has further reduced the production and transportation of oil and gas. In addition, the increasing investment in renewable energy has accelerated the shift of governments and businesses toward renewable energy. All these factors have decreased the growth of the market throughout the crisis.
Key Players of the Fossil Fuel Energy Market
The major players of the market include
- AGL Energy Limited
- State Power Investment Corporation Limited.
- Origin Energy Limited
- Enel SpA
- Energy Australia Holdings Limited
- Engie SA
- Stanwell Corporation Limited
- Huaneng Power International Inc.
- American Electric Power Limited
- Iberdrola SA
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in March 2023, Iberdrola, a Spanish multinational electric utility company, announced its collaboration with BP, a British multinational oil and gas company. With this collaboration, the companies aimed to accelerate the energy transition in sustainable mobility. The company would significantly focus on the development of fast-charging infrastructure for electric vehicles.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Fossil Fuel Energy Market:
Fossil Fuel Energy Market Size Is Projected To Generate A Revenue Of $10,646.5 Billion By 2031
