Fossil Fuel Energy Market to Exhibit 5.3% CAGR and Generate $10,646.5 Billion by 2031 | Research Dive

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29 Jun, 2023, 15:59 GMT

The global fossil fuel energy market is expected to grow primarily due to the increasing use of fossil fuels in the industrial sector. By sources, the oil sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.

NEW YORK, June 29, 2023 /PRNewswire/ -- Global Fossil Fuel Energy Market Forecast Analysis:

As per the report published by Research Dive, the global fossil fuel energy market is expected to register a revenue of $10,646.50 billion by 2031 at a CAGR of 5.3% during the forecast period 2022-2031.

Segments of the Fossil Fuel Energy Market

The report has divided the market into the following segments:

  • Sources: coal, oil, and natural gas
    • Oil– Fastest growth by 2031
      The increasing demand for oil due to several factors including global economic growth, geopolitical events, and technological advancements is predicted to boost the growth of this sub-segment by 2031.
  • End-User: residential, commercial, industrial, and transportation
    • Industrial– Significant growth rate by 2031
      The heavy dependence of various industries such as mining, steel production, and chemical manufacturing on fossil fuels to power their operations is expected to aid the sub-segment to register significant growth numbers by 2031.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Asia-Pacific – Most dominant by 2031
      The increase in the demand for fossil fuels from various countries of this region like China, India, Japan, Australia, and South Korea to power their industries and transportation is expected to help the fossil fuel energy market to flourish immensely in the forecast period.

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Dynamics of the Global Fossil Fuel Energy Market

Growing use of fossil fuels by the industrial sector is expected to make the fossil fuel energy market highly lucrative in the forecast period. Furthermore, increasing economic growth rate of various countries and a rise in their population is anticipated to help the market reach new heights. However, according to market analysts, environmental concerns over fossil fuel energy might become a restraint in the growth of the market.

Increase in technological advancements in fossil fuel energy industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the expanding energy needs of developing countries is expected to propel the fossil fuel energy market forward in the coming period.

COVID-19 Impact on the Global Fossil Fuel Energy Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The fossil fuel energy market, too, experienced a negative growth during the pandemic. Since the global industrial and manufacturing sectors virtually came to a halt due to the lockdowns, the demand for fossil fuels including oil, coal, and natural gas reduced drastically. This affected the growth rate of the market severely during the pandemic.

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Key Players of the Global Fossil Fuel Energy Market

The major players of the market include

  • Iberdrola SA
  • State Power Investment Corporation Limited 
  • EnergyAustralia Holdings Limited
  • Huaneng Power International Inc.
  • AGL Energy Limited
  • Stanwell Corporation Limited
  • Engie SA
  • Origin Energy Limited
  • American Electric Power
  • Enel SpA

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in August 2022, Shell, a British fossil fuel giant, announced the acquisition of Sprng Energy, a renewable energy provider based in the Indian city of Pune. This acquisition is expected to increase the market share of the acquiring company, i.e., Shell in the next few years.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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