Press Releases

Fossil Fuel Electric Power Market to See 7.9% Annual Growth Through 2023

September 03, 2018

WELLESLEY, Mass., Sep. 03, 2018–Rapid industrialization and urbanization, along with growth in developing countries such as China and India, are helping to boost the fossil fuel electric power market, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 7.8% through 2023, when it could be worth nearly $2.2 trillion, according to the report Fossil Fuel Electric Power Generation: Global Markets to 2023.

Major players in the market include Engie, Enel, Iberdrola, Huaneng Power International and State Power Investment Corporation.

Research Highlights

  • Coal accounted for the largest share of the fossil fuel electric generation market and is forecast to grow at a CAGR of 8.2% through 2023 thanks to greater access to coal and relatively stable prices in many countries.
  • The Asia-Pacific region accounted for the largest share of the market in 2018 and is expected to grow at a CAGR of 10.6%, followed by the Middle East, which expects to see a CAGR of 9.2%.
  • In terms of value, the market is led by China. China expects a world-leading CAGR through 2023 of 11%, followed by India at 10%.

“Many developing and underdeveloped economies are taking steps to improve stable access to electricity which is expected to drive the fossil fuel electric power generation market,” the report notes. “Government initiatives in these countries to improve electricity access and supply is expected to drive the market in the forecast period.”

Market Restraints Include Trade Protectionism and Environmental Regulations

Alhough growth in the industry is projected to be steady, there are several factors limiting the market, the report adds. Chief among those is increasing trade protectionism—many developed and developing nations are considering or imposing restrictions on free trade. Further, rising environmental concerns are prompting many countries to impose regulations meant to curb emissions of many of the toxic pollutants which power plants emit. These regulations, the report notes, will hinder market growth.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Fossil Fuel Electric Power Generation: Global Markets to 2023( EGY157A )
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