Newark, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the fossil fuels market will grow from USD 6.25 Trillion in 2022 to USD 11.22 Trillion by 2032. Throughout the projection period, the growing market for fossil fuels would be propelled by the increasing demand for fuel used in vehicles, aeroplanes, and other public transportation.
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Key Insight of the Fossil Fuels Market
Asia-Pacific region will account for the largest market size during the forecast period.
The Asia-Pacific region will hold a significant market share due to the growth of its industrial base. Increasing investment in the transportation industry has led to a high demand for fossil fuels, especially used in passenger vehicles. China, Japan, and India hold the majority of the regional fossil fuels market share, as the demand for energy is continuously increasing.
The natural gas segment is expected to augment the market during the forecast period.
The type segment is divided into natural gas, crude oil, petroleum products and others. The natural gas segment is expected to augment the market during the forecast period. A mixture of gases high in hydrocarbons is called natural gas. Natural gas reserves are found close to other layers of solid and liquid hydrocarbons, such as crude oil and coal, deep inside the earth. In the U.S., natural gas is mostly used for heating and electricity production.
The transportation segment is expected to augment the market during the forecast period.
The application segment is divided into transportation, electricity generation, industrial process, and others. The transportation segment is expected to augment the market during the forecast period. The transportation industry consumes a significant amount of fossil fuels, both directly through fuel burning in internal combustion engines of motor vehicles and aircraft, as well as indirectly through electricity for urban mass transit.
The commercial segment is expected to augment the market during the forecast period.
The end-users segment is divided into commercial, residential and industrial. The commercial segment is expected to augment the market during the forecast period. A considerable amount of the electricity produced in commercial industries comes from fossil fuels. Since natural gas is a more practical and efficient energy source, the commercial sector uses it primarily.
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Market Dynamics
Driver: Increasing use in the residential industry
Fossil fuels are extensively utilized in both home and industrial settings. They provide the energy to operate the lights, heat the buildings, and enable transportation. Currently, 75% of the energy produced for domestic heating comes from fossil fuels. Fossil fuels are used in residential applications, mainly in the production of gas for cooking and heating. Year-round household energy uses include lights, refrigeration, and water heating. In 2020, the combined yearly household energy use for these three end applications was 25%. T.V.s, laundry machines, kitchen appliances, and dryers accounted for the remaining twenty-three per cent of household energy use.
Restraint: Fluctuating cost
The prices for fossil fuels change due to political, social, and economic variables. This is particularly true in emerging nations like the U.S., which depend heavily on fossil fuels. The price of oil often does not correspond to its true value. Due to continuous fluctuating demand and prices in the industry, the demand for fossil fuels is hindered. The disturbed demand and supply chain has greatly affected the production capacity.
Opportunity: Increasing growth of industrial base in developing regions
The increasing industrial base in the Asia Pacific, Latin America, the Middle East and Africa has propelled the market's growth. The power consumption in these regions has thus increased by leaps and bounds. The demand for energy in the regional industries is increasing tremendously. Therefore, the countries in these regions require huge quantities of fossil fuels as their industrial base is expanding rapidly. The growing demand for consumer goods has called for an increase in the supply of raw materials. Thus, the industries are engaged in extensive manufacturing practices to cope with the demands of different end-user consumers. Thus, emerging economies are investing in fossil energy sources and utilising more to meet their industries' operational demands.
Challenges: Environmental concerns
Burning fossil fuels releases the energy they contain, which propels smoke and other gases into the atmosphere. Burning fossil fuels hurts humans and the environment by releasing dangerous particles and greenhouse gases into the atmosphere. For instance, burning coal releases heavy metals and sulphur dioxide into the environment, which are harmful particles. Serious negative effects from these substances include acid rain and respiratory harm to humans.
Some of the major players operating in the fossil fuels market are:
• ExxonMobil Corporation
• Chevron Corporation
• Royal Dutch Shell PLC
• BP PLC
• Saudi Arabian Oil Company
• TotalEnergies SE
• ConocoPhillips
• Gazprom
• China National Petroleum Corporation
• PetroChina Company Limited
• Rosneft
• Petrobras
• Equinor ASA
• Eni S.p.A.
• Phillips 66
Key Segments Cover in the Market:
By Type:
• Natural Gas
• Crude Oil
• Petroleum Products
• Others
By Application:
• Transportation
• Electricity Generation
• Industrial Process
• Others
By End-users:
• Commercial
• Residential
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Trillion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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