Energy Transition Market is Projected To Reach USD 5.6 Trillion By 2031, With A CAGR of 9.3% | Valuates Reports

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Mar 28, 2023, 10:01 ET

BANGALORE, India, March 28, 2023 /PRNewswire/ -- Energy Transition Market by Type (Renewable Energy [solar energy, wind energy, bioenergy, and hydropower], Energy Efficient, Electrification, hydrogen, and other) by Application (residential, commercial, and utility-scale), By Region (North America, Europe, Asia-Pacific, and LAMEA) : Global Opportunity Analysis and Industry Forecast, 2022-2031. It is published in Valuates Reports under the Energy & Utilities Category.

The global energy transition market size was valued at USD 2.3 trillion in 2021 and is projected to reach USD 5.6 trillion by 2031, with a CAGR of 9.3% from 2022 to 2031.

The introduction of electricity, the increased use of renewable energy, and advancements in energy storage are all major factors expected to drive the growth of the Energy Transition Market.

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TRENDS INFLUENCING THE GROWTH OF ENERGY TRANSITION MARKET

Oil, natural gas, and coal are changed into renewable energy sources including wind and solar energy as well as lithium-ion batteries throughout the energy transition process. The five main categories of the energy shift are renewable energy, electrification, energy efficiency, hydrogen, and other energies. The largest market share in terms of revenue belongs to renewable sources because they are widely used in the residential and utility sectors. Innovations in energy storage are two key factors fueling the growth of the global energy transition market.

Additionally, it is anticipated that during the projection period, uninterrupted energy supply, the development of prosumer business models, and a shift in human behavior towards renewable sources would generate attractive opportunities for market expansion. The energy transition market is also predicted to rise as a result of the rising popularity of transition technology due to its use in power generation and ability to offer electricity for residential buildings at a reasonable cost. This factor is expected to drive the energy transition market.

The development of grid infrastructure, the rise in energy-efficient construction, the expansion of the transportation sector, and the focus on carbon emission reduction are additional drivers boosting the global energy transition market growth throughout the projection period. The need for energy transition is also anticipated to expand as governments around the world express increasing concern about the effects of global warming. Governments in many nations are introducing new incentives and rebate programs to encourage firms to help usher in the zero-carbon era. Such incentive programs are anticipated to motivate utility and business end users to switch to clean energy, helping to expand the worldwide energy transition market.

Moreover, the pandemic's significant interruptions of trade, travel, and economic activity resulted in a decline in global carbon emissions along with a severe international health crisis and widespread economic hardship. The government is taking the lead in pursuing structural reductions in emissions by offering or collaborating with smart, sustained, and ambitious policies to accelerate development that led to the deployment of a full range of clean energy solutions in order to achieve robust economic recovery without significant carbon emissions. This factor is expected to drive the growth of the energy transition market.

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ENERGY TRANSITION MARKET SHARE ANALYSIS

The renewable energy market, which generated the most revenue in 2021, is expected to expand at a CAGR of 9.8% throughout the course of the forecast period. There are a number of variables that contribute to the market's rising demand for renewable energy, which offers the benefit of less carbon and other types of pollution emissions. The growing market potential for renewable energy will result from the growth of the energy transition and the storage of power produced by renewable sources. For instance, the Renewable Energy and Battery Storage Promotion Initiative in China intends to promote the integration and utilization of renewable energy through innovative uses of battery storage technologies.

The market for renewable energy, which brought in the most money in 2021, is anticipated to grow at a CAGR of 9.8% over the course of the projection year. The market is seeing an increase in demand for renewable energy, which has the advantage of emitting fewer emissions of carbon and other sorts of pollutants. The expansion of the energy transition and the storage of energy generated by renewable sources will lead to expanding market potential for renewable energy. For instance, China's Renewable Energy and Battery Storage Promotion Initiative aims to encourage the use of renewable energy through creative applications of battery storage technologies.

Throughout the course of the projection year, the market for renewable energy, which generated the highest revenue in 2021, is expected to expand at a CAGR of 9.8%. Demand for renewable energy is rising on the market, which has the benefit of releasing fewer emissions of carbon and other types of pollutants. The market potential for renewable energy will increase as the energy revolution continues to progress and as energy produced from renewable sources is stored. One such initiative is China's Renewable Energy and Battery Storage Promotion Initiative, which intends to promote the use of renewable energy through innovative battery storage technology uses.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Exelon Corporation
Duke Energy Corporation
Pacific Gas and Electric Company
Southern Company
American Electric Power
Edison International
Repsol
Brookfield Renewable Partners
Ørsted A/S
NextEra Energy, Inc

By Type

Renewable Energy

Energy Efficiency
Electrification

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