Global Energy Transition Market to Gather $5.6 Trillion at a CAGR of 9.3% by 2031: Allied Market Research
Increasing demand for energy transition, along with increasing adoption of solar energy in developing countries to drive the global energy transition market.
Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “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), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022 –2031“. As per the report, the global energy transition market is anticipated to gather $5.6 trillion by 2031. The market gathered $2.3 trillion in 2021 and is expected to register a CAGR of 9.3% during the 2022-2031 period. The report provides a comprehensive study of evolving market trends, major segments of the market, and the competitive landscape of the industry.
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Growth Drivers, Market Restraints, and Investment Opportunities
Increasing use of energy transition technology to provide electricity to residential buildings at minimal costs is anticipated to drive the global energy transition market. On the contrary, technological limitations and growing geopolitical tensions might create hurdles in the growth of the industry. Nonetheless, increasing consumer preference for renewable energy sources is predicted to create numerous growth opportunities for market growth.
The renewable energy segment to by highly dominant by 2031
Based on type, the renewable energy segment accounted for the highest market share and is expected to register a CAGR of 9.8% during the 2022-2031 period. Rising demand for renewable, clean, and green energy is predicted to augment the growth rate of the segment. Innovations and advancements in energy transition technologies are predicted to push the segment’s growth higher.
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The wind power segment to grow rapidly in the analysis timeframe
Based on renewable energy type, the wind power segment held the highest market share and is projected to be the fastest growing with a CAGR of 9.9% in the forecast period. Wind energy can be used to produce power without consuming any fuel or without polluting the environment. This utility of wind power is estimated to help the segment strengthen its position in the analysis timeframe.
The residential segment to gather huge revenue
Based on application, the residential segment held the largest market share and is anticipated to rise at a CAGR of 9.5% during the analysis timeframe. Growing demand for electric water heaters and other household appliances required for cooking, cleaning, bathing, etc., is predicted to surge the growth of the market.
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Asia-Pacific to be the most profitable by 2031
Based on region, the Asia-Pacific energy transition market generated the highest revenue in 2021 and is anticipated to have the highest CAGR during the analysis timeframe. Rapid industrialization and urbanization across different countries such as India and China are predicted to increase the demand for energy transition technology which will help the market to achieve its fullest potential in this region.
Major Companies in the Industry:
- Exelon Corporation
- American Electric Power
- Brookfield Renewable Partners
- Duke Energy Corporation
- Edison International
- Ørsted A/S
- Pacific Gas and Electric Company
- NextEra Energy, Inc
- Southern Company
The report also studies these major players in the industry along with the different business expansion strategies adopted by them including mergers and acquisitions.
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