Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Energy Transition Market Size is Expected to Grow from USD 2.52 Trillion in 2023 to USD 6.31 Trillion by 2033, Growing at a CAGR of 9.61% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Energy Transition Market Size, Share, and COVID-19 Impact Analysis, By Type (Renewable Energy, Electrification, Energy Efficiency, Others), By Technology (Energy Storage Systems, Electric Vehicles (EVs), Smart Grids, Carbon Capture and Storage (CCS), Others), By Application (Power and Utility, Transportation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
The energy transition industry refers to the sector focused on developing and implementing technologies and practices to shift the world's energy production from fossil fuels like coal and oil toward cleaner, renewable sources like solar, wind, lithium-ion batteries, and hydropower, aiming to reduce carbon emissions and mitigate climate change. Moreover, the role of helpful government policies and rules that focused on the reduction of carbon emissions. These kinds of steps by government and ruling organisations are important in the structural and financial support which is necessary for the development and acceptance of advanced technology in the energy transition industry, fuelled to growth of energy transition industry. However, integrating renewable energy into national grids requires significant investment in smart grid technology to manage decentralization and fluctuations. This additional cost may slow the energy transition.
The renewable energy segment held a significant share of the global energy transition market in 2023 and is predicted to grow at a rapid pace over the forecast period.
On the basis of the type, the global energy transition market is classified into renewable energy, electrification, energy efficiency, and others. Among these, the renewable energy segment held a significant share of the global energy transition market in 2023 and is predicted to grow at a rapid pace over the forecast period. This segmental growth is attributed to the supported government policies, and advanced technology-based innovations have boosted overall functioning efficiency and cost-effectivity of green energy sources such as wind, hydropower, and solar.
The energy storage systems segment accounted for the largest share of the global energy transition market in 2023 and is predicted to grow at a substantial CAGR during the forecast period.
On the basis of the technology, the global energy transition market is categorized into energy storage systems, electric vehicles (EVS), smart grids, carbon capture and storage (CCS), and others. Among these, the energy storage systems segment accounted for the largest share of the global energy transition market in 2023 and is predicted to grow at a substantial CAGR during the forecast period. This segmental growth contributes to market growth due to the essentialness of energy storage technologies into the grid, ensuring stability and reliability.
The power and utility segment held a largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the global energy transition market is divided into power and utility, transportation, and others. Among these, the power and utility segment held a largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. This segmental dominance is derived by significant role that segments perform in changing the ways that renewable energy is used, as well as the availability and technological efficiency of its sources and operational systems.
Asia Pacific is anticipated to hold the greatest share of the global energy transition market over the forecast period.
The Asia Pacific region is expected to lead the global energy transition market due to ongoing urbanization and major economies. Increasing per capita income and awareness of renewable energy are driving demand for green energy sources like solar, wind, and hydropower. Switching to renewable energy can meet rising energy demands and reduce reliance on fossil fuels. Major economies like India, China, and Japan are boosting sector growth. China, in particular, is playing a leading role by investing $92.40 billion in 2023. By the first quarter of 2024, China’s solar and wind capacity reached 758 GW, making up 37% of its total power capacity. These investments are driving industry growth in the region.
North America is anticipated to grow at the fastest CAGR growth of the global piston pumps market over the forecast period. With the help of government programs and growing technological research and development, the region places a strong emphasis on the adoption of cutting-edge technologies. To improve the country's energy sector, the Energy Policy Act (EPA) in the US regulates energy production and places a high priority on energy efficiency, renewable energy, and climate change solutions. Because they highlight the importance of the energy transition, these principles are essential.
Company Profiling
Major vendors in the global energy transition market are Exelon Corporation, Duke Energy Corporation, Pacific Gas and Electric Company, Southern Company, First Solar, Enel, NextEra Energy, Inc, American Electric Power, Edison International, Brookfield Renewable Partners, Plug Power Inc., Enphase, and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global energy transition market based on the below-mentioned segments:
Global Energy Transition Market, By Type
Global Energy Transition Market, By Technology
Global Energy Transition Market, By Application
Global Energy Transition Market, By Regional
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