The dimension of the global energy transition market it was valued at $2,3 trillion in 2021 and is projected to reach $5,6 trillion by 2031, with a CAGR of 9,3% from 2022 to 2031.
Major companies profiled in this report include Exelon Corporation, Duke Energy Corporation, Pacific Gas and Electric Company, Southern Company, American Electric Power, Inc, Edison International, Repsol, Brookfield Renewable Partners, Ørsted A/S and NextEra Energy, Inc.
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The energy transition defiit simply ends the transformation of fossil fuels into renewable energy sources, which results in a reduction of carbon emissions and produces green energy.
Prominent sectors of the energy transition include energy storage, renewable energy, electric vehicles, heating, nuclear power, hydrogen and others.
The renewable energy segment accounted for 31,4% of the energy transition market in 2021 and is expected to grow at a rate of 9,8% in terms of revenue, increasing its share in the global energy transition market during the period of prediction.
The utilities segment is the fastest growing application segment in the global energy transition market and is expected to grow at a CAGR of 9,6% over the period 2021-2031.
In 2021, the Asia-Pacific region dominated the global energy transition market share with over 48,7% of the share, in terms of revenue.
Among them, renewable energy was the largest sector in 2021, contributing $366 billion of global investments with small-scale systems (+6,5% compared to 2020), while the electrified transport sector is expected to be the largest. fastest growing sector, reaching $273 billion (+77%) of global investments, making it the fastest growing sector. electrified energy came in third with an investment of $53 billion, followed by nuclear power with $31 billion.
Furthermore, in 2021, the frontiers of wind energy are expected to shift increasingly offshore. Offshore wind holds significant growth due to its high capacity drivers and deployment potential as utilities focus on decarbonisation and set net-zero ambitions. Thus, the growth of solar and wind energy is showing promising growth for the global market and this growth is expected to boost the growth of the energy transition worldwide.
The industry is expected to continue increasing efficiency in 2023 with bigger turbines, taller towers and longer cables. To increase efficiency, wind turbine manufacturers are adopting larger turbines. Thanks to their extensive knowledge of offshore conditions, the oil and gas industries are well positioned to invest significantly in fixed and floating offshore wind.
Some major oil and gas companies are refocusing their efforts on fresh, reliable cash flow in a developing low-carbon industry.
The growth of the global energy transition market is mainly driven by the increase in energy demand due to the increase in population.
Additionally, there has been an increase in the need for sustainable energy resources around the world, coupled with favorable government regulations. These regulations focus on reduced reliance on fossil fuels and incentives taken by companies to contribute to the zero carbon era policy is driving demand for renewable energy sources and is the key driver fueling demand for the energy transition.
Furthermore, the reduction of the carbon footprint is expected to stimulate the growth of the energy transition market. However, factors such as technological limitations and geopolitical concerns are expected to hinder the growth of this market.
Conversely, increased demand for the energy transition from the commercial and utility sector for electricity generation is expected to provide lucrative opportunities for market growth.
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