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Energy Transition Market Share (CAGR of 9.3%) | North America 9.8% CAGR by Canada, United States, Mexico

02-23-2024 08:48 AM CET | Energy & Environment

Press release from: Allied Analytics LLP

Energy Transition Market Share (CAGR of 9.3%) | North America

According to a new report published by Allied Market Research, The global energy transition market size was valued at $2.3 trillion in 2021, and projected to reach $5.6 trillion by 2031, with a CAGR of 9.3% from 2022 to 2031.

The energy transition represents a fundamental transformation of the global energy system towards a more sustainable, resilient, and equitable future. While significant progress has been made, concerted efforts from governments, businesses, communities, and individuals are needed to accelerate the transition and mitigate the impacts of climate change.

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In 2021, Asia-Pacific region dominated the global energy transition market share with more than 48.7% of the share, in terms of revenue.

North America was the second-largest contributor in terms of revenue in the global Energy Transition market in 2021, and is anticipated to grow at a CAGR of 9.8% during the forecast period.

The 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.

The term energy transition refers to the global shift from reliance on fossil fuels to a more diversified, sustainable, and low-carbon energy system. This transition is driven by various factors, including environmental concerns, climate change mitigation efforts, technological advancements, policy initiatives, and changing market dynamics.

Prominent sectors of energy transition include energy storage, renewable energies, electric vehicles, heating, nuclear energy, hydrogen, and others.

Energy transition simply defines transformation of fossil fuels to renewable energy sources, which results in reduction in carbon emission and produces green energy.

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The Renewable Energy segment accounted for 31.4% energy transition market in 2021 and is anticipated to grow at a rate of 9.8% in terms of revenue, increasing its share in the global energy transition market during the forecast period.

The utility segment is the fastest-growing application segment in the global energy transition market and is expected to grow at a CAGR of 9.6% during 2021-2031.

Among these, renewable energy was the largest sector in 2021, contributing $366 billion of global investment with small-scale systems (up 6.5% from 2020), whereas the electrified transport sector is expected to be the fastest growing sector, reaching $273 billion (up 77%) of global investment, making it the fastest-growing sector. electrified energy came in third with an investment of $53 billion, followed by nuclear energy at $31 billion.

Moreover, in 2021, the frontiers of the wind energy are anticipated to shift more and more offshore. Offshore wind holds significant growth owing to its high-capacity factors and deployment potential as utilities concentrate on decarbonization and establish net-zero ambitions. Thus, growth of solar energy and wind energy is showing a promising growth for global market and this growth is anticipated to boost the growth of energy transition across the globe.

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It is anticipated that the sector would continue to increase efficiency in 2023 with bigger turbines, taller towers, and longer cables. To increase efficiencies, wind turbine manufacturers are adopting larger turbines. Thanks to their extensive knowledge of offshore conditions, oil and gas industries are well-positioned to invest significantly in both fixed and floating offshore wind.

Some substantial oil and gas firms are reorienting their efforts toward a fresh, reliable cash stream in a developing low-carbon industry.

The growth of the global energy transition market is majorly driven by increase in energy demand due to rising population.

In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and incentivize taken by companies to contribute into the zero-carbon era policy is favoring the demand for renewable energy sources and is the key factor that fuels the demand for energy transition.

In addition, reduction of carbon footprint is expected to propel 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.

Read Complete Research Report: https://www.alliedmarketresearch.com/energy-transition-market-A31819

On the contrary, increase in demand for energy transition from commercial and utility sector for electricity generation is expected to offer lucrative opportunity for market growth.

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David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.com

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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