Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) — The global energy transition market Size to Grow from USD 2.83 trillion in 2024 to USD 5.42 trillion by 2031, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing policy support and target setting is translating to huge capital expenditure towards large-scale renewable energy projects. Renewable energy installations have been growing at a healthy double-digit rate over the past few years.

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Market Dynamics

The rising investments in renewable energy and favorable government policies supporting renewable energy adoption. These are the major factors responsible for the projected high growth of the energy transition market. Various governments worldwide are implementing supportive policies and offering attractive subsidies to promote renewable energy adoption.

Market Trends

With the constant decline in the costs of renewable energy technologies, the energy mix is widening rapidly to include various renewable sources other than just solar and wind. Geothermal, hydro, biomass and hydrokinetic energy sources are gaining traction in both developed and developing economies.

Energy Transition Market Report Coverage

The deployment of advanced energy storage technologies such as lithium-ion batteries, and pumped hydro storage is growing significantly. This plays a crucial role in improving the grid reliability through load balancing and provides backup during power outages caused by intermittent renewable sources. The increasing collaboration between pure-play energy storage and solar plus storage developers is also a prominent trend.

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Market Opportunities

The renewable energy segment is expected to offer a major opportunity in the energy transition market. It is growing at a CAGR of over 12% during the forecast period. Renewable sources like solar and wind are becoming more cost competitive compared to traditional fossil fuels and their deployment. It is being strongly encouraged through policies and incentives around the world. Investments in renewable energy infrastructure are increasing globally.

The energy storage technology segment is poised to witness significant growth in the coming years. With increasing proportions of intermittent renewable sources like solar and wind being added to the grid, energy storage technologies play a vital role in solving the issue of fluctuating power supplies. Battery energy storage systems, in particular, are anticipated to experience exponential uptake, growing at over 20% annually through 2031.

Key Market Takeaways

The global energy transition market to witness a CAGR of 9.7% during the 2024-2031. Due to the strong policy push for decarbonization of energy systems around the world.

On the basis of energy source, the renewable energy segment would hold a dominant position, accounting for over 35% of the market by 2031. Due to declining costs and better environmental credentials of solar, wind, and other renewables.

By technology, energy storage systems, especially batteries, are expected to grow at over 20% CAGR through 2031. Due to increased need for reliable power supply complementing rising renewable energy addition.

Based on application, the residential sector will dominate. Due to individual prosumers increasingly adopting rooftop solar PV and battery storage solutions. 

Regionally, North America is expected to hold a dominant position over the forecast period, with over 30% market share in 2031. This can be attributed to supportive policies promoting clean energy adoption in the US and Canada.

Key players operating in the market include Duke Energy Corporation, Southern Company, and ENEL. These companies are investing heavily in renewable assets, modernizing infrastructure, and energy storage to transition away from fossil fuels. Partnerships and M&A activity in the sector are also on the rise globally.

Energy Transition Industry News

In January 2022, India has announced it aims to reach net zero emissions by 2070 and to meet 50 per cent of its electricity requirements from renewable energy sources by 2030.

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Detailed Segmentation-

Energy Source Insights (Revenue, US$ Tn, 2019 – 2031)

• Renewable Energy
• Non-Renewable Energy

Technology Insights (Revenue, US$ Tn, 2019 – 2031)

• Energy Storage Systems (Batteries, Pumped Hydro)
• Electric Vehicles (EVs)
• Smart Grids
• Carbon Capture and Storage (CCS)

Application Insights (Revenue, US$ Tn, 2019 – 2031)

• Power Generation
• Transportation
• Industrial
• Residential
• Commercial

Regional Insights (Revenue, US$ Tn, 2019 – 2031)

• North America
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

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