Surge in demand for Energy Transitions, for use of solar energy and growth in solar farm in developing nations drives the growth of the global Energy Transition market.
PORTLAND, Ore., Jan. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "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" According to the report, the global Energy Transition industry generated $2.3 Trillion in 2021, and is estimated to reach $5.6 Trillion by 2031, witnessing a CAGR of 9.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Increase in popularity of transition technology owing to its employment in electricity generation, to provide electricity for residential buildings at a low cost is anticipated to drive the growth of the energy transition market. On the other hand, technological limitations and Geopolitical concerns for energy transition impede the growth to some extent. However, continuous supply of energy, development of prosumer business models, transforming human behavior toward renewable sources are expected to create lucrative opportunity for market growth during the forecast period.
Covid-19 scenario-
- The major disruptions to travel, trade and economic activity brought about by the pandemic led to the fall of global carbon emission with huge international health crisis and widespread economic trauma.
- In order to achieve robust economic recovery without huge carbon emissions is the governments is acting as a lead in pursuing structural reductions in emissions.
The renewable energy segment to rule the roost-
By type, the renewable energy segment was the largest revenue generator, and is anticipated to grow at a CAGR of 9.8% during the forecast period. Several factors are associated with for the increasing demand for renewable in the market as shift towards the clean and green energy and offering the benefit of lower emissions of carbon and other types of pollution. Increasing in development for the energy transition and storage of the power which are generated by renewable will create the opportunities for renewable in the market.
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The wind power segment to maintain its dominance during the forecast period-
By renewable energy type, Wind Power accounted for the largest revenue share and is projected to grow at the fastest CAGR of 9.9% in the global energy transition Market. The demand for the wind energy is increasing in the renewable segment. Renewables made up 19.8 % of electricity generation in 2020, with hydro and wind making up the majority contributor. The market for wind is driven by the fact that wind is a plentiful and unending resource that also produces power without consuming any fuel or polluting the environment.
The residential segment to dominate by 2031-
By Application, the residential segment was the largest revenue generator, and is anticipated to grow at a CAGR of 9.5% during the forecast period. Several factors are associated with for the increasing demand for residential in the market such as rise in demand for electric water heaters from water heating applications such as cooking, space heating, cleaning, bathing, and others is expected to drive the growth of the energy transition during the forecast period.
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Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021, and is projected to grow at the highest CAGR during the forecast period. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India, China, and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes, which are expected to fuel the demand for standalone systems.
Leading Market Players-
- Exelon Corporation
- Duke Energy Corporation
- Pacific Gas and Electric Company
- Southern Company
- American Electric Power
- Edison International
- Repsol
- Brookfield Renewable Partners
- Ørsted A/S
- NextEra Energy, Inc
The report analyzes these key players in the global energy transition market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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