Global Energy Transition Market Size Study, by Type (Renewable Energy, Energy Efficiency, Electrification, Hydrogen, Others), by Application (Residential, Commercial, Utility Scale), and Regional Forecasts 2022-2032

Global Energy Transition Market is valued approximately at USD 3.00 trillion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.3% over the forecast period 2024-2032. Energy transition refers to the global energy sector's shift from fossil-based systems of energy production and consumption-including oil, natural gas, and coal-to renewable energy sources like wind and solar, as well as lithium-ion batteries. This transformation process is driven by the need to reduce greenhouse gas emissions, combat climate change, and ensure sustainable and resilient energy systems. The transition is categorized into five key areas: renewable energy, electrification, energy efficiency, hydrogen, and other forms of energy. The market is primarily driven by the rising penetration of renewable energy in residential sectors and significant advancements in energy storage technologies. Furthermore, the continuous supply of energy, the development of prosumer business models, and the shift in human behavior towards renewable sources are expected to create lucrative opportunities for market growth during the forecast period. Additionally, the increasing popularity of transition technology in electricity generation, particularly for providing cost-effective electricity to residential buildings, is anticipated to propel market growth.

Moreover, factors such as the expansion of grid infrastructure, the rise in energy-efficient buildings, and the growing transportation sector's focus on carbon emission reduction are fueling the global energy transition market's growth. Government initiatives worldwide to address global warming and environmental concerns are also expected to augment the demand for energy transition. Various rebate and incentive schemes are being offered to encourage the use of clean energy, contributing to market growth.

The use of energy transition technologies in commercial buildings such as offices, malls, and airports helps reduce the load on traditional fossil fuel power plants and decreases carbon footprints. The surge in the use of solar energy and the growth of solar farms in developing nations are expected to generate electricity efficiently and present optimistic opportunities for global market growth during the forecast period. The COVID-19 pandemic significantly disrupted travel, trade, and economic activity, leading to a temporary reduction in global carbon emissions. Governments are now focused on achieving robust economic recovery without high carbon emissions by pursuing smart, sustained, and ambitious policies to accelerate the deployment of clean energy solutions.

The key regions considered for the global Energy Transition market study include North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, driven by rapid industrialization and urbanization in countries such as India, China, and Thailand. Increased government investment in R&D and technological innovation is expected to propel demand in this region. North America was the second-largest contributor to the global Energy Transition market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The U.S. Government's stringent environmental regulations and policies encouraging the use of clean energy are driving market growth in the region.

Major market players included in this report are:

• Exelon Corporation
• Duke Energy Corporation
• Pacific Gas and Electric Company
• Southern Company
• American Electric Power
• Edison International
• Repsol
• Brookfield Renewable Partners
• Orsted A/S
• NextEra Energy, Inc

The detailed segments and sub-segment of the market are explained below:

By Type:

• Renewable Energy
• Energy Efficiency
• Electrification
• Hydrogen
• Others

By Application:

• Residential
• Commercial
• Utility Scale

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.