Press release
Energy Transition Market Trends: Key Insights and Predictions
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 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.
Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/32269
Energy transition simply defines transformation of fossil fuels to renewable energy sources, which results in reduction in carbon emission and produces green energy.
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,
Prominent sectors of energy transition include energy storage, renewable energies, electric vehicles, heating, nuclear energy, hydrogen, and others.
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.
In 2021, Asia-Pacific region dominated the global energy transition market share with more than 48.7% of the share, in terms of revenue.
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.
Buy This Report (248 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3JPGQZt
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.
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.
Read Complete Research Report: https://www.alliedmarketresearch.com/energy-transition-market-A31819
COVID-19 impact analysis:
The Energy Transition market was negatively impacted due to the COVID-19 pandemic. However, strong consumer demand for electricity in utility scale sector and residential sector have surged the demand for Energy Transition market during the COVID-19 scenario. Several factors which slowdown the growth for energy transitions market across the globe are low amount of investments in 2020 and threatening to slow the expansion of key clean energy technologies.
Trending Reports in Energy and Power Industry:
Distributed Energy Generation Market
https://www.alliedmarketresearch.com/distributed-energy-generation-market-A13784
Clean Energy Infrastructure Market
https://www.alliedmarketresearch.com/clean-energy-infrastructure-market-A323711
Flywheel Energy Storage Systems Market
https://www.alliedmarketresearch.com/flywheel-energy-storage-systems-market-A70218
Building Energy Management Systems Market
https://www.prnewswire.com/news-releases/building-energy-management-system-market-to-reach-18-5-billion-globally-by-2032-at-11-2-cagr-allied-market-research-302046832.html
Waste to Energy Market
https://www.prnewswire.com/news-releases/waste-to-energy-market-to-reach-56-0-billion-globally-by-2032-at-4-7-cagr-allied-market-research-302013425.html
Compressed Air Energy Storage Market
https://www.globenewswire.com/news-release/2023/11/07/2775460/0/en/Global-Compressed-Air-Energy-Storage-Market-to-Gather-31-8-Billion-at-a-CAGR-of-23-6-CAGR-by-2031-Allied-Market-Research.html
Energy Transition Market
https://www.globenewswire.com/news-release/2023/11/07/2775459/0/en/Global-Energy-Transition-Market-to-Gather-5-6-Trillion-at-a-CAGR-of-9-3-by-2031-Allied-Market-Research.html
AI in Energy Market
https://www.globenewswire.com/news-release/2022/11/14/2554763/0/en/Global-AI-in-Energy-Market-Is-Expected-to-Reach-19-8-Billion-by-2031-Allied-Market-Research.html
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
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com
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.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Energy Transition Market Trends: Key Insights and Predictions here
News-ID: 3600094 • Views: …
More Releases from Allied Analytics LLP
![The Future of Ultraviolet Lamps Market in Healthcare](https://cdn.open-pr.com/L/8/L816798182_g.jpg)
The Future of Ultraviolet Lamps Market in Healthcare
According to a new report by Allied Market Research, Ultraviolet Lamps Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (UV LED Lamp, UV Mercury Lamp, Low-pressure Mercury Lamp, Medium-pressure Mercury Lamp, Amalgam Mercury Lamp) and by Application (Medical Phototherapy, Analytical Instruments, Tanning, Water Treatment, Air Purification, UV Curing, Surface Treatment, Food Beverages Disinfection, Biomedical Applications, Others (Wastewater Treatment)): Global Opportunity Analysis and Industry Forecast, 2023-2032
Ultraviolet (UV) lamps…
![The Benefits of Switching to Thorium Fuel Cycle Market](https://cdn.open-pr.com/L/8/L816268003_g.jpg)
The Benefits of Switching to Thorium Fuel Cycle Market
According to a new report by Allied Market Research, Thorium Fuel Cycle Market Size, Share, Competitive Landscape and Trend Analysis Report by Reactors Type (Heavy Water, High-Temperature Gas-Cooled, Boiling (Light) Water, Molten Salt, Fast Neutron, Others) and by Application (Gas Mantles, Nuclear Reactor, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The thorium fuel cycle is an alternative nuclear energy pathway that uses thorium-232 (^232Th) as a fertile material to produce…
![Top 5 Benefits of Using Tactile Switches in Your Devices](https://cdn.open-pr.com/L/8/L816670994_g.jpg)
Top 5 Benefits of Using Tactile Switches in Your Devices
According to a new report by Allied Market Research, Tactile Switches Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Standard Types, Illuminated Types, Sealed Types, Sealed Types, Surface Mount Types, Others) and by Application (Automotive, Medical, 3C Products, Information Appliance, White Goods, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Tactile switches, also known as tactile pushbutton switches, are electromechanical devices that provide tactile feedback to the user…
![Exploring the Benefits of Reliable Subsea Control Systems Market](https://cdn.open-pr.com/L/8/L816167615_g.jpg)
Exploring the Benefits of Reliable Subsea Control Systems Market
According to a new report by Allied Market Research, Subsea Control Systems Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Hardware, Software, Services), by Type (Manual Control Systems, Automated Control Systems) and by Application (Floating Production Systems, Subsea Trees and Associated Wellheads, Subsea Manifolds and Pipelines, Subsea Boosters, Subsea Separators): Global Opportunity Analysis and Industry Forecast, 2023-2032
Subsea control systems are sophisticated technologies designed to monitor and control…
More Releases for Energy
Decentralized Energy Storage Market Is Booming Worldwide | Fuelcell Energy, Enph …
A new business intelligence report released by AMA with title "Decentralized Energy Storage Market" has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Decentralized Energy Storage Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics…
Waste-To-Energy Technologies Market Top Growing Companies: Xcel Energy, Novo Ene …
Qurate Business Intelligence’s up-to-date research study on Waste-To-Energy Technologies was performed by highly qualified research professionals and industry experts. This is to provide an in-depth analysis on the Waste-To-Energy Technologies. The report is comprehensive and includes over 120 pages. The global energy market is witnessing a shift toward waste to energy technologies due to growing energy demands worldwide, the rapid depletion of conventional sources of energy, and concerns over…
Waste To Energy Market ||Novo Energy Ltd., Hitachi Zosen, Foster Wheeler A.G., S …
Zion Market Research published a new 110+ pages industry research "Global Waste to Energy Market Set For Rapid Growth, To Reach Value Around USD 42.74 Billion By 2024" is exhaustively researched and analyzed in the report to help market players to improve their business tactics and ensure long-term success. The authors of the report have used easy-to-understand language and uncomplicated statistical images but provided thorough information and detailed data on…
Energy As A Service Market by Top Manufacturers – WGL Energy Services, Engie, …
Global Energy as a service Market to reach USD 19,607.8 million by 2025.
Global energy as a service market valued approximately USD 965.5 billion in 2017 is anticipated to grow with a healthy growth rate of 45.70 % over the forecast period 2018-2025. Growing potential of renewable energy is considered as a key trend for the Energy as a service market over the forecast period. As renewable energy is driving energy…
In-Pipe Hydro Systems Market | key player - Lucid Energy, Rentricity, Tecnoturbi …
Looking at the current market trends as well as the promising demand status of the “In-Pipe Hydro Systems Market” it can be projected that the future years will bring out positive outcomes. This research report added by MRRSE on its online portal delivers clear insight about the changing tendencies across the global market. Readers can gather prime facets connected to the target market which includes product, end-use and application; assisting…
Global In-pipe Hydro Systems Market to 2025| Lucid Energy, Rentricity, Tecnoturb …
Albany, NY, 30th January : Recent research and the current scenario as well as future market potential of "In-Pipe Hydro Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" globally.
Global In-pipe Hydro Systems Market: Overview
This report analyzes and forecasts the market for in-pipe hydro systems at the global and regional level. The market has been forecast based on market share (percentages) and revenue (US$…