Global energy transition market set to reach $5.42 trillion by 2031 due to growth in renewables and storage technologies

From GlobeNewswire: 2024-10-09 11:16:00

The global energy transition market is set to grow from USD 2.83 trillion in 2024 to USD 5.42 trillion by 2031, with a CAGR of 14.4%. Favorable government policies and rising renewable energy installations are driving this growth. The deployment of advanced energy storage technologies like lithium-ion batteries is also increasing to improve grid reliability.

Renewable energy sources, such as solar and wind, are becoming more cost competitive, leading to a CAGR of over 12% in the energy transition market. Energy storage technologies, particularly battery energy storage systems, are anticipated to grow exponentially at over 20% annually through 2031. India aims to reach net zero emissions by 2070 and source 50% of its electricity from renewables by 2030.

The global energy transition market is expected to witness a CAGR of 9.7% from 2024 to 2031. Renewable energy sources are poised to dominate, accounting for over 35% of the market by 2031. Energy storage systems, especially batteries, are projected to grow at over 20% annually, with the residential sector leading in application. North America is expected to hold a dominant position in the market by 2031.

Key players in the energy transition market include Duke Energy Corporation, Southern Company, and ENEL. These companies are investing in renewable assets and transitioning away from fossil fuels. Collaboration and M&A activity in the sector are also on the rise globally. The market offers opportunities for growth in renewable energy and energy storage technologies to meet the increasing demand for clean and sustainable solutions.



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