Pune, June 21, 2023 (GLOBE NEWSWIRE) -- A global Energy & Power research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “Energy Transition Market”. The report is a combination of primary data and secondary data and domain experts have analyzed the Energy Transition Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 2.63 Trillion in 2022 to USD 4.94 Trillion in 2029 at a CAGR of 9.4 percent.
Energy Transition Market Report Scope and Research Methodology
| Market Size in 2022 | USD 2.63 Trillion. |
| Market Size in 2029 | USD 4.94 Trillion. |
| CAGR | 9.4 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 285 |
| No. of Tables | 116 |
| No. of Charts and Figures | 113 |
| Segment Covered | Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The bottom-up approach was used to estimate the Energy Transition Market Size by value and volume. The report provides a detailed analysis of the market through segments and their multiple sub-segments. The report provides a competitive landscape in the Energy Transition Market based on the market size, market share and gross income of the major Key Players. It also includes the scope of the market in major geographic regions such as North America, South America, Asia Pacific, the Middle East and Africa and Europe. The Energy Transition Market Data has been collected through primary and secondary research methods. The collected data were later analyzed by SWOT analysis and PORTER’s five force model, which includes growth hubs, opportunities, regional insights and market restraints.
Energy Transition Market Overview
The Energy transition term is defined as the shift from traditional energy sources such as fossil fuels to sustainable energy sources such as solar energy and energy from wind and lithium-ion batteries. The lack of fossil fuel and the regulatory changes across the world regarding the adoption of sustainable energy sources is expected to drive the Energy Transition Market. The high cost associated with the deployment and the process of the Energy Transition System is expected to limit the growth of the Energy Transition Market.
Energy Transition Market Dynamics
The Energy Transition Market is driven by the growing advancements in alternative energy technologies, innovations in solar and wind energy and their rising demand in the household and commercial sector. The problem of climate change and the need to reduce harmful gas emissions coupled with the initiatives and regulations by countries across the world are expected to boost the Energy Transition Market. The major Energy Transition Key Companies are investing heavily to develop easy and cost-effective Energy Transition Product Manufacturing processes propelling the adoption and growth of the Energy Transition Market.
Energy security and independence also serve as growth drivers. The desire for energy security has led countries to seek renewable energy sources, as they are expected to be harnessed domestically. This reduces dependence on imported fossil fuels, reduces geopolitical risks and enhances energy security. Nations striving to diversify their energy mix and reduce vulnerability to price fluctuations and supply disruptions are particularly motivated by this driver. Growing public awareness and support for the energy transition further propel market growth.
The high cost associated with these transitional energy systems is expected to impede the growth of the Energy Transition Market. Also, the growth is limited by the lack of regulatory support and consumers paying capacity. The report provides a detailed analysis of the Energy Transition Market through SWOT and PESTLE analysis.
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Energy Transition Market Regional Insights
Asia Pacific is expected to hold the largest share of the market throughout the forecast period. The growing industrialization in developing economies such as China and India and the rapid growth in the adoption of alternative energy sources by businesses and households are expected to drive the Asia Pacific Energy Transition Market. Governments and other regulatory bodies are promoting sustainable energy sources and encouraging small, medium and large enterprises to deploy and adopt eco-friendly energy sources.
Europe is expected to grow at a significant CAGR of 8.1 percent throughout the forecast period in the Energy Transition Market. The region mostly depends on Russia for its energy requirements. This dependency is expected to create a challenge for the region due to political issues and other geographic reasons. These factors are expected to propel the growth of Europe’s Energy Transition Market.
Energy Transition Market Segmentation
By Type:
- Renewable Energy
- Wind Power
- Solar Power
- Bioenergy
- Hydropower
- Energy Efficiency
- Electrification
- Hydrogen
- Others
The renewable energy segment dominated the energy transition market in 2022 and is expected to continue to dominate during the forecast period. Renewable energy is derived from natural sources such as sunlight and wind. Hydropower solar, wind, geothermal, bioenergy, and ocean power are some of the key sources of renewable energy.
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By Application:
- Residential
- Commercial
- Utility Scale
The residential segment dominated the energy transition market in 2022 and is expected to continue to dominate during the forecast period. Several factors are associated with the increasing demand for residential in the market, such as the rise in demand for electric water heaters from water heating applications such as space heating, bathing and others.
Energy Transition Market Key Competitors include:
- Exelon Corporation
- Duke Energy Corporation
- Pacific Gas and Electric Company
- Southern Company
- American Electric Power
- Edison International
- Repsol
- Brookfield Renewable Partners
- Plug Power Inc.
- Enphase
- First Solar
- Sunpower
- Enel
- Ørsted A/S
- NextEra Energy, Inc.
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Key questions answered in the Energy Transition Market are:
- What is the Energy Transition?
- What was the Energy Transition Market size in 2022?
- What is the expected Energy Transition Market size during the forecast period?
- What are the global trends in the Energy Transition Market?
- What are the major restraints for the Energy Transition Market?
- Which segment dominated the Energy Transition Market growth?
- What is the demand pattern for the Energy Transition Market?
- What growth strategies are the players considering to increase their presence in Energy Transition Market?
- What are the upcoming industry applications and trends for the Energy Transition Market?
- Who are the leading companies and what are their portfolios in the Energy Transition Market?
- Which region dominates the largest market share in the Energy Transition Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application and Industry Vertical
- Market Segmentation – A detailed analysis by Type and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Energy & Power research firm, has also published the following reports:
Hydrogen Energy Transition Market - The market is expected to reach USD 279.6 Bn by 2029 at a CAGR of 9.8 percent during the forecast period. The market is expected to be driven by the growth of investments made by the private sector.
Energy Supplements Market - The market size is expected to reach USD 134.8 Bn by 2029 at a CAGR of 6.9 percent during the forecast period. The market is expected to be driven by increased awareness of health and benefits from it coupled with busy lifestyles and rising interest in sports and fitness activities.
Lithium-Ion Battery Energy Storage System Market - The market size is expected to reach USD 22.80 Bn by 2029 at a CAGR of 5.45 percent during the forecast period. The market is expected to be driven by the electric vehicle (EV) adoption, central and local government incentives for consumers and the size of manufacturing platforms by manufacturers.
Alternative Energy Market - The market size is expected to reach USD 1847.19 Bn by 2029 at a CAGR of 11.85 percent during the forecast period. The market is expected to be driven by growing government initiatives for clean energy sources.
Fusion Energy Market - The market size is expected to reach USD 462.3 Bn by 2029 at a CAGR of 7.4 percent during the forecast period. The market is expected to be driven by the growing need for alternative sources of energy that are safe, reliable, and environmentally friendly.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Healthcare, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
