Energy Transition Market to Reach $5.6 Trillion, Globally, by 2031 at 9.3% CAGR: Allied Market Research
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.
- 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.
- 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.
- 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.