Energy Transition Market is driven by renewable energy sources
Energy transition refers to shifting from fossil fuels such as coal, oil, and natural gas to cleaner sources of energy such as renewable energy including solar, wind, hydro, and renewable natural gas. Renewable energy sources offer advantages such as lower operating costs compared to fossil fuels over time, zero direct emissions that curb pollution and mitigate climate change, and energy independence from imported fossil fuels. With rapidly growing concerns over global warming and environmental pollution, there is an increasing need for sustainable energy solutions to power daily life as well as industrial and commercial operations.
The Global Energy Transition Market is estimated to be valued at US$ 2.83 Tn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2025 To 2031.
Key Takeaways
Key players operating in the Energy Transition market are Shell, BP, Total, Enel, and Chevron. These companies are investing heavily in renewable energy projects and acquiring clean energy companies to expand their renewable business portfolio.
There is a growing Energy Transition Market Demand for renewable energy across both developed and developing economies due to stringent climate change policies and regulatory guidelines aiming for carbon neutrality. Countries have set ambitious renewable energy targets to meet the increasing share of electricity demand from clean sources.
Major energy giants are looking to expand their global footprint in renewable energy by entering new markets. Companies seek opportunities for manufacturing and project development across Asia Pacific, Middle East, Africa and Latin America to diversify business operations and revenue streams.
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