Surge in investments in clean energy, fueled by both public initiatives and private sector commitments, are drives the demand for green energy solutions and accelerating the clean energy transition. Governments, recognizing the urgency of climate change and environmental sustainability, are increasingly allocating funds towards renewable energy projects, subsidies, and infrastructure development.
WILMINGTON, Del., Aug. 21, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Clean Energy Transition Market by Type (Renewable Energy, Energy Efficiency, Electrification, Hydrogen and Others), End Use (Industrial, Commercial, Residential and Utility): Global Opportunity Analysis and Industry Forecast, 2024-2028". According to the report, the clean energy transition market was valued at $2.4 trillion in 2023, and is estimated to reach $3.7 trillion by 2028, growing at a CAGR of 9.4% from 2024 to 2028.
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Prime determinants of growth
The global clean energy transition market is experiencing growth due to rise in investments in clean energy and surge in demand for green energy. However, limited availability of critical materials for clean energy technologies hinders market growth. Moreover, innovations in energy storage solutions presents additional opportunities for the clean energy transition market. New technologies such as solid-state batteries and flow batteries are emerging, promising even greater energy density, safety, and longevity. Solid-state batteries replace the liquid or gel electrolyte found in traditional lithium-ion batteries with a solid material, reducing the risk of fires and potentially extending the lifespan of the battery. Flow batteries, which store energy in liquid electrolyte solutions, offer the advantage of being able to independently scale power and energy capacity, making them ideal for large-scale energy storage applications.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2028 |
Base Year | 2023 |
Market Size in 2023 | $2.4 trillion |
Market Size in 2028 | $3.7 trillion |
CAGR | 9.4 % |
No. of Pages in Report | 340 |
Segments Covered | Type, End Use, and Region |
Drivers | Rising investments in clean energy Surge in demand for green energy |
Opportunity | Innovations in energy storage solutions |
Restraint | Limited availability of critical materials for clean energy technologies |
Renewable energy segment to maintain its dominance by 2028
By type, the renewable energy segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. Renewable energy sources such as solar, wind, and hydroelectric power produce electricity with significantly lower greenhouse gas emissions compared to fossil fuels. This reduction in emissions is crucial for meeting international climate targets and reducing the global carbon footprint. Moreover, policies and regulatory frameworks are instrumental in accelerating the adoption of renewable energy. Governments are implementing various incentives, subsidies, and mandates to promote renewable energy deployment and integrate it into their energy systems.
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Residential segment is expected to lead the market by 2028
By end use, the residential segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Homeowners are increasingly motivated to adopt clean energy solutions such as solar panels and geothermal heating systems to minimize reliance on fossil fuels and lower greenhouse gas emissions. This consciousness is reinforced by government incentives, such as tax credits and rebates, which make renewable energy technologies more accessible and affordable for residential installations. Furthermore, the desire for energy independence and resilience plays a significant role in driving the adoption of clean energy technologies in residential areas.
Asia-Pacific is expected to experience fastest growth during the forecast period
By region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Renewable energy sources such as solar and wind power, are increasingly seen as viable solutions to meet this escalating demand while reducing greenhouse gas emissions and enhancing energy security. Moreover, technological innovation and market dynamics are accelerating the adoption of clean energy solutions in the region. Asian countries are increasingly investing in research and development of renewable energy technologies, energy efficiency measures, and smart grid systems. These innovations improve the performance and reliability of renewable energy sources and drive down costs that makes clean energy more competitive with traditional fossil fuels.
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Leading Market Players:
- NextEra Energy, Inc.
- Iberdrola, S.A.
- Ørsted A/S
- Tesla Inc.
- Enel Spa
- Vestas Wind Systems A/S
- BYD Company Ltd.
- Brookfield Asset Management
- Schneider Electric
- Plug Power Inc.
The report provides a detailed analysis of these key players in the global clean energy transition market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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