Increasing inclination towards renewable energy is projected to fuel the growth of the global Energy Transition market at a CAGR of 9.0% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Energy Transition Market”.

The Energy Transition market is estimated to register a CAGR of 9.00% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Energy Transition market—Exelon Corporation, Duke Energy Corporation, Southern Company, American Electric Power, Edison International, Repsol, Brookfield, Orsted A/S, NextEra Energy, Enel.

Energy Transition Market Highlights

The global Energy Transition market is accounted for to register a CAGR of 9.00% during the forecast period and is estimated to reach USD 6.15 trillion by 2032.

The rise in penetration of renewable energy in residential sector and advancements in energy storage is driving the market of energy transition significantly. Moreover, continuous supply of energy, development of prosumer business models, transforming human behavior toward renewable sources are some of the important factors contributing towards the growth of energy transition market. By strengthening the renewable energy sector, the dependency on fossil fuels can be decreased substantially along with creating a resilient and efficient energy infrastructure. The rising emphasis on technological advancements in renewable energy sector will further create significant growth opportunities for the energy transition market.

Segment Analysis

The global Energy Transition market has been segmented based on Type, Application and Region.

The global Energy Transition Market segmentation, based on Type has been segmented as Renewable Energy, Energy Efficiency, Electrification, Hydrogen and Others. Renewable Energy is again bifurcated into Wind Power, Solar Power, Bioenergy, Hydropower, Others. Among these, the Renewable Energy segment is anticipated to dominate the global Energy Transition market revenue through the projected period as estimated by MRFR analysts.

For diversifying the energy sources and reducing the dependency on imported fossil fuels, the inclination towards the renewable energy sector is increasing significantly. Also, many businesses are incorporating sustainability in their corporate strategies for reducing their carbon footprints and this factor is encouraging the usage of renewable energy sources substantially. 

The global Energy Transition Market segmentation, based on Application has been segmented as Residential, Commercial, Utility. Among these, the Residential segment is anticipated to dominate the global Energy Transition market. The growing inclination of the population towards using energy efficient devices in order to optimize energy usage is creating significant demand for renewable energy sources in the residential sector. Growing use of solar powered appliances such as solar water heaters and solar panels for fulfilling the energy requirements of residents is positively influencing the market for energy transition.

Regional Analysis

By Region, the Energy Transition market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific Energy Transition market holds a considerable market share and is also forecasted to hold the largest share during the forecast period. The rising industrialization in the Asia Pacific region is creating a higher need for reliable energy sources. Industries are seeking efficient renewable energy sources in order to reduce the dependency on fossil fuels. Also, the increasing efforts of the Asia pacific countries to address the environmental and climate problems will escalate the demand for renewable energy sources.

Key Findings of the Study

• The global Energy Transition market is expected to reach USD 6.15 trillion by 2032, at a CAGR of 9.00% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on Type, the Renewable Energy segment was attributed to holding the largest market in 2022.


• Based on Application, the Residential segment was attributed to holding the largest market in 2022.


• Exelon Corporation, Duke Energy Corporation, Southern Company, American Electric Power, Edison International, Repsol, Brookfield, Orsted A/S, NextEra Energy, Enel are the key market players.