According to Stratistics MRC, the Global Energy Transition Market is accounted for $3.08 trillion in 2024 and is expected to reach $5.56 trillion by 2030 growing at a CAGR of 10.3% during the forecast period.
The global switch from fossil fuel-based energy systems to low-carbon, renewable energy sources are referred to as the “”energy transition.”” This shift includes adjustments to industrial operations, transportation, and power generation, with a focus on sustainable alternatives like solar, wind, and hydrogen. While maintaining dependable, reasonably priced energy access to satisfy expanding global demands, the objective is to lower greenhouse gas emissions.
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Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR owing to its aggressive push towards clean energy transitions. Countries like Vietnam and Indonesia are rapidly expanding their renewable portfolios through ambitious targets and incentives for solar and wind projects. Technological advancements combined with declining costs of renewables further accelerate adoption rates across diverse sectors such as transportation and residential applications. This robust growth trajectory underscores Asia Pacific’s pivotal role in shaping global energy transition trends effectively.
Some of the key players in Energy Transition Market include NextEra Energy Inc., Duke Energy Corporation, Exelon Corporation, Southern Company, American Electric Power Inc., Edison International, Repsol, Brookfield Renewable Partners, Ørsted A/S, Pacific Gas and Electric Company, Shell, TotalEnergies, Iberdrola SA, GE Vernova, Constellation Energy Corp, Vestas Wind Systems A/S, Enel S.p.A. and China Shenhua Energy.
Key Developments:
In January 2025, Vestas has received a 384 MW order for the second phase of DTEK’s Tyligulska project in Ukraine. This order adds to the 114 MW Tyligulska I order which Vestas received in March 2021 and successfully commissioned in the spring of 2023. For this order, Vestas will be supplying 64 wind turbines and is responsible for the supply, delivery, and commissioning of the turbines. Together, the first and second phase of Tyligulska will have a capacity of 498 MW, with a total of 83 V162-6.2 MW wind turbines in 6.0 MW operating mode, making it the largest wind energy project in the country.
In September 2024, The U.S. Nuclear Regulatory Commission (NRC) has approved the subsequent license renewal for Florida Power & Light Company’s (FPL) Turkey Point Nuclear Power Plant Units 3 and 4, enabling the continued safe operation of these units through 2052 and 2053, respectively. This significant approval ensures that the nuclear facility will continue to provide reliable, low-cost and clean energy to FPL customers for the next three decades.
In May 2024, Duke Energy, Amazon, Google, Microsoft and Nucor announced agreements to explore new and innovative approaches to support carbon-free energy generation and help utilities serve the future energy needs of large businesses in North Carolina and South Carolina. The announcement was made at the White House Summit on Domestic Nuclear Deployment.
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