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A15774 | Pages: 174 | Charts: 55 | Tables: 92 |
The global advanced energy market size was valued at $1,695.8 billion in 2020, and is projected to reach $3,258.7 billion by 2030, growing at a CAGR of 6.8% from 2021 to 2030.
The advanced energy market has been negatively impacted due to the wake of COVID-19 pandemic. The COVID-19 pandemic severely impacted the wind turbine manufacturing, hold on building & construction of renewable infrastructure in countries such as China India, Japan, Germany, and others..
The rising demand from electric vehicles across the globe is likely to have a positive impact on energy demand. Furthermore increasing demand from building efficiency is expected to increase the market growth during the forecast period. The growth of the advanced energy market is driven by the rapid growth in electricity generation sector and this trend is anticipated to boost the demand of advanced energy in coming years Advanced energy incorporates a broad range of products and services that make up the very best readily available innovations for meeting energy needs today as well as tomorrow. Among these are power efficiency, demand response, energy storage space, solar, wind, hydro, nuclear, electric vehicles, biofuels and smart grid. It's all the advancements that make the power we make use of much more secure, clean, dependable as well as affordable.
The growth of the global advanced energy industry is driven by increase in demand for advanced energy from various end-use industries including solar, wind, fuel cells, hydropower, natural gas turbines, building efficiency, and others. The competition among manufacturers has increased significantly, owing to the development in renewable-based power distribution systems. Moreover, rise in investment toward supplying electricity and management solutions is expected to fuel the market growth in the future. However, the changes in atmospheric conditions, such as extreme heat, cold, humidity, and ultraviolet radiation have reduced the efficiency of renewable technologies such as solar, wind, and others. This incurred more costs in production, which resulted in decrease in the efficiency ratio. This factor acts as a major restraint of the advanced energy sector which further is predicted to act as a restrain in the global advanced energy market during the forecast period.
The advanced energy market analysis segmented on the basis of end use and region. On the basis of end use, the market is categorized into electricity generation, electricity delivery & management, building efficiency, water efficiency, transportation, and fuel production & delivery. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global advanced energy market forecast leading players that include ALSTOM, Advanced Energy Industries, Inc., Cummins Inc., Clean Energy Fuels, ENN Energy Holdings Limited, Ford Motor Company, Itron, Inc., Schneider Electric, Siemens AG, and SHELL PLC. The global advanced energy market report provides in-depth competitive analysis as well as profiles of these major players.
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According to end-use, the electricity generation segment dominated the global advanced energy market share in 2020 and is expected to maintain its dominance during the forecast period. This is attributed to the rise in electricity generation from a diverse set of established and new technologies such as nuclear, renewable, coal, oil & gas, biofuel, and others across the globe.
[REGIONGRAPH]
Region wise, Asia-Pacific dominated the global advanced energy market in 2020, and is projected to remain fastest-growing segment during the forecast period. This is attributed to rise in industrialization as well increase in population which resulted in rise in demand for electricity generation, transmission, and distribution across the region.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy across the globe. The advanced energy market has been negatively impacted due to the wake of COVID-19 pandemic. The COVID-19 pandemic severely impacted the wind turbine manufacturing, hold on building & construction of renewable infrastructure in countries such as China India, Japan, Germany, and others. In addition, complete lockdown and social distancing norms across different countries delayed the cross-border export and import activities. This led to supply chain disruptions in the upstream and downstream channels. Due to pandemic outbreak within Europe, the countries like, Germany and the UK are expected to grow at a sluggish rate over next couple of years.Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply is expected to hamper the production rate of advanced energy product and other solutions, which negatively impacted the market growth.
Key Market Segments
Key Market Players