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Energy - Industry - Global Market, Share and Trends 2023-2028

Report ID:

ENIND1G

|

Industry:

Summary of Energy

The energy industry is in a state of transition as worldwide demand for electricity and fuel continues rising against the backdrop of the climate crisis. This report analyzes key trends reshaping the competitive landscape and highlights opportunities across sub-sectors. The global energy market is projected to grow from $2,300 billion in 2023 to $3,491.33 billion by 2029, at a CAGR of 7.11% in forecast period from 2023 till 2029.

Through a data-driven segmentation of regional markets, we identify high-growth areas and implications for industry players. Rising global energy consumption coupled with the imperative to decarbonize has spurred significant changes. Total primary energy demand is projected to increase over 25% by 2050 according to many recent activities, driven by developing economies.

At the same time– many nations have committed to achieving net-zero emissions by mid-century– necessitating a large-scale transition away from fossil fuels towards renewable alternatives such as solar, wind and hydropower. The distributed nature of renewable energy generation has also led to the rise of virtual power plants, where independent producers aggregate distributed energy resources and trade power much like a traditional generation company.

This has made the industry more complex with evolving roles for utilities, independent power producers and prosumers who both consume and produce electricity. On the consumption side– electrification of transport and heating are gaining momentum. Electric vehicle sales have grown at a rapid pace in recent years led by China, Europe and North America and are projected to comprise over 50% of new car sales by 2030.

Countries are also introducing policies and incentives to replace natural gas, oil or coal heating systems with electric heat pumps. The Russian invasion of Ukraine has further disrupted global energy markets, exacerbating volatility in oil and gas prices and accelerating the case for energy independence and security. It has strengthened the argument for diversifying energy sources, developing indigenous resources as well as transitioning to renewables and electric alternatives. Over the long-run, this may help accelerate investments needed to modernize infrastructure as part of the clean energy economy.

Recent Trends and Insights

Rising global energy consumption. Total primary energy demand is projected to increase over 25% by 2050 from 2020 levels according to many market intelligence reports, driven by expanding populations and economic growth in developing nations. At the same time– decarbonization efforts are gaining momentum to curb emissions.

Renewables lead capacity additions. Renewable power capacity additions have exceeded net growth in fossil fuels globally since 2017. Recent trends indicate that renewables represented over 90% of new electricity capacity brought online.

Electric vehicles disrupt oil demand. The EV revolution is underway with battery costs declining and more than 10 million electric cars on the road by 2022. We forecast that EVs will comprise over 58-60% of new passenger vehicle sales by 2040.

Natural gas and LNG trade expands. LNG trade grew over 200% in the last decade and now accounts for over half of internationally traded gas. Many regions increased its export capacity amid rising Asian demand.

Product Insights

Renewable energy technologies such as solar PV and wind turbines continue to advance rapidly, with costs declining significantly over the past decade. This has improved their competitiveness versus fossil fuel-based generation. Our intelligence reports suggest, solar and wind are now the cheapest sources of new power in most countries.

Energy storage solutions like lithium-ion batteries are seeing wider adoption to help integrate more renewable energy onto grids by storing excess power generation for use later. Tesla, LG Energy Solution and CATL are among leading battery suppliers.

Advances in smart grid technologies allow for better demand response and two-way power flow. This facilitates distributed energy resources and helps optimize asset utilization. Major technology players like Cisco, GE and Siemens offer smart grid solutions.

Carbon capture, utilization and storage (CCUS) technologies aim to reduce CO2 emissions from fossil fuel-based power plants and industrial processes. Projects are underway to transport and store captured carbon underground. Leading vendors include Shell, Equinor and TotalEnergies.

Hydrogen is gaining attention as a potential long-term clean energy carrier, though challenges around production, storage and infrastructure remain. Major oil and gas firms are investing in low-carbon hydrogen production.

Key Companies

Some major players within this vast domain of industry are

  • Honeywell International Inc.
  • ABB
  • Siemens
  • Enel X
  • General Electric Company
  • SmartWatt, Inc
  • Centrica
  • Edison Energy
  • ENGIE
  • Bernhard

Regional Analysis

Within the North American region– certain countries pose as the largest energy consumer and producer globally, supported by shale oil & gas production and renewable expansion. It is also noticed that infrastructure needs upgrading to modernize the grid. Renewable energy accounted for about 13.1% of total primary energy consumption and about 21.5% of total utility-scale electricity generation in the United States in 2022.

Other regions are seeking to become a top exporter of liquefied natural gas (LNG) while advancing clean energy goals. Solar power also provides a growing share of electricity in the country, with over 111.6 GW of installed capacity generating about 3.43% of the country’s total electricity supply in 2022.

The European region is targeting a 55% reduction in emissions by 2030 versus 1990 levels to achieve climate neutrality by 2050. Natural gas will continue playing a key role in transition. In 2022, wind and solar power generated 22% of the region’s electricity, overtaking gas for the first time. The share of renewable electricity generation within the region is nearing 40%, with nine member states having more than half of their electricity generated from renewables.

Other countries, within the region, and Nordic nations are investing heavily in offshore wind as a replacement for coal and nuclear power. According to the European Commission, more than half of energy from renewable sources in Sweden’s gross final consumption of energy reached 62.6% in 2021, making it the EU member state with the highest share of renewables.

Activities within the Asia Pacific region indicate that they have initiatives in place to hep them become carbon neutral by 2060 and are the world’s largest investor in renewable energy capacity like solar and onshore wind.

Other countries are having ambitious solar targets under its renewable energy program and is also focusing on energy efficiency. The region’s transition to renewable energy is crucial, given that Asia and the Pacific account for more than 50% of global CO2 emissions, with more than half coming from electricity and heat.

 

Market Segmentation

By Type:

  • Oil & Gas
  • Coal
  • Nuclear
  • Hydroelectric
  • Wind
  • Solar
  • Other Renewables

By End User:

  • Residential
  • Commercial
  • Industrial
  • Transportation

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global energy market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Energy Industry is USD 2300 Billion in 2023 and is expected to grow to USD 3491.33 Billion by 2029

The CAGR of the Energy Industry Market in the Global Region is 7.11%

The APAC region accounts for 31% of the total market share of the Energy Industry Market

The key players in the Energy Industry Market in the Global Region are ExxonMobil, China Petroleum, BP, Engie and First Solar. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Energy Industry Market in the Global Region are Energy Transition, Impact of COVID-19, Technology, Water-energy nexus and Geopolitical risks. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Energy

The energy industry is in a state of transition as worldwide demand for electricity and fuel continues rising against the backdrop of the climate crisis. This report analyzes key trends reshaping the competitive landscape and highlights opportunities across sub-sectors. The global energy market is projected to grow from $2,300 billion in 2023 to $3,491.33 billion by 2029, at a CAGR of 7.11% in forecast period from 2023 till 2029.

Through a data-driven segmentation of regional markets, we identify high-growth areas and implications for industry players. Rising global energy consumption coupled with the imperative to decarbonize has spurred significant changes. Total primary energy demand is projected to increase over 25% by 2050 according to many recent activities, driven by developing economies.

At the same time– many nations have committed to achieving net-zero emissions by mid-century– necessitating a large-scale transition away from fossil fuels towards renewable alternatives such as solar, wind and hydropower. The distributed nature of renewable energy generation has also led to the rise of virtual power plants, where independent producers aggregate distributed energy resources and trade power much like a traditional generation company.

This has made the industry more complex with evolving roles for utilities, independent power producers and prosumers who both consume and produce electricity. On the consumption side– electrification of transport and heating are gaining momentum. Electric vehicle sales have grown at a rapid pace in recent years led by China, Europe and North America and are projected to comprise over 50% of new car sales by 2030.

Countries are also introducing policies and incentives to replace natural gas, oil or coal heating systems with electric heat pumps. The Russian invasion of Ukraine has further disrupted global energy markets, exacerbating volatility in oil and gas prices and accelerating the case for energy independence and security. It has strengthened the argument for diversifying energy sources, developing indigenous resources as well as transitioning to renewables and electric alternatives. Over the long-run, this may help accelerate investments needed to modernize infrastructure as part of the clean energy economy.

Recent Trends and Insights

Rising global energy consumption. Total primary energy demand is projected to increase over 25% by 2050 from 2020 levels according to many market intelligence reports, driven by expanding populations and economic growth in developing nations. At the same time– decarbonization efforts are gaining momentum to curb emissions.

Renewables lead capacity additions. Renewable power capacity additions have exceeded net growth in fossil fuels globally since 2017. Recent trends indicate that renewables represented over 90% of new electricity capacity brought online.

Electric vehicles disrupt oil demand. The EV revolution is underway with battery costs declining and more than 10 million electric cars on the road by 2022. We forecast that EVs will comprise over 58-60% of new passenger vehicle sales by 2040.

Natural gas and LNG trade expands. LNG trade grew over 200% in the last decade and now accounts for over half of internationally traded gas. Many regions increased its export capacity amid rising Asian demand.

Product Insights

Renewable energy technologies such as solar PV and wind turbines continue to advance rapidly, with costs declining significantly over the past decade. This has improved their competitiveness versus fossil fuel-based generation. Our intelligence reports suggest, solar and wind are now the cheapest sources of new power in most countries.

Energy storage solutions like lithium-ion batteries are seeing wider adoption to help integrate more renewable energy onto grids by storing excess power generation for use later. Tesla, LG Energy Solution and CATL are among leading battery suppliers.

Advances in smart grid technologies allow for better demand response and two-way power flow. This facilitates distributed energy resources and helps optimize asset utilization. Major technology players like Cisco, GE and Siemens offer smart grid solutions.

Carbon capture, utilization and storage (CCUS) technologies aim to reduce CO2 emissions from fossil fuel-based power plants and industrial processes. Projects are underway to transport and store captured carbon underground. Leading vendors include Shell, Equinor and TotalEnergies.

Hydrogen is gaining attention as a potential long-term clean energy carrier, though challenges around production, storage and infrastructure remain. Major oil and gas firms are investing in low-carbon hydrogen production.

Key Companies

Some major players within this vast domain of industry are

  • Honeywell International Inc.
  • ABB
  • Siemens
  • Enel X
  • General Electric Company
  • SmartWatt, Inc
  • Centrica
  • Edison Energy
  • ENGIE
  • Bernhard

Regional Analysis

Within the North American region– certain countries pose as the largest energy consumer and producer globally, supported by shale oil & gas production and renewable expansion. It is also noticed that infrastructure needs upgrading to modernize the grid. Renewable energy accounted for about 13.1% of total primary energy consumption and about 21.5% of total utility-scale electricity generation in the United States in 2022.

Other regions are seeking to become a top exporter of liquefied natural gas (LNG) while advancing clean energy goals. Solar power also provides a growing share of electricity in the country, with over 111.6 GW of installed capacity generating about 3.43% of the country’s total electricity supply in 2022.

The European region is targeting a 55% reduction in emissions by 2030 versus 1990 levels to achieve climate neutrality by 2050. Natural gas will continue playing a key role in transition. In 2022, wind and solar power generated 22% of the region’s electricity, overtaking gas for the first time. The share of renewable electricity generation within the region is nearing 40%, with nine member states having more than half of their electricity generated from renewables.

Other countries, within the region, and Nordic nations are investing heavily in offshore wind as a replacement for coal and nuclear power. According to the European Commission, more than half of energy from renewable sources in Sweden’s gross final consumption of energy reached 62.6% in 2021, making it the EU member state with the highest share of renewables.

Activities within the Asia Pacific region indicate that they have initiatives in place to hep them become carbon neutral by 2060 and are the world’s largest investor in renewable energy capacity like solar and onshore wind.

Other countries are having ambitious solar targets under its renewable energy program and is also focusing on energy efficiency. The region’s transition to renewable energy is crucial, given that Asia and the Pacific account for more than 50% of global CO2 emissions, with more than half coming from electricity and heat.

 

Market Segmentation

By Type:

  • Oil & Gas
  • Coal
  • Nuclear
  • Hydroelectric
  • Wind
  • Solar
  • Other Renewables

By End User:

  • Residential
  • Commercial
  • Industrial
  • Transportation

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global energy market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Energy Industry is USD 2300 Billion in 2023 and is expected to grow to USD 3491.33 Billion by 2029

The CAGR of the Energy Industry Market in the Global Region is 7.11%

The APAC region accounts for 31% of the total market share of the Energy Industry Market

The key players in the Energy Industry Market in the Global Region are ExxonMobil, China Petroleum, BP, Engie and First Solar. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Energy Industry Market in the Global Region are Energy Transition, Impact of COVID-19, Technology, Water-energy nexus and Geopolitical risks. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.