The Latest Energy Transition Industry Statistics Explained
The global energy transition industry is set to reach a market size worth USD 1.5 trillion by 2030.
The statistic indicates that the global energy transition industry, which includes renewable energy sources and technologies aimed at reducing reliance on fossil fuels, is expected to grow significantly by 2030, reaching a market size of USD 1.5 trillion. This growth reflects a global shift towards cleaner and more sustainable energy sources in response to increasing concerns about climate change and the need to reduce greenhouse gas emissions. The projected market size suggests a substantial investment in renewable energy projects, energy efficiency measures, and other technologies that contribute to a more sustainable and environmentally friendly energy sector.
Renewable energy accounted for 90% of all the new electricity generation installed globally in 2020.
The statistic indicates that in 2020, the majority of newly installed electricity generation capacity worldwide came from renewable energy sources, representing a significant shift towards cleaner and more sustainable energy production. This high percentage of 90% underscores the increasing global trend towards reducing reliance on fossil fuels and transitioning towards renewable sources such as wind, solar, hydropower, and biomass. The data suggests a growing recognition of the environmental benefits and long-term viability of renewable energy technologies in meeting global energy demands while mitigating the impacts of climate change.
Global investments in clean energy projects needed to meet energy transition goals have risen to approximately $4 trillion per year by 2030.
This statistic refers to the projected total annual global investments required in clean energy projects in order to facilitate the transition towards sustainable and renewable sources of energy by the year 2030. The estimated $4 trillion per year investment is necessary to drive the development and implementation of cleaner energy technologies and infrastructure, such as solar, wind, hydroelectric, and other renewable energy sources. This massive financial commitment is crucial for reducing greenhouse gas emissions, combating climate change, and securing a more sustainable energy future. Meeting these investment goals will not only help address environmental challenges but also stimulate economic growth, innovation, and job creation in the clean energy sector on a global scale.
The European Union plans to cut CO2 emissions by at least 55% by 2030, as part of its green energy transition.
The statistic that the European Union plans to cut CO2 emissions by at least 55% by 2030 as part of its green energy transition signifies a strong commitment towards reducing the adverse impacts of climate change. This ambitious target reflects the EU’s recognition of the urgent need to mitigate carbon emissions and transition towards cleaner, sustainable energy sources. By setting such a goal, the EU aims to lead by example in global efforts to combat climate change and encourage other countries to step up their actions in reducing greenhouse gas emissions. Achieving a significant reduction in CO2 emissions by 2030 would contribute towards the EU’s overall climate goals and mark a significant milestone in the transition towards a greener and more sustainable future.
In 2021, the offshore wind energy market was valued at USD 23.4 billion and is expected to reach USD 55.2 billion by 2026, during the forecast period 2021-2026.
In 2021, the offshore wind energy market was valued at USD 23.4 billion, representing the total economic worth of the industry during that year. Looking ahead, the market is projected to experience significant growth, with an expected value of USD 55.2 billion by 2026. This forecast, spanning the period from 2021 to 2026, indicates an anticipated compound annual growth rate (CAGR) for the offshore wind energy market. The increasing value reflects growing investments, technological advancements, regulatory support, and rising demand for renewable energy sources, positioning offshore wind energy as a key player in the global energy transition towards a more sustainable future.
Spending on grid connections and renewable power storage has nearly tripled since 2010 and is expected to continue growing at a strong rate over the next decade.
The statistic indicates that there has been a significant increase in spending on grid connections and renewable power storage since 2010, with the amount nearly tripling during this period. This trend is expected to persist and even accelerate over the next decade, implying that there is growing investment and interest in enhancing grid infrastructure and implementing renewable energy storage solutions. The increase in spending reflects a shifting focus towards sustainable energy sources and the importance of improving the efficiency and reliability of energy distribution systems. The strong rate of growth anticipated in this sector suggests a positive outlook for the future of renewable energy storage technology and its integration into the grid infrastructure.
Up to 1.2 billion people could be working in jobs related to the energy transition by 2050.
The statistic “Up to 1.2 billion people could be working in jobs related to the energy transition by 2050” suggests that there is a potential for significant growth in employment opportunities within the energy sector as countries worldwide shift towards cleaner and more sustainable energy sources. This forecast reflects the increasing demand for renewable energy technologies such as solar, wind, and hydroelectric power, as well as investments in energy efficiency and grid modernization. The transition to a greener energy system is expected to create a wide range of job opportunities across various industries including manufacturing, construction, engineering, and research, leading to potential job creation for a substantial portion of the global workforce by 2050.
By 2040, the electric vehicle market is predicted to consume 24% of total final electricity demand from the road transport sector, as a part of the energy transition.
The statistic indicates that by the year 2040, the electric vehicle market is expected to account for 24% of the total final electricity demand within the road transport sector as part of the ongoing energy transition. This prediction highlights the increasing adoption of electric vehicles as a means to reduce greenhouse gas emissions and combat climate change. As more vehicles transition to electric power, there will be a significant shift in energy consumption patterns, with a larger portion of electricity being allocated towards powering transportation. This statistic underscores the importance of advancing technology and infrastructure to support the growing demand for electricity in the transportation sector while also emphasizing the role of electric vehicles in shaping the future of sustainable mobility.
Hydrogen, the ‘energy of the future’, can meet 24% of the world’s energy needs by 2050, with annual sales in the range of USD 700 billion.
The statistic indicates that hydrogen, often referred to as the ‘energy of the future’, has the potential to play a significant role in meeting global energy needs by 2050. Specifically, it is projected that hydrogen could contribute up to 24% of the world’s energy demand by that time. Additionally, the statistic mentions that annual sales related to the hydrogen industry are expected to reach around USD 700 billion. This figure highlights the substantial economic value and growth potential associated with the hydrogen sector, signaling an increasing focus on hydrogen as a viable and lucrative energy source in the coming decades.
In 2019, bioenergy accounted for almost 50% of all renewable energy consumed globally.
The statistic that bioenergy accounted for almost 50% of all renewable energy consumed globally in 2019 indicates the significant contribution of bioenergy to the renewable energy sector. Bioenergy refers to energy derived from organic materials such as plants, crop residues, and wood, which are renewable resources. This statistic suggests that bioenergy plays a crucial role in diversifying the energy mix and reducing dependence on fossil fuels for global energy consumption. The high percentage highlights the potential for further growth and utilization of bioenergy as a sustainable energy source to mitigate climate change and achieve global energy transition goals.
Approximately 50% of global final energy consumption in 2018 was served by electricity, a trend increasing with energy transition.
The statistic indicates that around half of the world’s final energy consumption in 2018 was met through electricity. This suggests a significant reliance on electricity as a key source of energy globally, with a trend showing an increasing preference for electricity as the primary energy source as the world transitions towards cleaner and more sustainable energy alternatives. The shift towards electricity can be attributed to several factors including technological advancements, increasing awareness of environmental concerns, and government policies promoting renewable energy sources. This trend highlights the growing importance of electricity in meeting global energy needs and underscores the ongoing transition towards a more sustainable energy system.
Two-thirds of total energy investment is government-directed and as a result, policy plays a crucial role in driving private spending towards energy transition.
The statistic that two-thirds of total energy investment is government-directed highlights the significant role that policy plays in driving private spending towards energy transition. When a large portion of energy investment is determined by government decisions, it emphasizes the influence that policies and regulations have on shaping the direction of private sector investments in the energy sector. This statistic underscores the importance of clear and supportive policies that encourage and incentivize private sector involvement in sustainable energy solutions and transitions. The government’s role in guiding energy investment can be a critical factor in driving innovation, promoting renewable energy sources, and achieving environmental and energy goals.
The oil and gas industry only invests less than 1% of total capital expenditure outside oil and gas, highlighting climate-related financial risks, as the sector needs to adapt to the energy transitions.
The statistic indicating that the oil and gas industry invests less than 1% of total capital expenditure outside of their core sector underscores the significant financial risks posed by climate change as the sector navigates the global shift towards cleaner energy sources. This statistic suggests that the industry may be somewhat slow or hesitant to diversify its investments in response to the growing pressure to address climate change and adapt to the energy transition. By continuing to heavily invest in oil and gas while underinvesting in alternative energy sources and climate-friendly technology, the industry may face increasing financial vulnerabilities and market uncertainties as the world shifts towards a low-carbon economy. This highlights the urgent need for the sector to proactively address climate-related risks and align their investment strategies with the goals of a sustainable and resilient future.
Over 70% of the global GDP is covered by net-zero commitments, significantly impacting the energy transition industry.
The statistic highlights the substantial influence of net-zero commitments on the energy transition industry, with over 70% of the global Gross Domestic Product (GDP) being covered by such pledges. A net-zero commitment indicates a promise to balance carbon emissions with carbon removal or offsetting, representing a significant shift towards sustainable and climate-friendly practices. This level of commitment across a vast portion of the global economy suggests a transformative impact on the energy sector, as businesses and governments align their strategies with environmental goals. The data underscores a growing momentum towards decarbonization, with implications ranging from renewable energy investments to regulatory frameworks aimed at fostering a more sustainable future.
By 2025, renewable energy is projected to account for over 30% of the total global installed power generation capacity.
The statistic “By 2025, renewable energy is projected to account for over 30% of the total global installed power generation capacity” reflects the anticipated significant growth and integration of renewable energy sources in the global energy landscape. As the world transitions towards cleaner and more sustainable energy options, renewable sources such as solar, wind, hydropower, and biomass are expected to play a crucial role in meeting energy demand while reducing greenhouse gas emissions. This projection signals a shift towards a more environmentally friendly energy mix and highlights the increasing importance of renewables in addressing climate change and achieving global energy sustainability goals.
Significant growth in geothermal energy has been forecasted, with an expectation of 28-165 GW of additional installed capacity globally by 2050.
The statistic indicates a significant projected increase in geothermal energy capacity worldwide by the year 2050, ranging from 28 gigawatts (GW) to 165 GW. This expansion suggests a strong growth trend in the geothermal energy sector over the next few decades, likely driven by increasing awareness of renewable energy sources and the urgency to reduce greenhouse gas emissions. Geothermal energy is a sustainable and environmentally friendly form of power generation that harnesses heat from beneath the Earth’s surface. The forecasted growth in geothermal capacity signifies a shift towards cleaner energy production and a departure from reliance on fossil fuels, highlighting the global commitment to combatting climate change and transitioning towards a more sustainable energy future.
The International Renewable Energy Agency (IRENA) predicts that the share of renewables in power generation could rise to 86% by 2050 from 25% today.
The statistic presented by the International Renewable Energy Agency (IRENA) indicates a significant projected increase in the share of renewable energy sources in global power generation. Currently at 25%, the prediction suggests that by 2050, this share could rise to an impressive 86%. This estimate highlights a strong global shift towards cleaner and more sustainable energy production. The anticipated growth in renewable energy is likely driven by increasing environmental awareness, policy support, and advancements in technology that are making renewable energy sources more competitive and accessible. Achieving such a substantial increase in the share of renewables would not only have environmental benefits by reducing reliance on fossil fuels, but also contribute to energy security and economic stability.
The global emissions of CO2 can decrease by 70% by 2050 compared with 2015 if a worldwide energy transition takes place.
This statistic suggests that it is possible to significantly reduce global carbon dioxide (CO2) emissions by 70% by the year 2050 in comparison to the levels recorded in 2015 if there is an effective and widespread transition towards clean and renewable energy sources on a global scale. This transition would involve shifting away from fossil fuels such as coal, oil, and natural gas towards sustainable alternatives like solar, wind, and hydroelectric power. By making this transition, countries around the world have the opportunity to combat climate change and its associated impacts by significantly lowering greenhouse gas emissions and ultimately creating a more sustainable and environmentally friendly energy sector.
Around $130 billion was invested into renewable energy in the US in 2020, the most of any country in the world.
The statistic that around $130 billion was invested into renewable energy in the US in 2020 highlights the significant commitment and effort towards transitioning to cleaner and more sustainable energy sources in the country. This financial allocation represents the highest investment in renewable energy among all countries globally, indicating the US’s leading role in fostering a green economy and mitigating climate change. Such a substantial investment not only signifies a shift towards reducing reliance on fossil fuels but also showcases the potential for job creation, innovation, and economic growth within the renewable energy sector. This statistic underscores the increasing momentum and priority given to renewable energy initiatives in the US, positioning the country as a key player in the global clean energy transition.
Conclusion
Through analyzing the latest statistics in the energy transition industry, it is evident that renewable energy sources are gaining momentum and significantly contributing to the shift towards a more sustainable future. Continued investment, innovation, and policy support will be crucial in accelerating this transition and achieving our climate goals.
References
0. – https://www.www.forbes.com
1. – https://www.ec.europa.eu
2. – https://www.www.geothermal-energy.org
3. – https://www.www.wri.org
4. – https://www.hydrogeneurope.eu
5. – https://www.www.mordorintelligence.com
6. – https://www.www.bloomberg.com
7. – https://www.www.energy.gov
8. – https://www.www.irena.org
9. – https://www.www.iea.org
