Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global advanced energy market generated $1,695.8 billion in 2020, and is expected to reach $3,258.7 billion by 2030, recording a CAGR of 6.8% from 2021 to 2030.
Rise in demand for electric vehicles and increase in need for building efficiency have boosted the growth of the global advanced energy market. However, changes in atmospheric conditions such as heat, cold, UV radiation, humidity reduces the efficiency of renewable technologies, which decreases efficiency ratio. This factor restrains market growth. On the contrary, rise in investment toward supplying electricity and management solutions would open lucrative opportunities.
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- The advanced energy market suffered during the pandemic, due to the presence of strict regulations regarding social distancing and lockdown.
- The prolonged lockdown disrupted the supply chain, while ban on cross-border export-import created challenges in the industry.
The report segments the global advanced energy market on the basis of application and region.
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Based on application, the electricity generation segment is projected to record the highest CAGR of 7.2% during the forecast period. Furthermore, the segment held the largest share in 2020, accounting for more than two-thirds of the market.
The global advanced energy market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. Moreover, this region is estimated to register the highest CAGR of 7.1% during the forecast period.
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The global advanced energy market report includes an in-depth analysis of the prime market players such as ALSTOM, Cummins Inc., Advanced Energy Industries, Inc., ENN Energy Holdings Limited, Clean Energy Fuels, Itron, Inc., Ford Motor Company, Siemens AG, Schneider Electric, and SHELL PLC.
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