logo
Energy Data OG Market Energy Transition Business Training Login
is-dark-text">

Energy

ENERGY TRANSITION

The global energy transition refers to the shift from fossil fuels to renewable energy sources. It's driven by climate change concerns, improving technology, and government policies. Benefits include reduced emissions, improved air quality, job creation, and energy security. Challenges include intermittency, grid modernization, and social/economic impacts. Collaborative efforts are needed for a sustainable energy future.

ENERGY SUSTAINABILITY

Energy sustainability involves using socially, economically, and environmentally responsible energy sources and technologies that are accessible, affordable, and equitable, while minimizing negative impacts on the environment, society, and the economy. It encompasses environmental, social, economic, and resilience aspects of energy systems and requires a holistic approach, including renewable energy, energy efficiency, energy access, and stakeholder engagement. Policy frameworks and incentives are important drivers for achieving energy sustainability.

Here are some key statistics related to the global energy transition:

  1. Renewable energy capacity: As of 2021, renewable energy sources accounted for about 28% of global electricity generation capacity, with hydropower being the largest renewable source, followed by wind, solar, and bioenergy.
  2. Renewable energy investment: Global investment in renewable energy reached a record high of $303.5 billion in 2020, up 2% compared to 2019, despite the challenges posed by the COVID-19 pandemic.
  3. Renewable energy jobs: The renewable energy sector employed approximately 11.5 million people globally in 2019, with the largest employers being solar photovoltaic (PV) and bioenergy industries.
  4. Renewable energy targets: Over 190 countries have set renewable energy targets, with at least 150 countries having renewable energy policies and regulations in place to promote the transition to clean energy sources.
  5. Solar energy growth: Solar power is one of the fastest-growing renewable energy sources, with global solar capacity reaching 769 GW by the end of 2020, up from 25 GW in 2009.
  6. Wind energy growth: Wind power is also growing rapidly, with global wind capacity reaching 743 GW by the end of 2020, up from 121 GW in 2009.
  7. Electric vehicle (EV) adoption: The transition to renewable energy is also reflected in the growing adoption of electric vehicles (EVs). By the end of 2020, there were over 10 million EVs on the roads globally, with sales continuing to increase.
  8. Energy storage: Energy storage technologies, such as batteries, are becoming increasingly important to support the integration of intermittent renewable energy sources into the grid. Global energy storage capacity reached 20 GW/164 GWh by the end of 2020, and it is expected to grow significantly in the coming years.
  9. Fossil fuel subsidies: Despite the global energy transition, fossil fuel subsidies remain prevalent. According to the International Energy Agency (IEA), in 2019, governments around the world provided over $320 billion in direct subsidies for fossil fuels, hindering the transition to renewable energy.
These statistics highlight the progress and challenges associated with the global energy transition, indicating that renewable energy is growing but also underlining the need for continued efforts to accelerate the transition to a more sustainable and clean energy future.

Petromonk uses in-house market research, proprietary data, and analytics helping clients in gaining in-depth market insights into the GLOBAL ENERGY SECTOR. Contact Petromonk Market Analyst Team now to get a latest market insights on energy transitions. 

Contact Petromonk today for the most happening energy market opportunity and grow globally.

For your energy market research and knowledge partnership need, please write us at sales@petromonk.com / info@petromonk.com

Contact Us

is-light-text">

HYDROGEN MARKET

The hydrogen energy market is a rapidly growing industry that is gaining attention as a potential solution for decarbonizing various sectors of the economy. The global hydrogen energy market is expected to experience significant growth in the coming years, driven by increasing demand for clean and sustainable energy, as well as supportive government policies and initiatives to reduce greenhouse gas emissions.Some key trends and factors shaping the hydrogen energy market include:

  1. Increasing focus on decarbonization: As countries and industries strive to reduce their carbon footprint and meet climate targets, hydrogen is being recognized as a key solution for decarbonizing sectors such as transportation, industry, and heating. Hydrogen can be produced from renewable sources and used as a clean fuel or feedstock, making it a promising option for achieving carbon neutrality.
  2. Growing investment in hydrogen infrastructure: Investments in hydrogen production, storage, transportation, and distribution infrastructure are increasing to support the growing demand for hydrogen energy. This includes investments in electrolyzers, hydrogen pipelines, and hydrogen refueling stations for transportation, as well as hydrogen storage facilities for renewable energy integration.
  3. Technology advancements: Advances in hydrogen production technologies, such as electrolysis and steam methane reforming with carbon capture and storage (CCS), are making hydrogen production more efficient, cost-effective, and environmentally friendly. Additionally, advancements in fuel cell technology are improving the performance and durability of hydrogen fuel cells, expanding their applications in various sectors.
  4. Government support and policy initiatives: Many governments around the world are implementing policies and incentives to support the development and deployment of hydrogen energy. This includes funding for research and development, financial incentives for hydrogen production and utilization, and regulatory frameworks to promote the use of hydrogen in different sectors.
  5. Industry collaborations and partnerships: Various industries, including energy, automotive, and industrial, are forming collaborations and partnerships to accelerate the development and adoption of hydrogen energy. This includes joint ventures, pilot projects, and research collaborations to drive innovation, scale up hydrogen production, and create hydrogen value chains.
  6. Increasing demand from end-use sectors: Sectors such as transportation, industry, and buildings are increasingly looking to hydrogen as a clean and sustainable energy source to replace fossil fuels. For example, hydrogen fuel cell vehicles are gaining traction as an alternative to conventional internal combustion engine vehicles, and hydrogen is being used as a feedstock for industrial processes to reduce greenhouse gas emissions.
However, the hydrogen energy market also faces challenges, including the high costs of hydrogen production, transportation, and storage, as well as the need for supportive policies and regulations, and addressing safety concerns associated with hydrogen handling and storage.In summary, the hydrogen energy market is experiencing rapid growth and gaining attention as a promising solution for decarbonizing various sectors. Advances in technology, government support, and increasing demand from end-use sectors are driving the growth of the hydrogen energy market, although challenges remain that need to be addressed for its wider adoption.

Contact us!

Petromonk uses in-house market research, proprietary data, and analytics helping clients in gaining in-depth market insights into the GLOBAL ENERGY SECTOR. 

Contact Petromonk Market Analyst Team now to get a latest market insights on energy industry. 

Contact Petromonk today for the most happening Hydrogen Energy market opportunity and grow globally.

For your energy market research and knowledge partnership need, please write us at sales@petromonk.com / info@petromonk.com

Contact Us

Petromonk Follow me on Graphy
Watch my streams on Graphy App
Petromonk 2023 Privacy policy Terms of use Contact us Refund policy