IT Spending in Energy Market Outlook

As of 2023, the IT spending in the energy market is estimated to be valued at approximately USD 100 billion, with projections indicating a substantial growth to USD 180 billion by 2032, at a robust CAGR of 6.5%. This notable expansion is driven by the increasing need for digital transformation within the energy sector, propelled by the integration of advanced technologies such as AI, IoT, and blockchain. The growth factor is majorly attributed to the sector's pursuit of operational efficiency and sustainability, leading to a surge in IT investments aimed at modernizing infrastructure and processes. The ongoing shift towards smart grids and the adoption of renewable energy sources further augment the demand for IT solutions, facilitating more intelligent and efficient energy management. As energy companies transition towards data-driven decision-making, the need for sophisticated software and analytics tools is expected to rise, underpinning market growth throughout the forecasted period.

The energy sector is increasingly turning to digital solutions to meet the growing demand for more efficient and sustainable energy production and distribution. This transformation is accelerated by the pressing need to address global environmental challenges, such as reducing carbon footprints and promoting renewable energy sources. IT spending is crucial in enabling energy companies to innovate and adapt to these changes, particularly through the deployment of smart grids and the integration of IoT technologies. Smart grids allow for real-time data collection and analysis, improving grid reliability, and efficiency, and aiding in the seamless integration of renewable energy sources. Furthermore, advancements in artificial intelligence and machine learning enable predictive maintenance and optimization of energy consumption, significantly enhancing operational efficiencies and contributing to the overall growth of IT spending in the energy sector.

Another key growth factor is the increasing complexity of energy distribution networks, which require robust IT infrastructure to manage and optimize. As the energy market becomes more decentralized, with a growing number of small-scale producers and consumers, the need for advanced IT systems to facilitate communication and coordination between various stakeholders becomes imperative. Cloud computing solutions offer scalability and flexibility, allowing energy companies to efficiently manage vast amounts of data generated from diverse sources. This data-driven approach not only enhances operational efficiency but also supports the development of innovative business models, such as energy-as-a-service, which are gaining traction in the market. Moreover, cybersecurity has become a major focus, with energy companies investing in IT solutions to protect critical infrastructure from cyber threats, further driving IT spending.

In terms of regional outlook, North America and Europe are leading the charge in IT spending within the energy sector, driven by strong regulatory support for digital transformation and a high level of technological adoption. North America, with its well-established infrastructure and significant investments in renewable energy projects, is projected to maintain a significant share of the market. Europe, on the other hand, is focusing on energy efficiency and sustainability, spurring investments in IT solutions that facilitate the integration of renewable energy sources into the grid. Meanwhile, the Asia Pacific region is witnessing rapid growth in IT spending, fueled by increasing energy demand and government initiatives promoting clean energy. Countries like China and India are investing heavily in smart grid technologies and digitalization to meet their burgeoning energy requirements. Latin America and the Middle East & Africa are also showing potential for growth, driven by infrastructure development and the rising adoption of digital solutions.

Component Analysis

The component segment of IT spending in the energy market is divided into hardware, software, and services, each playing a pivotal role in the digital transformation of the energy sector. Hardware components, including advanced meters, sensors, and communication devices, form the backbone of smart energy infrastructure. These components enable real-time data collection and transmission, facilitating efficient energy management and grid optimization. As energy companies strive to enhance operational efficiency and reliability, investments in cutting-edge hardware technologies are expected to rise steadily. Additionally, the ongoing deployment of smart grids and IoT solutions across the globe i

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Smart Energy Market Size 2024-2028

The smart energy market size is forecast to increase by USD 7.26 billion at a CAGR of 19.1% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing adoption of smart grid technologies and the rising investment in smart cities and smart homes. These trends are transforming the energy sector by enabling more efficient energy management and consumption. However, the intermittency in solar energy remains a challenge, as renewable energy sources become an increasingly larger part of the energy mix. To capitalize on market opportunities and navigate challenges effectively, companies must stay abreast of technological advancements and regulatory developments.
Strategic partnerships and collaborations can also help organizations expand their reach and enhance their offerings. By focusing on innovation and flexibility, companies can position themselves to thrive in this dynamic market.

What will be the Size of the Smart Energy Market during the forecast period?

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The market encompasses a range of technologies and services aimed at optimizing energy production and consumption, reducing carbon footprints, and integrating renewable energy sources into the grid. Key components include smart meters, distribution automation systems, and advanced metering devices for homes, offices, and industrial plants. Capital expenditures in this sector are driven by the adoption of smart grid technologies, such as solar energy, wind energy, and smart thermal grids. Consulting services play a crucial role in the development and implementation of these solutions, ensuring regulatory compliance and work management efficiency. The market's growth is fueled by the increasing importance of energy efficiency, the rise of renewable energy sources, and the integration of smart electricity grids.
Hardware, including smart sensors and communication networks, are essential for enabling real-time monitoring and control of energy usage. Overall, the market is experiencing significant growth as businesses and consumers seek to minimize their carbon footprints and improve energy management.

How is this Smart Energy Industry segmented?

The smart energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Smart grid
  Digital oilfield
  Smart solar systems
  HEMS


End-user

  Industrial
  Commercial
  Residential


Component

  Solution
  Services


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  Rest of World (ROW)

By Application Insights

The smart grid segment is estimated to witness significant growth during the forecast period. The market encompasses the deployment of intelligent electricity meters, solar energy, and renewable energy sources in homes, offices, and industrial plants. Smart grids, a significant segment of this market, leverage advanced metering devices, network infrastructure, and system integration services to optimize energy supply security. The US is a pioneer in this field, with substantial investments in smart grid technology. In 2022, the US allocated USD 84 billion for grid investments, making it the global leader. China follows with USD 75 billion, and other countries invest USD 63 billion. The smart grid market consists of electric grid equipment and services, including distribution automation systems, network management software, and hardware.

This technology integration aids in the efficient management of renewable power sources, such as solar and wind, and reduces carbon footprints while adhering to regulatory standards. Smart thermal grids and work management systems further enhance industrial processes, ensuring energy efficiency and cost savings. Smart gas and steam turbines are also integral components of the market, contributing to the overall growth and development of renewable energy sources.

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The Smart grid segment was valued at USD 1.92 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In North America, the growing emphasis on smart electricity and the expansion of intelligent electricity me

Renewable Energy Market Outlook

According to our latest research, the global renewable energy market size stood at USD 1.55 trillion in 2024, exhibiting robust expansion driven by policy support and technological advancements. The market is expected to grow at a CAGR of 9.6% from 2025 to 2033, reaching a projected value of USD 3.54 trillion by 2033. This impressive growth trajectory is fueled by increasing investments in clean energy infrastructure, stringent emission regulations, and a global shift toward sustainability as climate change concerns intensify.

One of the primary growth factors for the renewable energy market is the intensifying global focus on decarbonization and reducing greenhouse gas emissions. Governments across the world are implementing ambitious renewable energy targets, supported by favorable policies, subsidies, and tax incentives. These initiatives are encouraging both public and private sector investments in solar, wind, hydropower, and other renewable technologies. Additionally, international agreements such as the Paris Agreement are compelling nations to accelerate their renewable energy adoption, further propelling market growth. The growing urgency to transition away from fossil fuels, in light of escalating climate risks, is making renewable energy an integral part of national energy strategies.

Technological advancements are another crucial driver of the renewable energy market. Innovations in solar photovoltaic (PV) cells, wind turbine design, energy storage solutions, and grid integration are significantly enhancing the efficiency, reliability, and cost-effectiveness of renewable energy systems. The declining costs of solar and wind power, coupled with improvements in battery storage and smart grid technologies, are making renewables increasingly competitive with conventional energy sources. This progress is enabling wider deployment of renewable energy in both developed and developing regions, broadening the market base and attracting new investments. The ongoing digital transformation and the integration of artificial intelligence and IoT in energy management are further optimizing renewable energy operations, reducing operational costs, and improving energy yield.

The surging demand for electricity, especially in emerging economies, is also stimulating the growth of the renewable energy market. Rapid urbanization, industrialization, and population growth are driving up energy consumption, necessitating reliable, affordable, and sustainable energy solutions. Renewable energy offers a viable alternative to meet this rising demand, particularly in regions with abundant natural resources such as solar and wind. Furthermore, the increasing adoption of electric vehicles and the electrification of heating and industrial processes are creating new avenues for renewable energy integration. As energy consumers become more environmentally conscious, the demand for clean and green energy solutions is expected to rise, further boosting market expansion.

From a regional perspective, Asia Pacific is emerging as the dominant force in the global renewable energy market, accounting for the largest share of installed capacity and new investments. China and India are leading the charge with aggressive renewable energy targets and large-scale solar and wind projects. Europe continues to make significant strides, driven by stringent emission reduction goals and strong policy frameworks. North America is witnessing steady growth, supported by state-level renewable portfolio standards and corporate clean energy commitments. Meanwhile, Latin America and the Middle East & Africa are gradually increasing their renewable energy investments, focusing on harnessing their vast solar and wind resources. This regional diversification is ensuring a balanced and resilient global renewable energy market.

Energy Type Analysis

The renewable energy market is segmented by energy type into solar, wind, hydropower, geothermal, biomass, and others, each contr

Renewable Energy Market size is predicted to reach USD 2,025.94 billion by 2030, with a CAGR of 9.6% from 2022 to 2030.

Snapshot img

The artificial intelligence in energy market share is expected to increase by USD 6.78 billion from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 34.19%.

This artificial intelligence in energy market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers artificial intelligence in energy market segmentations by solution (software, hardware, and services) and geography (North America, Europe, APAC, MEA, and South America). The artificial intelligence in energy market report also offers information on several market vendors, including ABB Ltd., Alphabet Inc., Flex Ltd., General Electric Co., Intel Corp., International Business Machines Corp., Microsoft Corp., Origami Energy Ltd., Siemens AG, and Verdigris Technologies Inc. among others.

What will the Artificial Intelligence In Energy Market Size be During the Forecast Period?

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Artificial Intelligence In Energy Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing demand for data integration and visual analytics is notably driving the artificial intelligence in energy market growth, although factors such as existing issues of ai may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial intelligence in energy market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Artificial Intelligence In Energy Market Driver

One of the key factors driving the global AI market is the growing demand for data integration and visual analytics. Rising proliferation and complexity have made the process of deploying and maintaining reliable data interfaces difficult. Enterprises around the world are, therefore, adopting data integration solutions. AI allows real-time synthesizing of data to facilitate real-time analysis for effective decision-making, thus enabling enterprises to monitor, transform, and deliver data; understand business processes; and bridge the gap between businesses and IT. Similarly, AI helps energy companies to integrate technical and business process data from different sources and convert them into meaningful business insights. With the exponential increase in data volume, the need for analyzing, transforming, monitoring, and interpreting data has become a priority for business operations. With globalization, customers, suppliers, and companies are scattered across the world and require real-time information exchange. To accomplish this, energy companies require AI platforms to link multiple enterprise systems with the web and cloud-based applications. Additionally, energy companies are integrating data with AI-powered video analytics systems to explore and analyze various types of data, such as sales data, for informed decision-making. Enterprises are also integrating business analytics software with their businesses for the dynamic representation of data. Hence, the demand for AI in the energy sector is likely to increase significantly during the forecast period.

Key Artificial Intelligence In Energy Market Trend

Increasing adoption of cloud-based solutions is another factor supporting the global AI market growth in the forecast period. With the increasing applications of robotics in repetitive and risky tasks, end-users are increasingly seeking avenues to ensure the elimination of limitations of industrial automation and robotics technologies. These limitations arise due to factors such as the cost, computational capacity, storage, size, power supply, motion mode, and working environment. Thus, the adoption of cloud-based AI solutions is increasing in the energy sector to enhance the capabilities of existing systems. Furthermore, the emergence of AI-as-a-service (AIaaS) is trending among various industrial users of AI, as it allows individuals and companies to access AI for various applications without large initial investment and with a lower risk of failure. AIaaS can allow energy companies to experiment on samples of multiple public cloud platforms to test various machine learning algorithms. AIaaS helps vendors in the market to increase their awareness about AI and its benefits, such as efficiency and maintenance of a company’s grid system and asset management of solar farms and gas plants. Companies like Alphabet, IBM, and GENERAL ELECTRIC are investing heavily in the development of prediction and maintenance systems for the energy industry and are planning

The size of the North America Power Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of % during the forecast period. The power industry in North America is experiencing a profound transformation, influenced by advancements in technology, changes in regulations, and evolving energy requirements. This sector, which includes the generation, transmission, and distribution of electricity, is essential to the economic framework of the region, catering to both residential and industrial consumers. Recent developments indicate a marked shift towards cleaner and more sustainable energy options, particularly renewables, while still maintaining a significant dependence on natural gas. This transition is driven by a mix of environmental regulations, technological progress, and an increasing focus on minimizing greenhouse gas emissions. The North American power industry is shaped by several key factors, including the growing incorporation of renewable energy sources such as wind and solar, which are altering the energy landscape and prompting necessary upgrades to grid infrastructure to enhance reliability and adaptability. Innovations in energy storage and smart grid technologies are also critical, improving the efficiency and stability of power distribution systems. Furthermore, regulatory frameworks and incentives designed to encourage energy efficiency and lower carbon emissions are expediting the adoption of cleaner technologies. As the region continues to progress through its energy transition, the North American power industry is set for expansion, characterized by a combination of upgraded infrastructure, cutting-edge technologies, and a robust commitment to sustainability. This transformation mirrors broader global movements towards cleaner and more resilient energy systems. Recent developments include: In August 2022, The U.S. Department of Energy's Water Power Technologies Office has given GE Research, the technological development division of General Electric Company, a 30-month, USD 4.3 million projects to increase the operating capacity and flexibility of hydropower assets., In October 2022, Belltown Power U.S. sold a 6 GW portfolio of solar, coupled, and stand-alone battery storage development projects to ENGIE North America (ENGIE). 33 projects totaling approximately 2.7 GW of solar energy, 0.7 GW of paired storage, and 2.6 GW of standalone battery storage are included in the transaction. Acquisition of 33 early to late-stage projects will accelerate renewables development across multiple states in North America., In November 2022, EE North America joined up with Elio Energy to build a 2GW solar power pipeline and energy storage assets in Arizona and neighboring states in the United States. The company intends to build 10GW of renewable energy capacity in the country by 2026 in order to assist state and local governments across the United States in meeting their net-zero emissions targets.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Environmental Concerns. Potential restraints include: 4., Fossil Fuel Subsidies. Notable trends are: Conventional Thermal is Likely Dominate the Market.

Uncover the Renewable Energy Market, valued at USD 1080 Billion in 2024, projected to reach USD 1918 Billion by 2030, growing at a 12.17% CAGR during 2025-30.

The Cloud Security In Energy Sector Market report segments the industry into Solution Type (Identity And Access Management, Data Loss Prevention, IDS/IPS, and more.), Security Type (Application Security, Database Security, and more.), Service Model (Infrastructure-As-A-Service, and more.), Deployment Type (Public Cloud, and more.), and Geography (North America, Europe, and more.).

The size of the Venezuela Energy Industry was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.92">> 6.92% during the forecast period. The Venezuela energy industry is dominated by oil and gas supplies, with big reserves and infrastructure. However, it is underinvested and continues to be affected by the political turmoil in the country. Principal applications include power generation, transport, and industrial use. The largest portion of the sector is in the extraction of oil and gas and the refining of it. On the other hand, in cases like this of technological hurdle, there might be reduced opportunities in the sector. This would include international fluctuations in the price of oil and the economic dependence on fossil fuels. On the positive side, the available resources are abundant. There is also huge potential for diversification. How much is extracted from this under the circumstances of economic and political challenges will determine the future stability and growth of this industry. Key drivers for this market are: 4., Government Emphasis Towards Renewable Energy Integration4.; Increasing Demand in the Commercial and Industrial Sector. Potential restraints include: 4., Slow-Paced Installation of Rooftop Projects. Notable trends are: Wind Potential to Dominate the Market.

Advanced Energy Market Outlook

The Advanced Energy Market is witnessing robust growth, with the market size valued at approximately USD 1.7 trillion in 2023. It is expected to reach a staggering USD 3.2 trillion by 2032, growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period. The market is primarily driven by the increasing global demand for clean and sustainable energy solutions, backed by technological advancements and supportive policy frameworks. These growth factors collectively contribute to the burgeoning adoption of advanced energy technologies across various sectors.

One of the key growth drivers in the advanced energy market is the increasing global awareness and commitment towards reducing carbon emissions and combating climate change. Governments worldwide are implementing stringent regulations and offering incentives to promote renewable energy sources such as solar, wind, and geothermal. This has significantly propelled the investments in the development and deployment of advanced energy technologies. Furthermore, corporate social responsibility initiatives and consumer preference for greener alternatives are augmenting the demand for sustainable energy solutions, thereby catalyzing market growth.

Technological advancements continue to play a pivotal role in the expansion of the advanced energy market. Innovations in energy storage, smart grid technologies, and energy-efficient systems are enhancing the efficiency and scalability of renewable energy projects. The integration of digital technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) in energy systems is optimizing energy consumption and reducing operational costs. This technological evolution is unlocking new opportunities for market players to offer innovative solutions and gain a competitive edge in the evolving energy landscape.

The global shift towards energy diversification and security is another crucial factor contributing to the growth of the advanced energy market. With the depletion of conventional energy resources and the geopolitical uncertainties surrounding fossil fuels, countries are increasingly focusing on diversifying their energy portfolios. The adoption of advanced energy technologies ensures a stable and sustainable energy supply, reducing dependence on traditional energy sources. This transition towards a diversified energy mix is further supported by declining costs of renewable energy technologies, making them more accessible and economically viable.

Regionally, the Asia Pacific is expected to dominate the advanced energy market during the forecast period, driven by rapid industrialization, urbanization, and favorable government policies in countries like China and India. North America and Europe are also significant contributors, with substantial investments in renewable energy infrastructure and technological advancements. The Middle East & Africa and Latin America regions are anticipated to witness moderate growth, fueled by increasing investments in renewable energy projects and the growing emphasis on achieving energy independence. This regional diversity highlights the expansive nature of the advanced energy market, with varying growth rates and opportunities across different geographical segments.

Technology Analysis

In the realm of advanced energy, technology forms the backbone of the market, encompassing several sub-segments such as solar, wind, nuclear, hydroelectric, geothermal, and others. Solar energy, being one of the most rapidly evolving technologies, is experiencing significant growth due to declining solar panel costs and increased efficiency. Technological advances in photovoltaic cells and concentrated solar power are making solar energy a more viable and competitive option. Additionally, the adoption of solar energy is being driven by its versatility and scalability, making it suitable for residential, commercial, and utility-scale applications.

Wind energy technology has also gained considerable momentum, with improved turbine designs and better aerodynamics contributing to enhanced energy capture and generation efficiency. Offshore wind farms are particularly gaining prominence due to their ability to harness strong and consistent winds, leading to higher energy outputs. Innovations in wind turbine materials and designs are further reducing maintenance costs and increasing the lifespan of wind energy installations. As a result, wind energy is becoming an attractive option for countries seeking to expand their renewable energy capacity.

The Ireland wind energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6% during 2023–2031.



The growth of the market is attributed to the subsidies introduced by the government in renewable energy sector and investments in grid infrastructure to increase the renewable capacity alongside the introduction of energy storage systems to enable a steady supply of power.

Ireland is one of the largest producers of wind in the world with an installed wind power nameplate capacity of 5510 megawatt. In 2019 Wind provided more than 80% of Irelands renewable electricity and 305 of total electricity demand. Ireland has one of the highest wind power penetration in the world.



Currently wind energy is the largest resource of renewable energy in Ireland. It is the second largest source of electricity generation in Ireland after natural gas. Wind energy provides a clean sustainable solution for energy needs, it can be used an alternative to fossil fuels in generating electricity without any direct emission of greenhouse gases.



Electricity market in Ireland is operated by Single Electricity Market Operator (SEMO). All electricity is centrally traded through a pool system where licensed generators sell their electricity to a licensed supplier who then sells it onto the pool and receives single market price (SMP).



Ireland adhered to climate action plan of 2019 in which it intends to generate 70% of electricity from renewables. Renewable Electricity Support Scheme (RSS) is a new policy started by government of Ireland, according to this scheme it will provide financial support to any renewable project in the country.

Market Trends, Drivers, Restraints, and Opportunities

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  Increasing demand for clean energy solutions and growing wind installation capacity and upcoming projects in the country is anticipated to drive the market growth in the coming years.

  
  


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  Growing investment in grid infrastructure to increase the renewable capacity is major factor boosting the market expansion during the forecast period.

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Norway's Renewable Energy Market Report is Segmented by Source Type (wind, Hydro, and Other Sources (solar and Bioenergy)). The Report Offers the Market Size and Forecasts for the Norwegian Renewable Energy Market in Gigawatts (GW) for all the Above Segments.

The renewable energy market is projected to reach **** trillion U.S. dollars worldwide in 2025. The growth in the renewable energy market has seen the propensity for non-renewable energy sources, such as coal, subsiding and the demand for renewable sources rising as long-term cost-effectiveness becomes increasingly feasible. Renewable sources like wind and solar have reached price parity along the electricity grid and are getting ever closer to reaching the performance potential of conventional sources. Increased use of technological advancements like automation, artificial intelligence, and blockchain will also increase renewable capacity deployment by decreasing costs and easing the integration of new energy infrastructure. Clean energy investment Clean energy investment has also generally risen in the past decade. Lower investment figures during this time are usually due to the reduction in project development costs. Investors focusing on long-term investments over short-term will also drive these investment trends. It is estimated that clean energy investment must accelerate to a faster pace in order to reduce emissions to levels recommended by the United Nations Intergovernmental Panel on Climate Change (IPCC).

Global green energy market worth at USD 129.09 billion in 2024, is expected to surpass USD 534.17 billion by 2034, with a CAGR of 15.26% from 2025 to 2034.

The report on Middle East and Africa Renewable Energy covers a summarized study of several factors supporting market growth, such as market size, market type, major regions, and end-user applications. The report enables customers to recognize key drivers that influence and govern the market.

The United States renewable energy market size is projected to grow at a CAGR of 10.10% between 2025 and 2034.

The Mexico Sustainable Energy Industry size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 10.00">> 10.00 % during the forecasts periods. The market of sustainable energy in Mexico is continuously developing as the country shifts to a use of green energy to power its increasing needs. Thus, owning to the favorable climate conditions and availability of natural sources, Mexico possesses huge opportunities to develop solar, wind, and hydroelectric power. There are objectives to establish the share of the renewable in the power generation, implemented by the Energy Transition Law and the National Energy Strategy and targeting the decrease of greenhouse gas emissions. Substantial efforts have been channeled towards the development of utility scale solar power plants, wind power plants and biomass power plants this following the countries’ commitment to sustainable energy. Some of the developmental projects that has been undertaken includes La Ventosa wind farm in the state of Oaxaca and the Coahuila solar complex. Besides, enhancing the generation of renewable energy in the country, these projects also assist in creating employment opportunities and promoting economic development. However, there are issues that affect Mexico’s sustainable energy such as policy risks, instable policies, and integrating sustainable energy sources into the grid system. Also, the processes through which land use and permits are granted may sometimes prove to be rather tiresome. However, sustained by the government support and technological progress, as well as investment, renewable power in Mexico has potential for development, which can improve energy security, sustainability, and bring valuable contribution to the climate targets. Key drivers for this market are: 4., Increasing Investments in Renewable Energy Generation4.; Favorable Government Policies. Potential restraints include: 4., Initial Cost of Renewable Energy Is High. Notable trends are: Upcoming Renewable Energy Projects Expected to Drive the Market.

The wind power market size is projected to grow from USD 115.3 billion in the current year to USD 361.2 billion by 2035, representing a CAGR of 10.93%, during the forecast period till 2035.

The North American power industry, encompassing generation, transmission, and distribution, is experiencing a period of significant transformation driven by several key factors. The market, estimated at $1.2 trillion in 2025, is projected to exhibit robust growth throughout the forecast period (2025-2033). This expansion is fueled primarily by increasing energy demand stemming from population growth, industrialization, and electrification of transportation. Further driving market expansion is the increasing adoption of renewable energy sources like solar and wind power, spurred by government policies promoting clean energy and a growing awareness of climate change. Significant investments in upgrading aging infrastructure and grid modernization initiatives are also contributing to the market's overall growth. Competition is intensifying amongst established utilities and new entrants specializing in renewable energy technologies, leading to innovations in energy storage solutions and smart grid technologies. Despite these positive trends, challenges remain. The intermittent nature of renewable energy sources presents challenges for grid stability, requiring significant investments in grid modernization and energy storage solutions. Regulatory hurdles and permitting processes can slow down the deployment of new renewable energy projects. Furthermore, fluctuating energy prices and geopolitical uncertainties can impact the industry's long-term growth trajectory. However, the overall outlook remains positive, with a projected Compound Annual Growth Rate (CAGR) that reflects consistent expansion and significant opportunities for market players involved in renewable energy generation, grid modernization, and smart grid technologies. This ongoing transition towards a cleaner, more sustainable energy system presents considerable opportunities for innovation and investment in the North American power industry. This comprehensive report provides an in-depth analysis of the North America power industry, covering market dynamics, growth trends, dominant segments, and key players. With a study period spanning 2019-2033, a base year of 2025, and a forecast period of 2025-2033, this report is an essential resource for industry professionals, investors, and strategic decision-makers. The report analyzes parent markets (power generation) and child markets (renewable energy, fossil fuels, etc.) for a complete understanding of the North American power landscape. Recent developments include: In August 2022, The U.S. Department of Energy's Water Power Technologies Office has given GE Research, the technological development division of General Electric Company, a 30-month, USD 4.3 million projects to increase the operating capacity and flexibility of hydropower assets., In October 2022, Belltown Power U.S. sold a 6 GW portfolio of solar, coupled, and stand-alone battery storage development projects to ENGIE North America (ENGIE). 33 projects totaling approximately 2.7 GW of solar energy, 0.7 GW of paired storage, and 2.6 GW of standalone battery storage are included in the transaction. Acquisition of 33 early to late-stage projects will accelerate renewables development across multiple states in North America., In November 2022, EE North America joined up with Elio Energy to build a 2GW solar power pipeline and energy storage assets in Arizona and neighboring states in the United States. The company intends to build 10GW of renewable energy capacity in the country by 2026 in order to assist state and local governments across the United States in meeting their net-zero emissions targets.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Environmental Concerns. Potential restraints include: 4., Fossil Fuel Subsidies. Notable trends are: Conventional Thermal is Likely Dominate the Market.

Check out Market Research Intellect's Nuclear Energy Industry Research Report Market Report, valued at USD N/A in 2024, with a projected growth to USD N/A by 2033 at a CAGR of N/A (2026-2033).