North America Energy Transition Market is Expected to grow at a robust CAGR of 7.95% through 2030F
The
North America Energy Transition Market is expected to be led by the United
States driven by significant investments in renewable energy and supportive
government policies, during the forecast period 2026-2030F.
According
to TechSci Research report, “North
America Energy Transition Market – By Country, Competition, Forecast &
Opportunities, 2020-2030F", The North America Energy Transition Market was
valued at USD 744.21 Billion in 2024 and is expected to reach USD 1177.76
Billion by 2030 with a CAGR of 7.95% during the forecast period.
One
of the most significant drivers for the North America Energy Transition Market
is the robust set of government policies and incentives aimed at promoting the
transition from fossil fuels to renewable energy. Governments across the United
States and Canada are heavily investing in clean energy solutions through tax
incentives, subsidies, and rebates for individuals and companies that adopt
renewable technologies such as solar panels, wind turbines, and energy storage
systems. The U.S. government, for example, has implemented policies like the
Investment Tax Credit and Production Tax Credit, both of which encourage the
installation of renewable energy infrastructure by offering tax relief. In
Canada, the federal government has introduced incentives for energy-efficient
home upgrades and renewable energy projects, such as funding for solar panel
installations and energy-efficient appliances.
At
the state and provincial levels, local policies, including renewable energy
portfolio standards and carbon taxes, also accelerate market growth. As
governments continue to introduce such policies and set ambitious goals for
reducing greenhouse gas emissions, the demand for renewable energy technologies
is expected to increase, significantly driving the North America Energy
Transition Market.
The
expansion of renewable energy infrastructure is a dominant trend in the North
America Energy Transition Market, driven by both government mandates and
private sector investments. As North America seeks to reduce its carbon
footprint and achieve energy independence, there is a concerted effort to build
out large-scale renewable energy projects. These projects, including solar
farms, wind farms, and offshore wind installations, are being developed across
the region to meet increasing energy demand with clean, sustainable sources. In
the United States, for example, the Biden administration has set a target to
deploy 30 gigawatts of offshore wind power by 2030, while many states are
aiming for 100% renewable energy targets by 2050.
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Based
on Application, Commercial segment is expected to be the fastest-growing
segment in the North America Energy Transition Market during the forecast
period, driven by increasing demand for sustainable energy solutions among
businesses and commercial establishments. As corporations and organizations
strive to meet sustainability targets, reduce carbon footprints, and lower
energy costs, many are turning to renewable energy sources such as solar, wind,
and energy storage systems. Commercial entities are also benefiting from favorable
government incentives, tax credits, and energy efficiency programs aimed at
encouraging the adoption of clean energy solutions.
Businesses
are increasingly adopting energy-efficient technologies, such as LED lighting,
smart building systems, and advanced heating and cooling solutions, to optimize
energy consumption. Commercial sectors, including retail, healthcare,
manufacturing, and hospitality, are investing in on-site renewable energy
generation, such as rooftop solar panels, to meet their growing energy needs
while contributing to the broader energy transition. Another key factor driving
the growth of the commercial segment is the rise of green buildings and
certified sustainable infrastructure, which further incentivize
energy-efficient building practices and renewable energy integration. As
corporate social responsibility and environmental, social, and governance (ESG)
factors become more critical, the commercial segment’s adoption of energy
transition technologies is expected to grow significantly, making it a key
driver of the market's expansion.
Based
on country, Mexico is rapidly emerging as the fastest-growing region in the
North America Energy Transition Market, driven by its commitment to renewable
energy development and energy diversification. The country has set ambitious
goals to generate 35% of its energy from renewable sources by 2024, and 50% by
2050, aligning with its environmental and sustainability objectives. Mexico's
abundant natural resources, including wind and solar energy potential, have
attracted significant investments in renewable energy infrastructure. The
country is benefiting from policy reforms that promote clean energy, such as
the Energy Reform Law and incentives for renewable energy projects. The rising
demand for clean energy solutions in both urban and rural areas, coupled with
supportive government initiatives, positions Mexico as a key player in the
North America energy transition, with continued growth expected in the coming
years.
Key
market players in the North America Energy Transition market are: -
- NextEra
Energy, Inc.
- Tesla,
Inc.
- General
Electric Company
- Siemens
AG
- Ørsted
A/S
- Exelon
Corporation
- First
Solar, Inc.
- Dominion
Energy, Inc.
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“The
North America Energy Transition Market is expected to experience robust growth
in the future, driven by an increasing shift towards renewable energy,
electrification, and energy efficiency. Government policies and incentives,
such as tax credits for solar and wind energy, along with the push for net-zero
emissions by 2050, will significantly accelerate the adoption of clean energy
technologies. The continued advancement of energy storage solutions, grid
modernization, and electric vehicle infrastructure will also support the
transition. As more industries and consumers embrace sustainability, the market
is poised for sustained expansion, with significant investments in renewable
energy sources and green technologies.Top
of Form” said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based Global management consulting firm.
“North America Energy Transition Market By Type
(Renewable Energy, Energy Efficiency, Electrification, Hydrogen, Others), By
Application (Residential, Commercial, Utility Scale), By Country, Competition, Forecast and Opportunities, 2020-2030F,” has evaluated the future growth
potential of North America Energy Transition Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America Energy Transition Market.
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