October, 2024
The energy transition means shift of global energy of fossil fuel-based energy system into renewable and sustainable energy consumption and production. To create cleaner energy, it requires long term strategies including various options to generate energy which helps reduce carbon emission to decarbonize the climate around. Energy transition is a global target; therefore, countries are collaborating to achieve the target of decarbonization collectively. According to the data shared by the energy association, renewable energy has witnessed a surge of 50% in 2023 indicating revolutionary changes are on the way in the energy transition market.
According to the above graph of energy transition index of countries, Sweden has the highest rank in the world, followed by Denmark and Finland. Moreover, the leading end use sector which uses renewable energy sources is residential sector like water heating applications cooking or heating space, cleaning etc. Region wise, Asia Pacific is anticipated to witness substantial growth in the forecasted years, while North America and Europe region are contributing and leading ahead in the global energy transition market.
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