Energy and Power

The global Batteries Market, a cornerstone of the energy and power industry and a key driver of the energy transition, was valued at around USD 138 billion in 2024 and is projected to grow at a strong CAGR of 15.6%, reaching nearly USD 440 billion by 2032. This expansion is propelled by surging demand for electric vehicles (EVs), energy storage systems (ESS), and rising electricity consumption supported by decarbonization targets, renewable energy integration, and government incentives. Asia-Pacific, led by China, dominates both production and consumption with more than half the global share, while North America and Europe are emerging as the fastest-growing regions due to heavy investments in gigafactories, grid modernization, and supportive regulations. Technology is evolving beyond lithium-ion toward solid-state and sodium-ion batteries, promising higher efficiency, safety, and reduced dependence on critical raw materials. The supply chain of global batteries is highly structured, beginning with raw material providers such as Albemarle, Ganfeng Lithium, and Glencore, supplying lithium, cobalt, and nickel essential to renewable power generation and sustainable energy storage. These are processed by Tier-2 suppliers into battery components before Tier-1 manufacturers like CATL, LG Energy Solution, Samsung SDI, and Panasonic assemble cells and packs for automotive OEMs such as Tesla, Volkswagen, and Ford. Global trade further reflects this hierarchy: the U.S. led imports at USD 12.6B in 2024, followed by Germany (USD 9.8B) and India (USD 6.4B), while China dominated exports with a 44% share, trailed by Vietnam (23%) and the U.S. (12%), underscoring global supply chain dependence. Regionally, China remains the most penetrated ecosystem, driven by strong domestic EV adoption, renewable energy deployment, and state-backed policies, while North America and Europe are accelerating efforts to localize supply chains, supported by the U.S. Inflation Reduction Act and EU green mandates. Latin America is strengthening its role as a lithium hub, and Africa is emerging as a new source of critical minerals vital for electricity demand growth and sustainable energy adoption. In the long run, the Batteries Market is expected to hinge on securing raw materials, advancing battery recycling for circularity, and scaling next-generation chemistries. However, risks from supply chain concentration, regulatory shifts, and environmental challenges persist, making sustainability, resilience, and innovation decisive levers of competitiveness in the global batteries market.

The global Electrical Market, serving as the backbone of modern economies, encompasses power generation, transmission, distribution, and utility services. In 2024, global electricity demand reached approximately 29,471 TWh, with Asia-Pacific leading the surge, driven by rapid industrialization, urbanization, and renewable energy adoption. Utilities and grid operators are investing heavily in smart grids, digital energy management systems, energy storage solutions, and infrastructure modernization, enhancing operational efficiency, reliability, and sustainability. While advanced markets in North America and Europe are focusing on grid optimization, electricity pricing reforms, and renewable integration, emerging regions are expanding capacity to meet rising energy consumption, creating a complex, dynamic ecosystem within the power and energy industry. Cross-border electricity trade illustrates the interdependence of regional electrical markets. France exported 103 TWh in 2024 to neighboring countries, while Germany imported 67 TWh and exported 35.1 TWh, resulting in a net import of 28 TWh. In North America, the U.S.-Canada electricity trade totaled roughly USD 151 billion, predominantly flowing north to south. Meanwhile, China’s strategic investments in Central Asia support renewable integration and cross-border grid projects, underscoring the growing role of international collaboration in stabilizing supply. These flows reflect not only economic interconnections but also the evolving policy frameworks, carbon reduction mandates, and regulatory shifts shaping the global Electrical Market. The electrical industry’s trajectory is increasingly defined by renewable energy integration, electrification of transport, decentralized generation, and smart grid deployment. Opportunities are concentrated in Latin America, Africa, and Southeast Asia, where rural electrification, infrastructure expansion, and sustainable energy adoption are accelerating. At the same time, the sector must navigate high capital requirements, supply chain dependencies, and carbon emission regulations. By strategically deploying advanced technologies such as AI-driven energy analytics, expanding grid resilience, and leveraging regional energy partnerships, the global electrical industry is positioned to deliver resilient, sustainable, and future-ready electricity infrastructure, ensuring long-term energy security and economic growth worldwide.

The global Energy Market is undergoing a structural transformation, balancing the dual challenge of rising energy consumption and the accelerated shift toward low-carbon solutions. In 2024, total primary energy supply stood at 14,800 Mtoe, with Asia-Pacific accounting for nearly 40% of demand, supported by industrial growth, urbanization, and higher electricity consumption. Conventional fuels, oil, natural gas, and coal, continue to anchor the energy mix; however, the share of renewables is expanding rapidly, underpinned by technology innovation, policy incentives, and large-scale investments in energy storage, smart grid deployment, and sustainable energy adoption. Global energy market in Europe and North America are prioritizing grid modernization, carbon emissions reduction, and electricity pricing reforms, while developing economies are expanding generation capacity and access to support industrialization and economic growth. Regionally, India recorded a primary energy supply of 910 Mtoe (Million Tonnes of Oil Equivalent) in 2024, with final consumption at 597 Mtoe, dominated by industrial demand. The European Union produced 37% of its energy domestically, relying on imports for 63%, with a diversified portfolio of crude oil (37%), natural gas (21%), renewables (18%), solid fuels (13%), and nuclear (11%). These patterns highlight both the supply chain dependencies and the investment opportunities in efficiency improvement, renewable integration, and infrastructure expansion. The Energy Market is expected to be defined by accelerated renewable deployment, innovation in energy storage technologies, and the electrification of transport and industry. Growth prospects are strongest in Latin America, Africa, and Southeast Asia, where infrastructure expansion and rural electrification are scaling rapidly, while advanced economies continue to lead on policy frameworks, decarbonization strategies, and digital energy management. Despite challenges including high capital intensity, regulatory complexity, and environmental risks, the sector is positioned to deliver resilient, secure, and future-ready energy infrastructure, driving climate goals, energy security, and industrial development through 2032.

The energy storage industry is rapidly becoming a critical enabler of the global energy transition, supporting grid flexibility, peak load management, renewable integration, and electric mobility. In 2024, total global energy storage installations reached 175.4 GWh, with Asia-Pacific leading deployment (China: 100 GWh), followed by the U.S. (41.3 GWh) and Europe (19.1 GWh). Growth is fueled by industrial electrification, sectoral energy storage demand, renewable adoption, and increasing per capita storage deployment, alongside investments in smart grids, microgrids, energy management systems (EMS), and distributed storage solutions, making energy storage a strategic component of modern energy infrastructure. The energy storage industry encompasses a diverse array of storage technologies, including lithium-ion batteries, flow batteries, pumped hydro, compressed air, and emerging solid-state solutions. Lithium-ion dominates due to high energy density, cost reductions, and scalability, while long-duration storage is gaining traction for balancing intermittent renewable generation and supporting grid stability. Companies in the energy storage market like CATL, LG Energy Solution, Tesla, Fluence, and ABB provide end-to-end energy storage solutions, integrating systems with utilities, grid operators, commercial users, and EV charging networks. Technology innovation, raw material availability (lithium, cobalt, nickel), regional regulatory policies, and cost drivers are shaping deployment, pricing, adoption, and operational efficiency strategies. Regional dynamics of the energy storage market show China as the largest market, driven by domestic EV demand, utility-scale storage, and renewable integration, while Europe focuses on front-of-meter storage for grid stabilization, frequency regulation, and decarbonization compliance. North America emphasizes residential and commercial hybrid systems, and emerging markets in Latin America and Southeast Asia are expanding storage to strengthen grid reliability, energy security, and off-grid electrification. Infrastructure & distribution considerations include pumped hydro plants, battery storage systems, microgrids, and transmission interconnection. While the Energy storage market sector faces high capital intensity, raw material constraints, and regulatory uncertainty, opportunities lie in digitalization, predictive maintenance, smart energy management platforms, recycling and end-of-life solutions, and hybrid storage integration. These factors enable the industry to enhance resilience, sustainability, operational efficiency, and long-term competitiveness globally, positioning energy storage as a strategically vital sub-industry within the Energy & Power sector."

The global Oil & Gas market is projected to grow steadily, driven by rising energy consumption, peak demand trends, and sectoral fuel usage. Growth is fueled by increasing upstream exploration, crude oil production, natural gas output, and industrial, transportation, and residential consumption, particularly in emerging economies. The Oil & Gas market spans upstream, midstream, and downstream operations, including crude oil extraction, refining, pipeline transportation, LNG shipping, storage, and distribution networks, with a complex value chain involving equipment manufacturers, utility operators, fuel suppliers, and EPC contractors. Key Oil & Gas industry players such as ExxonMobil, Shell, Chevron, BP, and TotalEnergies are focusing on technological innovation, AI-enabled digital oilfield solutions, predictive maintenance, and portfolio diversification, including investments in renewable energy, carbon capture, and low-carbon fuels, to enhance operational efficiency, regulatory compliance, and competitiveness. Pricing & cost drivers are influenced by crude oil volatility, refining margins, transportation costs, fuel taxation, and global supply-demand dynamics, while geopolitical factors, OPEC production decisions, trade policies, and sanctions directly impact market stability and operational strategies. Regionally, the U.S. shale boom has boosted domestic crude and natural gas production, while Europe emphasizes high-value refining, compliance with the EU Emissions Trading System, and decarbonization initiatives. Asia-Pacific dominates consumption, with China and India driving growth due to industrial expansion, transportation sector energy demand, urbanization, and rising per capita fuel use. Investment in LNG infrastructure, petrochemical integration, offshore drilling, and advanced refining technologies is accelerating market expansion in the region. Looking ahead, Oil & Gas market growth is expected to be driven by digital oilfield technologies, enhanced oil recovery (EOR), unconventional energy sources, LNG projects, hybrid fossil-renewable integration, and low-carbon initiatives. End-user dynamics include industrial, transportation, commercial, and residential consumption, while infrastructure and distribution factors such as pipelines, storage terminals, shipping logistics, and cross-border trade remain pivotal. Key risks include fuel price volatility, regulatory pressures, environmental compliance, geopolitical uncertainties, and supply chain disruptions, while opportunities exist in renewable integration, decarbonization strategies, energy storage, and operational efficiency technologies, positioning the Oil & Gas sector as a high-stakes, strategically critical industry with long-term global relevance.

The global Power Generation market is projected to grow steadily, driven by rising electricity consumption, peak demand trends, and industrial, commercial, and residential energy needs. The market encompasses conventional fossil-fuel-based generation, nuclear, and renewable energy technologies, with a complex ecosystem including equipment manufacturers, utility operators, fuel suppliers, and EPC (Engineering, Procurement, and Construction) contractors. Key players in the power generation market, such as General Electric, Siemens Energy, Mitsubishi Power, and Schneider Electric are focusing on digitalization, smart grid deployment, energy storage integration, and decarbonization initiatives to enhance efficiency, reduce emissions, and maintain competitive advantage. Fuel costs, electricity tariffs, regulatory frameworks, and technological innovation remain primary forces shaping oil & gas market dynamics. For instance, the U.S. power generation sector is expected to expand, driven by natural gas capacity, renewable energy integration, distributed generation, and microgrid deployment. Europe emphasizes low-carbon energy transitions, carbon pricing, strict emission regulations, and offshore wind capacity expansion, while Asia-Pacific remains the largest growth region, fueled by coal-to-gas conversions, solar, hydro, and biomass projects in China, India, and Southeast Asia. Policy incentives, energy security measures, ESG compliance, and lifecycle emissions regulations are critical factors shaping investment and operational decisions across regions. Asia-Pacific dominates, accounting for over 40% of global electricity generation in 2024, supported by large-scale infrastructure projects, urbanization, and expanding industrial demand. Investment in smart grids, AI-enabled grid management, energy storage, hybrid renewable-fossil generation systems, and green hydrogen projects is accelerating market expansion. Looking ahead to 2025–2032, growth is expected to be driven by renewable energy deployment, hybrid generation systems, grid modernization, distributed generation, predictive maintenance platforms, and digital energy management solutions. Key risks include fuel price volatility, regulatory uncertainty, supply chain disruptions, and geopolitical tensions affecting cross-border electricity trade. Nevertheless, opportunities exist in solar, wind, hydro, biomass, nuclear integration, smart grid adoption, energy storage, and operational efficiency technologies, positioning the Power Generation sector as a pivotal, technology-driven, and strategically vital industry with long-term global relevance.

The Power Generation & Utilities market is undergoing a profound transformation, shifting from traditional centralized fossil-fuel power generation systems toward decarbonized, distributed, and digitalized energy networks. The Power Generation & Utilities industry now integrates a broad mix of renewable energy capacity (solar, wind, hydro, biomass), nuclear power, natural gas generation, and hybrid solutions, while leveraging smart grids, energy storage systems, predictive maintenance, and advanced monitoring technologies to enhance reliability and operational efficiency. Policy initiatives, carbon reduction mandates, and regulatory reforms are driving utilities to modernize infrastructure, expand electricity transmission and distribution networks, and adopt low-carbon technologies, while balancing energy affordability, grid reliability, and energy security. Regional dynamics highlight divergent electricity consumption trends, power generation capacity expansion, and investment patterns. China leads in total electricity generation, producing over 7,500 TWh, with renewables representing nearly 30% of the energy mix. India generates 1,820 TWh, with coal and renewables supplying over 75% of demand, reflecting rapid industrial energy demand growth and urban electrification. The European Union produced 2,750 TWh, with a diversified mix: 37% renewables, 21% natural gas, 13% solid fuels, and 11% nuclear, while importing 63% of its primary energy supply, emphasizing the role of cross-border electricity trade and energy import dependency. These regional variations underscore differing energy transition pathways, resource availability, and regulatory frameworks shaping market competitiveness and foreign direct investment in power infrastructure. Looking forward, the Power Generation & Utilities sector is poised for strategic expansion and technological leadership. Key opportunities of Power Generation & Utilities market lie in renewable energy integration, grid digitalization, electrification of transport and industry, hydrogen economy development, and cross-border interconnections. Challenges include high capital expenditure, regulatory complexity, aging power infrastructure, and electricity pricing volatility, yet proactive investments in energy efficiency, battery storage deployment, and resilient network planning are creating a future-ready electricity market. By embracing innovation in clean energy technologies and sustainable practices, the Power Generation & Utilities industry is positioned to deliver reliable, efficient, and decarbonized electricity solutions, supporting economic growth, climate targets, and energy security through 2032 and beyond — making sustainability, resilience, and innovation decisive levers of competitiveness.

The global renewable energy market is witnessing unprecedented growth, reflecting accelerating investments in solar, wind, hydro, and emerging clean technologies. Consumption & demand dynamics are driven by rising electricity consumption, corporate net-zero commitments, electrification of transport, industrial adoption, and increasing per capita renewable energy usage. Asia Pacific dominates with over 45% market share, led by China’s massive solar PV manufacturing capacity and India’s ambitious renewable expansion under national energy security programs. North America and Europe maintain premium positions through advanced grid integration, offshore wind projects, and stringent decarbonization and energy efficiency targets aligned with the Paris Agreement. Production & supply factors are shaped by installed capacity, distributed generation, critical mineral availability, transmission bottlenecks, and permitting delays, while the International Renewable Energy Agency (IRENA) reports global renewable power capacity surpassed 3,870 GW in 2023, underscoring deployment scale. The competitive landscape of the global renewable energy market is anchored by Tier-1 utilities and developers (NextEra Energy, Iberdrola, Ørsted, Enel Green Power, State Power Investment Corporation) controlling integrated generation, storage, and smart grid portfolios. Tier-2 players include regional IPPs and EPC contractors, while Tier-3 suppliers encompass OEMs of turbines, solar panels, inverters, and battery storage systems. OEM suppliers from Asia, particularly China and South Korea, dominate in solar modules and battery cells, while European and U.S. OEMs lead in offshore wind, green hydrogen, and long-duration storage systems. Pricing & cost drivers are influenced by tariffs, subsidies, lifecycle emissions compliance, land-use costs, and supply chain efficiency. Financial momentum remains robust, with global clean energy investment surpassing USD 1.7 trillion in 2023 (IEA), outpacing fossil fuels. Strategic M&A, green bonds, and sovereign funding continue to reshape capital flows, reinforcing resilience in premium segments such as floating solar, hybrid wind-solar-storage parks, and hydrogen-linked infrastructure. Regulatory & sustainability parameters—including the U.S. Inflation Reduction Act, EU Green Deal Industrial Plan, and Asia-Pacific subsidy frameworks—drive regional competitiveness and stimulate domestic manufacturing of renewable components. Compliance with ESG standards, supply chain transparency, and decarbonization mandates is increasingly critical. Over 2025–2032, market growth & forecast opportunities will center on distributed solar, hybrid renewable parks, energy storage solutions, hydrogen infrastructure, and digital energy management platforms, while risks include raw material dependence (lithium, rare earths), grid congestion, trade policy volatility, and technology adoption challenges. Overall, the sector is technology-driven, regulation-led, and ESG-aligned, balancing cost, efficiency, reliability, and sustainability, positioning innovation, operational excellence, and smart grid integration as key drivers of future competitiveness."

The global water treatment market is driven by rising demand for clean water access, industrial wastewater recycling, and stricter environmental regulations. Consumption & demand dynamics in global water treatment market are defined by growing municipal water treatment needs, industrial wastewater reuse, agricultural irrigation water management, and residential purification system adoption. Asia-Pacific dominates with over 40% market share, anchored by China and India’s large-scale municipal infrastructure upgrades, industrial discharge norms, and agricultural water reuse initiatives. Developed markets in North America and Europe command higher average treatment costs per cubic meter due to stringent quality regulations (EPA Safe Drinking Water Act, EU Water Framework Directive) and advanced technologies such as membrane bioreactors, zero liquid discharge (ZLD) systems, reverse osmosis, and UV disinfection. Production & supply factors of the water treatment market include global desalination capacity exceeding 115 million m³/day (International Desalination Association), expansion of smart water distribution networks, and deployment of decentralized treatment facilities. Pricing & cost drivers are shaped by energy-intensive desalination operations, chemical treatment costs (coagulants, flocculants, biocides), and volatility in raw materials. Supply-demand balances are further influenced by urbanization, water scarcity, and aging pipeline networks across emerging and developed markets. The competitive landscape of water treatment industry is structured around Tier-1 integrators such as Veolia, SUEZ, Xylem, and Ecolab, which provide end-to-end water management, service contracts, and predictive maintenance platforms. Tier-2 players focus on equipment manufacturing (pumps, membranes, filtration units), while Tier-3 specializes in treatment chemicals. OEM suppliers of dosing systems, monitoring sensors, and automated digital controls are enhancing regulatory compliance and operational efficiency in both municipal and industrial applications. Regulatory & sustainability parameters are increasingly critical: PFAS removal mandates, stricter effluent discharge limits, carbon intensity targets for treatment plants, and ESG-aligned water reuse projects are driving capital investments. Technology & innovation trends of the water treatment market include IoT-enabled smart water monitoring, AI-driven predictive maintenance, advanced filtration membranes, decentralized containerized systems, and energy-efficient processes. The U.S. Environmental Protection Agency (EPA) projects $625 billion in capital investment needed for water infrastructure upgrades by 2040, signaling long-term opportunities. Trade & tariffs of the water treatment market impact import dependency on membranes, dosing technologies, and advanced monitoring systems, while Asia-Pacific governments are pushing for domestic manufacturing to reduce exposure. Between 2025–2032, growth will concentrate on industrial partnerships in mining, power, oil & gas, and food & beverages, alongside digital water platforms for real-time quality tracking, leakage detection, and efficiency optimization. At the same time, risks include high energy costs in desalination, raw material price volatility in chemicals, water distribution losses, cybersecurity challenges in digital water systems, and operational hurdles in scaling decentralized models. Nonetheless, the sector is firmly positioned as a technology-driven, regulation-led, and ESG-aligned industry, balancing cost, sustainability, and resilience in global water resource management.