wire and Cable Expo 2024 Update: Global Clean Energy Transition Market to Reach $3.7 Trillion with a 9.4% CAGR

Allied Market Research has released a report stating that the clean energy transition market was valued at $2.4 trillion in 2023. wire and Cable Expo 2024 has learned that the market is expected to reach $3.7 trillion by 2028, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2028.

Governments worldwide are recognizing the urgency of climate change and environmental sustainability, showing increased bias towards renewable energy projects, subsidies, and infrastructure development.

With rising investments in clean energy and a surge in demand for green energy, the global clean energy transition market is experiencing rapid growth.

Driven by public initiatives and commitments from the private sector, the demand for green energy is increasing, accelerating the clean energy transition and boosting investments in clean energy.

Innovative technologies such as solid-state batteries and flow batteries continue to emerge, offering higher energy density and safety. Solid-state batteries, which replace the liquid or gel electrolytes in traditional lithium-ion batteries with solid materials, reduce the risk of fire and can extend battery life. Flow batteries store energy in liquid electrolyte solutions, with the advantage of independently adjustable power and energy capacity, making them ideal for large-scale storage applications and also extending the lifespan of the equipment.

wire and Cable Expo 2024 believes that innovations in energy storage devices provide more opportunities for the clean energy transition market.

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