Multi Energy Systems Market Size & Share, by Component (PV Panels, LPG Boilers, Water Heating & Storage Tank, Thermal Solar Collectors, Diesel Generator, Battery Electric Storage System); Application (Industrial, Commercial, Residential); Fuel Type (Petroleum, Renewables, Natural Gas, Biomass); Energy Type (Electricity, Heating, Cooling) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5268
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Multi Energy Systems Market size is poised to reach USD 611 Billion by the end of 2036, growing at a CAGR of 11.1% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of multi energy systems was USD 235 Billion. The reason behind the growth is impelled by growing consumption of electricity.

The use of multi-energy systems has increased, and their popularity is on the rise since they can power a variety of applications can improve the performance of traditional energy systems.According to estimates, the world's electricity consumption has continuously grown over the past half a century, reaching over 25,000 terawatt-hours in 2022.

The growing government regulations to promote the use of clean energy are believed to fuel the market growth. For instance, The Netherlands' central government plans to eliminate its emissions of greenhouse gases, such as carbon dioxide (CO2,) by 2050, and by 2023, it wants more than 15% of all energy used in the Netherlands to be renewable. This could lead to higher demand for multi energy systems as they aid in combining clean energy sources.


Multi Energy Systems Market
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Multi Energy Systems Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Sales of Electric Vehicles –This has led to the development of charging infrastructure with hybrid renewable energy integration which facilitates low-carbon electric vehicle (EV) charging that utilizes multi energy systems to generate electricity.For instance, in 2022, there were more than 73 million vehicles sold worldwide, with electric automobiles making up over 14% of total transactions.
  • Growing Marine Sector- As a consequence, the power demand for several operations has increased in the industry, which is expected to create huge demand for multi energy systems as they can ensure that ships have a consistent and dependable power source.According to estimates, globally more than 70% of commodities, are believed to be transported by ships.

Challenges

  • High Initial Cost – Significant infrastructure including the installation of energy storage systems, and renewable energy generators is required for constructing a multi energy system. The cost of this infrastructure is usually high, which may impact the adoption of multi energy systems for companies with limited budgets.
  • Stringent Regulations and Standards Imposed on Energy Sources
  • Complexity and Compatibility Issues associated with the Integration of Energy Sources

Multi Energy Systems Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~11.1%

Base Year Market Size (2023)

~ USD 235 Billion

Forecast Year Market Size (2036)

~ USD 611 Billion

     Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Multi Energy Systems Segmentation

Fuel Type (Petroleum, Renewables, Natural Gas, Biomass)

The renewables segment is estimated to hold 30% share of the global multi energy systems market in the coming years owing to the growing prices of fossil fuels. High coal and fossil gas prices have deteriorated the competitiveness of fossil fuels and made renewable fuels even more attractive for consumers and businesses. Besides this, owing to high prices governments of several regions can invest more in renewable fuels which is also helping in reducing the reliance on imports of fossil fuels.

Component (PV Panels, LPG Boilers, Water Heating & Storage Tank, Thermal Solar Collectors, Diesel Generator, Battery Electric Storage System)

Multi energy systems market from the PV panels segment is set to garner a notable share of 23% shortly. Photovoltaic (PV) panels convert solar radiation directly into electricity, which can then be used in multi energy systems to generate electricity and store it for usage during periods of high demand or other unforeseen circumstances.

More than 250 TWh of electricity was produced by solar PV in 2022, up by over 25% as compared to 2021.

Application (Industrial, Commercial, Residential)

The industrial segment is set to garner a significant share during the forecast timeframe. Multi-energy systems (MESs), which integrate different energy systems such as electricity, natural gas, and district heating networks help industries to improve the efficiency of conventional energy systems, reduce air pollution, and enhance energy resilience. Besides this, multi energy systems provide power backup sources to the industrial settings to avoid disruptions caused by sudden power outages.

Our in-depth analysis of the global market includes the following segments:

     Component

  • PV Panels
  • LPG Boilers
  •  Water Heating & Storage Tank
  • Thermal Solar Collectors
  • Diesel Generator
  •  Battery Electric Storage System

     Application

  • Industrial
  •  Commercial
  •  Residential

     Fuel Type

  • Petroleum
  •  Renewables
  •  Natural Gas
  •  Biomass

     Energy Type

  • Electricity
  •  Heating
  • Cooling

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Multi Energy Systems Industry- Regional Synopsis

APAC Market Forecast

Multi Energy Systems market in Asia Pacific is predicted to account for the largest share of 60% by 2036 impelled by the rising integration renewable energy sources. India is still resolute in its commitment to sustainable development and the expansion of renewable energy, which is emerging as a way to address rising energy demands for economic growth while drastically lowering carbon emissions. This may increase the demand for multi-energy systems in the region as they can significantly improve the use of renewable energy, and also ensure a stable energy supply by integrating renewables into the grid more effectively.

By 2025, the capacity of India’s renewable energy sources is anticipated to increase to more than 260 GW, making up over 35% of the nation's overall energy supply.

European Market Statistics

The Europe multi energy systems market is estimated to be the second largest, during the forecast timeframe led by increasing focus on sustainability and energy efficiency. Energy efficiency is a strategic priority of the Energy Union, which is based on the tenet "energy efficiency first," and actions are also being taken to increase it through several measures. Multi-energy systems align with the sustainable goals of the region as they help in utilizing energy resources more efficiently by minimizing waste. As a result, the demand for these systems may significantly rise in the region.

Research Nester
Multi Energy Systems Market size
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Companies Dominating the Multi Energy Systems Landscape

top-features-companies
    • General Electric
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ABB
    • Siemens Energy,
    • Vestas Wind Systems,
    • First Solar,
    • Enel Green Power

In the News

In the News

  • General Electric announced to increase the manufacturing capacity of its solar and battery energy storage Power Electronics Systems to more than 8 GW annually to address the expanding client needs in the hybrids market, and to keep up with rising consumer and industry demand.
     
  • ABB collaborated with OKTO GRID to create a creative solution to extend the usable life of aging electrical assets, speed up the energy transition, and fulfill the growing need for stable and dependable power.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5268
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing consumption of electricity and the growing government regulations to promote the use of clean energy are the major factors driving the growth of the market.

The market size of Multi Energy Systems is anticipated to attain a CAGR of 11.1% over the forecast period, i.e., 2024 – 2036.

The major players in the market are ABB, Siemens Energy, Vestas Wind Systems, First Solar, Enel Green Power, Panasonic Corporation, Solar Frontier K.K., NEC Corporation, Kyocera Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, and others.

The renewables segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future
Multi Energy Systems Market Size , Multi Energy Systems Market Share, Multi Energy Systems Market type Market Report Scope
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