Energy

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.

China Consumption Share

26%

Fastest-Growing Segment

Renewables

world's largest energy companies

Saudi Aramco

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Coal Conversion

The global coal conversion market is projected to grow at a CAGR of 5.6% between 2025 and 2032. Growth is primarily driven by rising global energy demand, the adoption of coal-to-gas (CTG), coal-to-liquids (CTL), coal-to-hydrogen, and coal-to-chemicals technologies, and government efforts to reduce reliance on crude oil imports. CTG represented the leading segment due to its extensive application in power generation and industrial fuel, while coal-to-chemicals and coal-to-petrochemicals emerged as fast-expanding areas, particularly in fertilizers, plastics, synthetic fuels, and coal-to-ammonia production. In 2024, the Asia-Pacific region accounted for more than 45% of the global market, supported by significant investments in China and India aimed at strengthening energy self-sufficiency and large-scale coal gasification projects. North America focuses on clean coal technologies and carbon capture, utilization, and storage (CCUS) initiatives, while South Africa continues to expand its coal-to-liquid fuel exports, reflecting regional trends in coal conversion adoption.The coal conversion market is dominated by major players such as Shenhua Group (China), Sasol Limited (South Africa), and Yankuang Energy Group (China), which focus on technology integration, large-scale operations, and cost optimization. Shenhua operates the world’s largest coal-to-liquid facility with a capacity of 80,000 barrels per day, while Sasol produces over 7.5 million tons of synthetic fuels from coal annually, underscoring the scale and operational efficiency of leading market participants. The industry, however, faces challenges of high capital intensity, volatile coal prices, and stringent environmental regulations. Global trade policies and imports-exports of coal-derived chemicals, CTL fuels, and synthetic products, along with investment trends in coal-to-DME and coal-to-hydrogen projects, are shaping the coal conversion market growth trajectory. China’s integrated coal-to-chemical complexes and U.S. clean coal programs illustrate contrasting regional approaches. Cost structures involve heavy CAPEX in gasification and liquefaction plants, along with significant OPEX in feedstock handling and environmental controls.The coal conversion market’s future is linked to low-emission coal technologies, further integration of CCUS systems, and advancements in gasification efficiency. Synergies with hydrogen production, coal-to-ammonia, and coal-to-petrochemicals are opening new avenues. Regulatory frameworks such as the U.S. Clean Coal Program and China’s ultra-low emission mandates will influence market direction. Companies are increasingly shifting from traditional fuel production toward value-added coal-to-chemicals, coal-to-DME, and hydrogen integration, aligning coal conversion with long-term sustainability and industrial growth objectives.

Geothermal

The global geothermal market is moving steadily into the mainstream of the energy industry, valued at around USD 20.4 billion in 2024 with a projected CAGR of 6.1% through 2032. Installed power capacity stands at 16.9 GW, with flash steam plants accounting for nearly 60% of the share, while geothermal heat pumps contribute the largest revenue pool, exceeding USD 11 billion. Supply additions in 2024 reflect a disciplined but consistent expansion, with New Zealand, Indonesia, and Türkiye spearheading new capacity in geothermal project development. On the demand side, governments and corporates are aligning toward firm renewable baseload, making geothermal integral to renewable energy portfolios and energy transition strategies.The Asia-Pacific region is both the fastest-growing and the dominant region, with Indonesia and the Philippines driving geothermal electricity generation, while China and India are scaling up ground-source heat pumps in the buildings segment. Key industry players such as Ormat Technologies, Enel Green Power, Pertamina Geothermal Energy, and KenGen are reinforcing competitive intensity, while HVAC majors like Daikin and Bosch are expanding their supply chains for ground-source and geothermal heat pump systems, supporting the growth of the geothermal heating segment. Import–export dynamics reveal strong two-way flows of turbines, binary units, and heat pump systems (HS 841861), with tariff regimes influencing regional competitiveness.On the pricing front, the levelized cost of electricity (LCOE) of geothermal declined around 16% in 2024, enhancing its cost competitiveness against gas peakers and supporting long-term PPAs. Industrial buyers, data centres, and municipalities are emerging as key clients, while utility-scale geothermal power and ground-source heat pumps remain the dominant segments. Future scope lies in AI-driven energy demand forecasting, industrial decarbonisation, enhanced geothermal systems (EGS) pilots, and modular geothermal solutions that reduce exploration risks. The sector is gaining momentum with trends like heat-as-a-service models, integrated geothermal+storage systems, and sustainable heating solutions. With firm supply, strong regional growth, and advancing geothermal drilling technology, geothermal is positioning itself as a strategic pillar of sustainable power and heating markets.

Renewables - Biogas

The global Renewables-Biogas Market is reflecting steady growth as countries increasingly adopt renewable energy solutions. Europe dominates the market with a significant share due to early adoption of biogas production technologies, supportive policies, and investments in anaerobic digestion plants. North America, particularly the United States, is witnessing growth through landfill gas recovery, organic waste utilization, and biogas upgrading technologies. The Asia-Pacific region is rapidly expanding, with countries like India and China scaling up biogas plants to promote rural electrification, reduce greenhouse gas emissions, and enhance energy security, aligning with global circular economy and sustainability goals.Trade policies play a critical role in shaping the renewables-biogas market. India’s recent policy permitting the export of Second Generation (2G) ethanol with proper authorization opens new international market opportunities for biogas producers. Meanwhile, EU policies such as the Union Database (UDB) may limit export incentives for U.S. producers, affecting cross-border trade. Despite these challenges, the market offers substantial expansion opportunities, particularly in regions with abundant agricultural residues, food waste, and organic feedstock. Renewables-Biogas market key trends driving growth include biomethane production, biogas upgrading technologies, decentralized energy systems, and integration of biogas solutions into circular economy models, creating a sustainable energy infrastructure worldwide.The Renewables-Biogas Market is highly competitive, with leading players such as Wärtsilä, EnviTec Biogas, and Air Liquide investing in biogas plant development, R&D, and technology innovations to improve production efficiency and capacity. Investment trends show rising interest in decentralised biogas systems, particularly in rural and agricultural areas, aligning with global sustainability initiatives. In India, the Gram-Urja Model pilot project in Uttar Pradesh plans to establish over 2,000 biogas plants, providing subsidies to farmers for cleaner cooking solutions and organic waste-to-energy conversion. These developments underscore the sector’s potential as a critical component of the global renewable energy transition, driven by biomethane production, feedstock utilisation, and anaerobic digestion technologies.

Industry definition

The energy industry drives global progress by producing, distributing, and managing electricity and fuels from diverse sources, including fossil fuels, nuclear, solar, wind, hydro, and emerging renewables. Its value chain covers resource extraction, power generation, storage, grid integration, and delivery to industrial, commercial, and residential users. Major players such as ExxonMobil, Shell, Siemens Energy, and Ørsted lead the sector, while innovative regional firms are reshaping local markets. The Energy industry is evolving rapidly through smart grids, digital monitoring, energy storage solutions, and clean technology adoption. Growing demand for sustainable, low-carbon, and reliable energy is fueling innovation, expanding infrastructure, and creating new opportunities for long-term competitive advantage.

Energy and Power