Emerging Energy Technologies

The emerging energy technologies market is a key front in the world energy transition, marked by increased deployment of established technologies and initial development of game-changing solutions. These are renewable energy technologies (RES), electrification tools like electric vehicles (EVs), and heat pumps, and relatively less developed technologies like carbon capture, utilization, and storage (CCUS), green and blue hydrogen, and sustainable fuels. Hydrogen is expected to supply 10% of world energy demand by 2050, if production is made cheaper and capacity is increased. For low-emissions hydrogen, carbon capture, and low-emissions primary production, less than 1% of deployment needed by 2050 has been accomplished so far.

Carbon capture and storage technologies exhibit strong growth prospects with industries seeking decarbonization. The carbon capture and storage market size has crossed USD 8.6 billion in 2024 and is estimated to grow with a CAGR of 16% from 2025 to 2034, influenced by the stringent emission regulations and rules in line with expenditure to achieve decarbonization. Europe compliance carbon credit market value was USD 87.7 billion in 2024 and is projected to grow at a CAGR of 14.2% from 2025 to 2034. Carbon management systems also exhibit strong growth, with North America on-premises carbon management system market being estimated at USD 2.3 billion in 2024 and growing at a CAGR of 10.1% through 2034.

Hydrogen and fuel cell technologies reflect speeding commercialization in several applications. The prime power stationary fuel cell market size stood at USD 690 million in 2024 and is expected to register at a CAGR of 13.9% from 2025-2034 based on efforts for the emergence of a sustainable hydrogen economy.