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AI Analysts Team
March 7, 2024

2024 Forecast: Top 10 Trends in the Energy & Infrastructure Industries

As we embark on a new year, the landscape of energy and infrastructure is undergoing a profound transformation. In this article, we will delve into the 10 emerging trends that are set to reshape the world of energy and infrastructure, influencing everything from sustainability and technology adoption to policy shifts and global dynamics. From renewable energy revolutions to smart infrastructure innovations, join us on a journey to explore the forces that are driving change and shaping the path forward for a more sustainable and interconnected world. The results come through SCOUT, MAPEGY’s Future Intelligence Platform, whose capabilities meticulously discover emerging technologies and decipher its ecosystems with cutting edge AI in 3 simple steps.

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Top 10 Trends in the Energy & Infrastructure Industries

1. Renewable Energy

The renewable energy sector is a prominent trend in 2024, with its market projected to grow from $881.7 billion in 2020 to $1,977.6 billion by 2030, at a CAGR of 8.4% [source]. This growth is fueled by the rising demand for clean energy, government initiatives, and technological advancements in wind, solar, geothermal, bioenergy, and hydropower. Key players like ABB, Acciona, and General Electric are driving this expansion. The Asia-Pacific region, led by China and India, is a significant contributor to this growth due to large-scale investments in renewable projects. While the sector faces challenges like high initial infrastructure costs, its growth is robust due to the need to reduce greenhouse gas emissions and a shift towards energy security and sustainability.

2. Fuel Cell

The fuel cell market is poised for significant growth, with its value expected to increase from $5.4 billion in 2023 to $17.32 billion by 2028, growing at a CAGR of 29.2% [source]. This surge is driven by the rising demand for low-emission vehicles, advancements in hydrogen infrastructure, and increased data center requirements. North America leads the market due to favorable carbon emission reduction policies, with Japan and South Korea, also playing a crucial role. Innovations in technology, like advanced ceramics in solid oxide fuel cells, and strategic collaborations, like Ballard & First Mode's hydrogen fuel cell modules for mining trucks, are key market trends. Major companies in this sector include Ballard Power Systems, Bloom Energy, and Plug Power, all contributing to the market's dynamic growth and focus on sustainable energy solutions [source].

3. Smart Grid

The smart grid market is experiencing robust growth, with a forecasted CAGR of 10.8% from 2023 to 2032, expecting to reach approximately USD 155 billion by 2032 [source]. The market's expansion is driven by the increasing need to digitize the power sector, favorable government regulations, and the growing share of renewable energy in the energy mix. Key developments include the integration of Distributed Energy Resources (DERs), advanced metering infrastructure (AMI), and the utilization of advanced sensors, smart meters, automation technologies, and communication networks for real-time grid monitoring and control. Software, accounting for the largest market share, is propelled by the need for efficient grid management and data analytics. Key players include ABB, General Electric, Siemens AG, Schneider Electric, and Fujitsu, focusing on innovative solutions for digitizing energy grids and enhancing the lifespan of electrical assets [source].

4. Smart City

Smart cities leverage information and communication technologies to foster economic development, efficient resource management, and enhance residents' living standards. Its global market is undergoing significant growth, with a projected CAGR of 25.2% from 2021 to 2030, reaching an estimated value of $6,061 billion by 2030. The market is propelled by advancements in smart transportation, including Intelligent Transportation Systems (ITS), which hold the largest revenue share. Smart infrastructure remains a dominant segment, with a growing focus on digitizing operations across various sectors. Key players include ABB Ltd, Siemens AG, Cisco, Schneider Electric, Honeywell, IBM Corporation, General Electric, Microsoft Corporation, Hitachi and Huawei. These companies specialize in providing innovative solutions in areas such as smart grids, energy management, intelligent transportation, and urban infrastructure development, significantly contributing to the advancement and sustainability of smart cities worldwide [source] [source].

5. Infrastructure as a Service

The Infrastructure as a Service (IaaS) market is witnessing rapid growth, projected to expand from $648.36 billion in 2020 to $6,061.00 billion by 2030, at a CAGR of 25.2%. This market is driven by the increasing need for business process optimization and the adoption of scalable, cost-effective IT solutions. Key segments include computing, storage, and networking, with computing being the dominant segment. Key players such as Amazon Web Services, Google LLC, Microsoft Corporation, and IBM Corporation are expanding data center infrastructure and enhancing cloud capabilities. Recent developments reflect a focus on partnerships, innovation, and meeting the rising demand for AI, IoT, and big data integration with IaaS [source].

6. Battery Electric Vehicle

Battery Electric Vehicles (BEVs) are fully electric vehicles powered solely by rechargeable battery packs, without any internal combustion engine. The BEV market is expected to reach around USD 1 trillion by 2032, growing at a CAGR of 15%, driven by increasing global concerns about pollution and the need to reduce carbon emissions in the road transport sector. Governments worldwide are supporting this transition through favorable policies and investments. Recent advancements include significant improvements in battery technology and energy density, along with an expanding global network of fast-charging infrastructure. Major players in the market, such as BMW, Volkswagen, Ford, Toyota, Hyundai, Nissan, and Energica Motor Company, are focusing on strategic partnerships and technological advancements to enhance market presence [source].

7. Virtual power plant

The global Virtual Power Plant (VPP) market is experiencing significant growth due to increasing demand for combined renewable energy sources and investments in energy storage. VPPs, which aggregate distributed energy resources and storage devices, are crucial in integrating renewable energy sources like wind, solar, geothermal, hydropower, and biomass into the grid. The market size was USD 0.71 billion in 2020 and is projected to grow to USD 6.47 billion by 2028, with a CAGR of 32.89% [source]. Key players in the market include ABB, Siemens, General Electric, and Schneider Electric, among others, with a focus on technological advancements and mergers & acquisitions to enhance VPP capabilities [source].

8. Solid-State Battery

The solid-state battery market is rapidly growing, projected to increase from USD 596.50 million in 2023 to USD 3,331 million by 2032, at a CAGR of 33.6%. This growth is driven by the rising demand for efficient energy storage in renewable energy sectors and the electric vehicle revolution. The market is dominated by portable batteries, favored for their compactness and efficiency in consumer electronics. The Asia-Pacific region leads the market, bolstered by strong manufacturing infrastructure and supportive government policies. Key players like Ilika Plc, Toyota, Samsung SDI, and Solid Power are focusing on research and development to improve battery performance and safety. The market's expansion is facilitated by advancements in materials science and the increased viability of solid-state batteries for various applications [source].

9. Supercapacitor

The supercapacitors market is poised for significant growth, expected to surge from USD 5.7 billion in 2024 to USD 29.2 billion by 2032, growing at a CAGR of 20.6%. This expansion is fueled by the increasing need for high-power energy storage in sectors like electric vehicles (EVs), consumer electronics, and renewable energy. Supercapacitors are favored for their rapid charge/discharge capabilities, longevity, and recent advancements in energy density. These components are integral in applications requiring quick energy discharge, such as regenerative braking in EVs, where they complement batteries to enhance energy efficiency and extend battery life. Major players include CAP-XX Limited, Nippon Chemi-Con Corp., Panasonic, Eaton Corporation, and Tesla, all actively engaging in competitive growth strategies such as partnerships, acquisitions, and research and development initiatives [source] [source].

10. Vehicle-to-grid

The Vehicle-to-Grid (V2G) technology market is experiencing notable growth, with the market size valued at USD 2.17 billion in 2022 and is projected to expand to USD 20.82 billion by 2032, exhibiting a CAGR of 25.3%. The market's growth is driven by the integration of electric vehicles (EVs) as part of energy supply infrastructure, advancements in charging technology, and supportive government initiatives. Unidirectional charging holds a major share in the market, but bidirectional charging is gaining traction due to its potential to optimize energy usage and enhance grid stability. Key players in the market include Wallbox USA, Nissan Motor, Hitachi, and DENSO CORPORATION, among others, focusing on developing and enhancing V2G services through strategic partnerships and technological advancements [source] [source].


As we step into 2024, we are witnessing an exciting era of transformation in the energy and infrastructure sector. These ten emerging trends paint a positive picture of a future where sustainable and efficient solutions are at the forefront.

From renewable energy's rapid growth to the promise of advanced technologies like fuel cells and solid-state batteries, there is ample reason to be optimistic. The smart grid, smart cities, and Infrastructure as a Service (IaaS) are paving the way for more interconnected and intelligent systems. Electric vehicles and Vehicle-to-Grid (V2G) technology promise cleaner and smarter transportation. These trends collectively indicate a brighter and more sustainable future for our energy and infrastructure needs.

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Integrating Technology Intelligence with Energy & Infrastructure Trends

Technology Intelligence= AI × (Scouting + Landscaping)

Technology Intelligence can be defined as the synergistic combination of artificial intelligence (AI) with scouting and landscaping methodologies. Scouting involves actively seeking out and gathering information on emerging technologies, trends, and developments across various domains. Meanwhile, landscaping involves analyzing and mapping the technological landscape to identify key players, innovations, and potential disruptions. By leveraging AI algorithms and advanced data analytics, Technology Intelligence enables organizations to gain actionable insights into the ever-changing technological landscape, empowering them to make informed decisions, anticipate market shifts, and stay ahead of the competition.

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