How Big Is the Energy Equipment Market | Forecast & Segmentation 2031

Q: What is driving the energy equipment market growth?

The market is propelled by growing renewable capacity additions and increasing electrification of sectors like mobility and industry.

Q: What is the expected CAGR of the energy equipment market?

The energy equipment market is expected to grow steadily, reaching a CAGR of 7.4%.

Q: Which region is showing the highest growth in energy equipment demand?

Asia-Pacific is experiencing the fastest growth due to heavy infrastructure investments.

Q: What will the energy equipment market size be by 2031?

It is projected to reach USD 206.6 billion by the end of 2031.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6369

Publication Date: Jul 2025

How big is the energy equipment market?

According to 6Wresearch internal database and industry insights, the energy equipment market was valued at USD 124.7 billion in 2024 and is expected to surpass USD 206.6 billion by 2031, registering a CAGR of 7.4% during the forecast period.

This growth is driven by the surge in renewable energy installations, aging infrastructure upgrades, industrial expansion, and increased investment in electrification and grid modernization worldwide.

Growth Drivers of the Energy Equipment Market

Rise in solar and wind deployments across utilities and commercial cases
Growth in distributed energy resources and microgrid activities
Government policies promoting modernization of grid and investment in clean energy
Increasing electrification of transport requiring more advanced power systems
Rapid industrialization in emerging economies driving power demand
Replacement of aging traditional equipment with efficiency

Energy Equipment Market Trends

The Energy Equipment market is transforming, driven by smart grid projects, modular systems, and AI-based predictive maintenance that are beginning to initiate new investment. Companies are focusing more on hybrid and decentralized generation, especially off-grid and in semi-urban settings. The adoption of digital twins and IoT-enabled monitoring of equipment like turbines, transformers, and inverters is driving improved efficiency.

Emerging Developments in the Energy Equipment Market

Emerging developments in the energy equipment industry are being shaped by the global shift toward renewable energy, digitization, and modernization of the grid. Manufacturers in the energy equipment market are increasingly embedding smart technology, such as IoT sensors, AI, and predictive analytics, in energy equipment to improve monitoring and to overcome maintenance efficiency gaps. Low carbon goals have a strong push for equipment that will work with solar, wind and hydrogen systems.