10 Fastest-Growing Energy & Natural Resources Markets to Watch Through 2031

01 Jun 2026 • by Natalie Aster

The global energy market is entering an infrastructure-intensive growth cycle. Renewable power generation is expanding, but the strongest commercial opportunities increasingly extend beyond solar panels and wind turbines to battery storage, intelligent grids, hydrogen production, carbon management and energy-security technologies.

Global renewable capacity additions reached a record 800 GW in 2025, increasing 16% YoY. Solar photovoltaic installations exceeded 600 GW, wind additions reached approximately 160 GW, and battery storage deployment climbed to 108 GW. These figures show that energy-transition technologies are moving from experimental projects into high-volume industrial markets.

1. Solar Energy Systems Will Remain the Largest Expansion Market

Solar PV accounted for more than three-quarters of new renewable capacity installed worldwide in 2025. The broader solar energy systems market (including modules, inverters, storage and installation services) is valued at approximately USD 520 billion in 2026 and is projected to reach USD 1.5 trillion by 2033.

Growth through 2031 will concentrate on utility-scale solar, commercial rooftop systems, hybrid solar-plus-storage projects and high-efficiency technologies such as bifacial and tandem cells. The IEA expects solar PV to represent nearly 80% of renewable capacity expansion between 2025 and 2030.

2. Battery Energy Storage Is Becoming Core Grid Infrastructure

Battery storage is currently the fastest-growing power technology by deployed capacity. Global additions increased 40% in 2025, while installed capacity became eleven times greater than in 2021.

The battery energy storage system market was valued at approximately USD 60.34 billion in 2024 and is forecast to expand at a 13.98% CAGR through 2033. Utility-scale installations represent about 80% of new capacity, although commercial, industrial and residential systems are also expanding. Lithium iron phosphate batteries dominate deployments, while sodium-ion, flow batteries and long-duration storage are opening additional market segments.

3. Smart Grid Investment Will Accelerate Through 2030

Electricity networks are becoming a central constraint on renewable development. Global annual grid investment must increase roughly 50% from today’s USD 400 billion level by 2030 to support rising electricity demand.

The smart grid market reached USD 84.7 billion in 2025 and is expected to grow to USD 293.1 billion by 2034. Demand is shifting toward digital substations, advanced metering, distributed energy management, virtual power plants and AI-based forecasting. Utilities are purchasing software capable of balancing intermittent generation, electric vehicles, batteries and flexible industrial loads in real time.

4. Wind Energy Will Grow Through Repowering & Larger Turbines

Global wind installations reached a record 160 GW in 2025, nearly 40% above the previous year. China commissioned approximately 117 GW, while India more than doubled annual wind installations to over 6 GW.

The wind energy market was valued at USD 102.1 billion in 2025 and is forecast to reach USD 180 billion by 2034. The most attractive opportunities include replacing older turbines with higher-capacity equipment, expanding offshore wind transmission and developing floating platforms for deeper waters.

5. Green Hydrogen Will Target Industrial Demand

The green hydrogen market is forecast to grow from USD 3.5 billion in 2025 to USD 66.5 billion by 2032, representing a tremendous 52.3% CAGR. However, commercial success will depend on securing affordable renewable electricity, infrastructure and long-term buyers.

Low-emissions hydrogen projects already operating or at final investment decision could produce 4.2 million tonnes annually by 2030, five times the 2024 level. Refining, ammonia, chemicals and low-carbon steel are more credible near-term markets than widespread passenger transport.

6. Sustainable Aviation Fuel Will Move from Niche to Mandated Commodity

Sustainable aviation fuel consumption is expected to rise from approximately 1 billion litres in 2024 to 9 billion litres in 2030. Regulations in the European Union, United Kingdom, United States and Japan are creating demand that airlines cannot satisfy with voluntary purchasing alone.

The renewable SAF market was valued at USD 3.6 billion in 2025 and is forecast to expand at an impressive 22% CAGR. Investment is moving into hydroprocessed fuels, alcohol-to-jet production and synthetic fuels manufactured from renewable hydrogen and captured carbon.

7. CCUS Will Scale Around Industrial Hubs

The global carbon capture, utilization and storage market was valued at USD 4.3 billion in 2025 and is projected to reach USD 16.2 billion by 2035. Cement, steel, chemicals, refining and hydrogen production offer the strongest addressable demand because many process emissions cannot be eliminated through electrification alone.

Shared carbon-dioxide pipelines and storage hubs will improve project economics by allowing multiple industrial facilities to use common infrastructure.

8. Geothermal Energy Will Benefit from Oil & Gas Expertise

The geothermal energy market was valued at approximately USD 70.62 billion in 2024 and is forecast to grow at a 6.61% CAGR through 2035. Enhanced geothermal systems apply horizontal drilling, subsurface imaging and reservoir engineering developed by the oil and gas industry.

These technologies could make geothermal power commercially viable outside traditional volcanic regions. The U.S. Department of Energy estimates that geothermal generation could reach 90 GW in the United States by 2050.

9. Fuel Cells Will Find Growth in Specialized Transport

The fuel-cell vehicle market is projected to rise from USD 3.74 billion in 2025 to USD 114.17 billion in 2033. Growth expectations are strongest in heavy commercial vehicles, buses, port equipment and fleet applications where rapid refuelling and long operating ranges provide advantages over battery-only systems. Stationary fuel cells may also gain demand from data centres and critical facilities requiring resilient, lower-emission backup power.

10. Energy Infrastructure Cybersecurity Will Become Mandatory Spending

Digitized energy systems create a larger attack surface across utilities, pipelines, substations, renewable plants and distributed energy assets. At the same time, global data-centre electricity consumption is projected to approach 945 TWh by 2030, increasing the economic consequences of power interruptions.

The energy infrastructure resilience market is estimated at USD 58.2 billion this year and is forecast to reach USD 101.3 billion by 2034. Cybersecurity, predictive maintenance, grid hardening, microgrids and automated outage restoration will become essential components of utility investment programs.

The Energy Markets Best Positioned for Growth Through 2031

Solar will deliver the largest absolute expansion, while fuel cells and green hydrogen carry the highest published growth rates. Battery storage and smart grids offer a more immediate commercial opportunity because renewable installations cannot operate efficiently without flexibility, transmission capacity and digital control.

The defining energy trend from 2026 to 2031 will therefore be system integration. The strongest markets will be those that generate clean electricity, store it, transport it, convert it into industrial fuels and protect the infrastructure on which modern economies depend.

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