Source: Frost & Sullivan

The energy sector is undergoing a major transition towards a decentralized, decarbonized, and digitalized future. The energy industry and its associated technologies are continually evolving as demand, supply dynamics, and consumer preferences change, supported by economic development and technology advancements. Globally, electricity generation has been dominated by traditional hydrocarbon sources like coal and natural gas, cumulatively accounting for over 54% of the total installed capacity globally; hydroelectric power, renewables, and nuclear account for the remainder 46%. The 21st century has witnessed a transition where the global energy industry is gradually shifting toward low-carbon energy sources dominated by wind and solar-based technologies.

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