Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "Utilities Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global utilities market grew from $6,000.19 billion in 2022 to $6,416.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The utilities market is expected to grow to $8,314.78 billion in 2027 at a compound annual growth rate (CAGR) of 6.8%.
Digital technologies are increasingly making their way into the power generation, transmission, and distribution industry to enhance productivity, efficiency, and safety associated with power plants.
Digital technologies such as smart grids, sensors, and smart meters provide the company and the customer, with more accurate and real-time accounts of power usage.
These technologies help to improve productivity, efficiency, safety, compliance, and reliability in power generation and distribution. This results in better asset management, planning, and execution, and a faster level of service with higher customer satisfaction. For instance, in Ireland, Whitegate Power Station has installed 140 sensors throughout the plant to digitize vibrations, temperature, and other data to monitor and optimize operations in real-time and minimize downtime.
For Instance, some of the major companies that adopted digital technologies include Duke Energy, Engie, National Grid, and NextEra
Asia-Pacific was the largest region in the utilities market in 2022.
Western Europe was the second-largest region in the utilities market. The regions covered in the global utilities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rapid growth in investments in renewable power generation capacities is expected to drive the utilities market during the forecast period.
A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries. For instance, EDF Energy announced an investment of more than €25 billion in solar power and green electricity tariffs. Governments globally are also promoting renewable energy sources by offering incentives and subsidies to solar power generation companies.
For instance, according to the Clean Energy Australia 2022 Report, 9 GW of new large renewable energy capacity was introduced to the network in 2021, representing 68 large-scale projects under construction worth $18 billion in investment and about 35,000 new jobs. This is expected to boost electric power generation and subsequently drive the utilities market during the forecast period.
The utilities market consists of revenues earned by entities by providing electric power, natural gas, steam supply, water supply, and sewage removal services. The market excludes waste management and remediation services that collect, treat, and dispose of waste materials. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Major companies in the utilities market include Electricite De France SA, Enel SpA, E.ON SE, Tokyo Electric Power Co Holdings Incorporated, Korea Electric Power Corporation, Uniper, Engie, State Power Investment Corporation, Exelon Corp, and Iberdrola.
Report Overview:
Utilities Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on utilities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Scope
Markets Covered:
1) By Type: Water And Sewage; Natural Gas Distribution; Electric Power Generation, Transmission, And Distribution
2) By Type of Operator: Public Operator; Private Operator
3) By Pricing: Fixed Billing; Variable Billing
Subsegments Covered: Water Supply & Irrigation Systems; Sewage Treatment Facilities; Steam & Air-Conditioning Supply; Industrial And Commercial Natural Gas Distribution; Household Natural Gas Distribution; Electric Power Transmission, Control, And Distribution; Power Generation
A selection of companies mentioned in this report includes
- Electricite De France SA
- Enel SpA
- E.ON SE
- Tokyo Electric Power Co Holdings Incorporated
- Korea Electric Power Corporation
- Uniper
- Engie
- State Power Investment Corporation
- Exelon Corp
- Iberdrola
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 500 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $6416.54 billion |
| Forecasted Market Value (USD) by 2027 | $8314.78 billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/oobww7
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