Selbyville, Delaware, Dec. 12, 2024 (GLOBE NEWSWIRE) -- The electric distribution utility market is predicted to reach USD 686.7 billion by 2032, as reported in a research study by Global Market Insights Inc. This growth is primarily fueled by rising electricity demand and a global shift towards renewable energy sources. Increased investments aimed at enhancing the resilience and efficiency of distribution networks will enable utilities to meet customers' growing energy needs while minimizing service disruptions.
Recent technological advancements and favorable regulatory changes are transforming the electric distribution utility landscape. Utilities are increasingly focusing on sustainability, leading to the integration of renewable energy sources into their distribution networks. This strategic shift is essential for aligning with global environmental goals and ensuring a more sustainable energy future.
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The electric distribution utility market from the switchgear segment is expected to exceed USD 193 billion by 2032. The deployment of smart grid technologies, which leverage advanced communication and information systems, is optimizing the generation, distribution, and consumption of electricity. Furthermore, the renovation of aging electrical infrastructure in both emerging and developed markets, coupled with the expansion of power grids, will contribute significantly to the growth of the switchgear market.
The electric distribution utility market from the residential sector is set to experience a CAGR of over 7% through 2032. This growth is largely attributed to the increasing adoption of smart home technologies and the implementation of new government regulations that are reshaping the market dynamics. As the demand for safe and reliable electrical infrastructure grows across utility, residential, commercial, and industrial sectors, there will be a heightened need for advanced power distribution products. This trend will drive technology adoption and further enhance the demand for various distribution components.
In the United States, the electric distribution utility market is anticipated to surpass USD 79.5 billion by 2032, buoyed by substantial investments in renewable energy initiatives. The combination of rising energy demand, coupled with the expansion of long-distance distribution networks and the modernization of local distribution systems, is fueling market growth. These developments are crucial in ensuring that utilities can effectively manage the increasing energy requirements while enhancing the overall reliability and efficiency of their services.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021 - 2032
Chapter 3 Electric Distribution Utility Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
