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Retail Electricity Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
Retail Electricity Market Demand
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According to The Business Research Company's, The retail electricity market size has grown rapidly in recent years. It will grow from $46.08 billion in 2023 to $53.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to deregulation of electricity markets, advancements in energy technology, rising energy demand, government subsidies and incentives, fluctuating fossil fuel prices, and environmental regulations and policies.
The retail electricity market size is expected to see rapid growth in the next few years. It will grow to $94.87 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing adoption of renewable energy, decentralization and distributed generation, the growth of electric vehicles (EVs), advancements in smart grid technology, and energy storage solutions. Major trends in the forecast period include smart metering and monitoring, time-of-use (TOU) pricing, energy efficiency products, flexible billing and payment options, electric vehicle (EV) charging solutions, and energy storage solutions.
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Market Drivers and Trends:
A surge in demand for electric vehicles (EVs) is expected to propel the growth of the retail electricity market going forward. An electric vehicle is a type of vehicle that is powered by one or more electric motors and uses energy stored in rechargeable batteries. The surge in demand for electric vehicles (EVs) is growing with environmental awareness, incentivized government policies promoting cleaner transportation alternatives, and advancements in EV technology leading to longer ranges and faster charging times. Retail electricity is essential for meeting electric vehicles (EVs) charging needs, whether through residential charging points or public charging stations, supporting the transition to sustainable transportation. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the number of electric vehicles (EVs) on U.S. roads is forecast to increase significantly, from 2.4 million in 2021 to 26.4 million by 2030, necessitating approximately 12.9 million charging ports to accommodate this growth. Therefore, a surge in demand for electric vehicles (EVs) will drive the development of the retail electricity market.
Major companies operating in the retail electricity market are focusing on personalized energy monitoring assistants, such as the connected energy solution, to enhance consumer engagement and optimize energy usage. Connected energy solutions optimize retail energy consumption, enhance grid reliability, and improve customer engagement through real-time data and advanced analytics. For instance, in May 2023, Iberdrola, a Spain-based electric utility company that retails electricity, launched an advanced smart assistant designed to maximize household electricity savings. It uses AI to optimize home energy use, reduce smart device consumption by 10-30%, and integrate with solar panels and electric vehicle charging. This solution is deployed on Amazon Web Services and developed with Deloitte, a UK-based professional services network company. It features real-time monitoring of energy consumption, personalized savings recommendations, and seamless integration with smart home devices. This approach enhances energy efficiency and improves customer engagement by providing actionable insights into energy use patterns.
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Major Key Players of the Market:
Electricité de France SA (EDF), Enel SpA, E.ON SE, Engie SA, EnBW Energie Baden-Württemberg AG, Iberdrola S.A., Tokyo Electric Power Company Holdings Inc, RWE AG, NRG Energy Inc, Southern Company, Duke Energy Corporation, National Grid plc, Constellation Energy Resources LLC, Pacific Gas and Electric Company (PG&E), American Electric Power Company Inc, DTE Energy Company, Exelon Corporation, Xcel Energy Inc, Dominion Energy Inc, Entergy Corporation, CLP Holdings Limited, AES Corporation, Origin Energy Limited, Ameren Corporation, PPL Corporation, Emera Incorporated, Hydro One Inc, OGE Energy Corporation, Enersource Corporation
Retail Electricity Market 2024 Key Insights:
• The retail electricity market size is expected to see rapid growth in the next few years. It will grow to $94.87 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• Electric Vehicle Driving Forces Behind The Retail Electricity Market Growth
• AI-Powered Smart Assistant For Home Energy Optimization
• North America was the largest region in the retail electricity market in 2023
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