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Utilities Global Market Report Trends, Growth, Insights 2024
Utilities Global Market Report
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According to The Business Research Company's, The utilities market size has grown strongly in recent years. It will grow from $6449.95 billion in 2023 to $6893.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to rapid economic growth in emerging markets, technological advances and market liberalization.
The utilities market size is expected to see strong growth in the next few years. It will grow to $8833.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to global population growth, faster economic growth, rising investments in renewable energy and increase in global utility mergers and acquisitions . Major trends in the forecast period include investing in ppas, investing in battery storage for solar energy, investing in technologies such as smart grids, smart meters, focusing on distribution generation models and investing in solar tracking.
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Comcast Corporation, Walt Disney, Time Warner Inc., ViacomCBS, NBC Universal Media LLC, Dish Network, Fox Corporation, BBC, American Broadcasting Company (ABC), A&E Television Networks, Ryukyu Broadcasting Corporation, ITV Network Limited, Marquee Broadcasting, NovyiVek, Meredith Corporation, Fukushima Central Television Co., Metromedia, Jiangsu Radio And Television Station and China Beijing TV Station, Moskva Media, Guangdong Broadcasting and Television Network Co., MTV Networks Africa (Pty) Limited, Television Kanagawa, STS Media, Hunan Broadcasting System, UKTV, Inc., Baishan Broadcast Television Station, Beijing Media Network, Kumamoto Telecasting Corp., Nankai Broadcasting Co., Telekanal 360, Ltd., Jiangsu Broadcasting & Television Group Co., Channel Four Television Corporation, The North United Cable Network. Inc., BT Group, 3sat online, ARD.de, Bavarian Radio and Television Network, Deutsche Welle, Star India Private Limited, 1-2-3.TV GmbH, RTL Television GmbH, Gazprom Media, Seven (National) Pty Limited, WeltN24 GmbH, Sport1 GmbH, Don Media, Hearst Television, ABC Owned Television Stations, American Spirit Media, New Age Media, Natsionalnaya Media Gruppa, Bahakel Communications, Block Communications, Bonten Media Group, Capital Cities/ABC Inc., Sky Channel Pty. Ltd., Sony Pictures Networks India Private Limited and TV18 Broadcast Limited, Cowles Company, Cox Media Group, CBS Corporation, Newport Television, Shandong Radio and TV Station, Gray Television Inc.
Utilities Market 2024 Key Insights:
• The utilities market size is expected to see strong growth in the next few years. It will grow to $8833.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Rapid Growth In Renewable Power Investments Expected To Drive Utilities Market
• Power Generation And Distribution Through Digital Technologies
• Asia-Pacific was the largest region in the utilities market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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