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Booming Utilities Market Growth: Projections, CAGR, Drivers, and Future Trends
Utilities Market
What Is The Projected Market Size Of The Global Utilities Market And Its Growth Rate?
The utilities market has been witnessing robust growth in recent years, and it is expected to continue this upward trajectory with some key statistics as follows:
- The market size was $6836.95 billion in 2024 and is predicted to reach $7305.9 billion in 2025, growing at a CAGR of 6.9%.
- This growth can be attributed to the rapid economic growth in emerging markets, technological advances, and market liberalization.
- The utilities market size is projected to show strong growth in the upcoming years, reaching $9213.76 billion in 2029 at a CAGR of 6.0%.
- The growth factors for this period include global population growth, faster economic growth, rising investments in renewable energy, and an increase in global utility mergers and acquisitions.
What Is Driving The Growth In The Utilities Market?
The utilities market is expected to experience significant growth during the forecast period due to a rapid surge in investments in renewable power generation capacities. Power generation companies, particularly in the USA and European countries, are heavily investing in renewable energy sources. For instance, EDF Energy announced an investment of more than €25 billion in solar power and green electricity tariffs. Furthermore, governments worldwide are encouraging renewable energy sources by offering incentives and subsidies to solar power generation companies. According to the International Energy Agency, global energy investments are projected to surpass $3 trillion in 2024 for the first time, with approximately $2 trillion directed toward clean technologies. The sectors benefitting from this investment comprise renewable energy, electric vehicles, nuclear power, grids, energy storage, low-emission fuels, efficiency enhancements, and heat pumps. This surge in renewable power investments is expected to significantly boost the utilities market.
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Who Are the Key Players Driving Utilities Market Growth?
The global utilities market growth is powered by several prominent players, including:
- Enel SpA
- E.ON SE
- Uniper SE
- State Power Investment Corporation
- Iberdrola, S.A.
- National Energy Investment Group Co., Ltd.
- Engie S.A.
- Exelon Corporation
- Duke Energy Corporation
- Veolia Environnement S.A.
What Are The Key Trends In The Utilities Market?
Key trends in the utilities market that are expected to shape its growth include:
- Investment in PPAs
- Battery storage for solar energy
- Adoption of technologies such as smart grids and smart meters
- Focus on distribution generation models
- Investment in solar tracking
What Are The Segments Of The Global Utilities Market?
The utilities market in this report is segmented as follows:
- By Type: Water and Sewage, Natural Gas Distribution, Electric Power Generation, Transmission, and Distribution
- By Type of Operator: Public Operator, Private Operator
- By Pricing: Fixed Billing, Variable Billing
Which Region Leads The Utilities Market?
In 2024, Asia-Pacific was the leading region in the global utilities market. Western Europe followed as the second-largest region. The utilities market report also covers other regions such as Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Utilities Market Global Market Report?
- Market Size Analysis: Analyze the Utilities Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Utilities Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Utilities Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Utilities Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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