Press release
Retail Electricity Market Anticipated To Witness Robust Growth, Surpassing $109.45 Billion By 2029
Retail Electricity Market Size
What Is the Current Retail Electricity Market Size and Its Estimated Growth Rate?
The retail electricity market, with a value of $53.2 billion in 2024, will grow to $61.57 billion in 2025 at a CAGR of 15.7%. Growth has been supported by electricity market deregulation, energy tech developments, increasing power demand, government incentives, fluctuating fossil fuel prices, and environmental policies.
The retail electricity market is anticipated to grow rapidly, reaching $109.45 billion by 2029 at a CAGR of 15.5%. The growth is driven by the adoption of renewable energy, the decentralization of energy generation, the rise of electric vehicles (EVs), advancements in smart grid technology, and energy storage solutions. Major trends include smart metering, time-of-use (TOU) pricing, energy efficiency products, flexible billing and payment options, EV charging solutions, and energy storage solutions.
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How Are Emerging Segments Shaping the Retail Electricity Market Landscape?
The retail electricity market covered in this report is segmented -
1) By Customer Type: Regulated Customers, Deregulated Customers
2) By Energy Sources: Conventional Energy, Renewable Energy
3) By Application: Energy Efficiency Solutions, Demand Response Programs, Smart Home Technologies
4) By End User: Residential, Commercial, Industrial
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Which Growth Factors Are Influencing Retail Electricity Market Expansion?
The rising demand for electric vehicles (EVs) is anticipated to fuel the retail electricity market's expansion. EVs operate on rechargeable batteries and electric motors. Their demand is increasing due to heightened environmental consciousness, favorable government policies, and progress in EV technology, such as improved range and faster charging. Retail electricity plays a crucial role in powering EVs, whether through home or public charging stations, aiding in the shift to cleaner transport. For example, as of April 2023, the International Energy Agency noted China contributed around 60% of global electric car sales, exceeding its 2025 target early. In Europe, EV sales rose by over 15% in 2022, while U.S. sales jumped 55%, reaching an 8% market share. Over 2.3 million EVs were sold globally in Q1 2023, with 2023 projections at 14 million, marking a 35% yearly rise. Hence, the EV surge is propelling the retail electricity market.
Who Are the Dominant Players Across Different Retail Electricity Market Segments?
Major companies operating in the retail electricity market are 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
What Trends Are Expected to Dominate the Retail Electricity Market in the Next 5 Years?
Major companies in the retail electricity market are enhancing consumer engagement and optimizing energy use by developing connected energy solutions, which provide real-time data and advanced analytics to optimize energy consumption and improve grid reliability. For example, in May 2023, Iberdrola, a Spain-based electric utility, introduced an advanced smart assistant aimed at maximizing household electricity savings by using AI to reduce smart device consumption by 10-30%. The solution integrates with solar panels and electric vehicle chargers and is built on Amazon Web Services with Deloitte's support, offering real-time energy monitoring, personalized savings tips, and integration with smart devices.
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Which Geographic Regions Are Expected to Dominate the Retail Electricity Market in the Coming Years?
North America was the largest region in the retail electricity market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Electricity Market?
2. What is the CAGR expected in the Retail Electricity Market?
3. What Are the Key Innovations Transforming the Retail Electricity Industry?
4. Which Region Is Leading the Retail Electricity Market?
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