Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Utilities Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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 anticipated growth in the forecast period can be linked to the global increase in population, accelerated economic growth, augmented investments in renewable energy, and a rise in global utility mergers and acquisitions. Key trends expected in this period include the emphasis on investing in Power Purchase Agreements (PPAs), the allocation of funds towards battery storage for solar energy, investments in technologies such as smart grids and smart meters, a focus on distribution generation models, and increased investments in solar tracking.
The anticipated growth in the utilities market during the forecast period is expected to be driven by the rapid increase in investments in renewable power generation capacities. Numerous power generation companies are directing investments toward renewable energy sources, particularly in the USA and European countries. As an illustration, EDF Energy disclosed an investment exceeding €25 billion in solar power and green electricity tariffs. Governments worldwide are actively supporting renewable energy initiatives through incentives and subsidies for solar power generation companies. For example, the Clean Energy Australia 2022 Report highlights the introduction of 9 GW of new large-scale renewable energy capacity to the network in 2021, involving 68 projects under construction with a total investment of $18 billion and the creation of approximately 35,000 new jobs. This surge in renewable energy capacity is expected to boost electric power generation, consequently driving the utilities market in the forecast period.
The growing demand for electricity is poised to propel the growth of the utilities market in the future. Electricity, serving as the flow of electric charge through conductors, is essential for powering various electrical devices and systems. Utilities related to electricity encompass power generation, distribution, and billing services provided by electric companies to ensure a reliable and consistent energy supply for homes and businesses. For instance, as of September 2023, the International Energy Agency reports that in Colombia, the total net electricity production reached 7.0 terawatt-hours (TWh) in June 2023, indicating a 1.1% increase on a year-to-date basis. The escalating demand for electricity is thus a key driver for the growth of the utilities market.
The power generation, transmission, and distribution sector is increasingly integrating digital technologies to elevate productivity, efficiency, and safety within power plants. Technologies such as smart grids, sensors, and smart meters are being employed to provide both companies and consumers with more accurate and real-time information on power usage. This digital transformation enhances productivity, efficiency, safety, compliance, and reliability in power generation and distribution, leading to improved asset management, planning, execution, and faster service delivery, ultimately resulting in higher customer satisfaction. As an example, Ireland's Whitegate Power Station has implemented 140 sensors throughout the plant to digitize data such as vibrations and temperature, enabling real-time monitoring and optimization of operations to minimize downtime. Notably, major companies such as Duke Energy, Engie, National Grid, and NextEra have embraced digital technologies for enhanced operations.
Key companies are strategically focusing on the development of imaging technology to maintain a competitive edge. Imaging technology plays a critical role in utility services, aiding in the assessment of infrastructure and the detection of faults to ensure efficient and reliable electricity operations. For instance, in April 2023, the Dubai Electricity and Water Authority (DEWA) launched the DEWA SAT-2, a 6U nanosatellite equipped with a 4.7-meter high-resolution camera for Earth observation across seven spectral bands from a 500-km orbit. This satellite, complemented by infrared tools for greenhouse gas measurement, is specifically designed for applications in energy and water networks. It will be deployed to detect thermal patterns in high-voltage transmission lines, substations, homes, and solar power stations.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 500 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $6893.11 Billion |
| Forecasted Market Value (USD) by 2028 | $8833.34 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ixpezr
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