Increased investment in renewable energy drives demand in utility market
The Business Research Company Global Utilities Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, United Kingdom, November 25, 2021 /EINPresswire.com/ – The rapid growth of investments in renewable energy production capacities is expected to stimulate utility market during the forecast period. A large number of power generation companies are investing in renewable energy sources, particularly in the United States and European countries. For example, EDF Energy announced an investment of more than 25 billion euros in solar energy and green electricity tariffs. Governments around the world are also promoting renewable energy sources by offering incentives and subsidies to solar power companies. For example, the Australian government has offered $ 600 million in subsidies for wind power generators. This is expected to boost power generation and subsequently boost the utility market during the forecast period.
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The size of the global utilities market is expected to grow from $ 4.23 trillion in 2020 to $ 4.53 trillion in 2021 at a compound annual growth rate (CAGR) of 7.2%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The utilities market is expected to reach $ 5.99 trillion in 2025 at a CAGR of 7%.
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Digital technologies are increasingly making their way into the electricity generation, transmission and distribution industry to improve the productivity, efficiency and safety associated with power plants. Digital technologies such as smart grids, sensors and smart meters provide the business and the customer with a more accurate and real-time account of energy consumption. These technologies help improve the productivity, efficiency, safety, compliance and reliability of electricity generation and distribution. This translates into better asset management, better planning, execution and a faster level of service with greater customer satisfaction. For example, in Ireland, Whitegate Power Station installed 140 sensors across the plant to digitize vibration, temperature and other data to monitor and optimize operations in real time and minimize downtime. . For example, some of the top companies that have embraced digital technologies include Duke Energy, Engie, National Grid, and NextEra.
The main players covered in the global utilities industry are ElectricitÃ© de France, Enel, Engie, Iberdrola, Exelon.
The global TBRC utilities market report is segmented by type to water and sewerage, natural gas distribution, electricity generation, transmission and distribution, by operator type to public operator, private operator.
Global Utilities Market Report 2021 – By type (water and sewerage, distribution of natural gas, production, transmission and distribution of electricity), by type of operator (public operator, private operator), COVID-19 Impact And Recovery is part of a series of new Reports from The Business Research Company which provides utility market overview, utility market size and growth forecast for the entire market, utility market segments and geographies, utility market trends, utility market drivers, constraints, revenues, profiles and market shares of major competitors.
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