PUBLISHER: The Business Research Company | PRODUCT CODE: 1429676
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429676
Utilities are vital services essential for the functioning and comfort of homes, apartments, businesses, and other establishments. These services include electricity, water, natural gas, and others.
The primary categories of utilities encompass water and sewage, natural gas distribution, and electric power generation, transmission, and distribution. Sewage water constitutes the waste generated by a community's residents. Wastewater, on the other hand, refers to the water expelled from homes after being used for various purposes such as dishwashing, laundry, and toilet flushing. Utilities are provided by different operator types, including public and private operators, and are offered through fixed and variable rate structures.
The utilities market research report is one of a series of new reports from The Business Research Company that provides utilities market statistics, including utilities industry global market size, regional shares, competitors with a utilities market share, detailed utilities market segments, market trends and opportunities, and any further data you may need to thrive in the utilities industry. This utilities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be ascribed to swift economic growth in emerging markets, advancements in technology, and the liberalization of markets.
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.
Major companies operating in the utilities market report are 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., Pacific Gas & Electric, SSE, GAIL, NHPC Limited, Centrica, Delaware City Water System, NextEra Energy, China Datang Corporation, China Three Gorges Corporation, Comision Federal de Electricidad, Dominion Energy Inc., Dana Brevini Power - Transmission S.p.A., TransAlta Corporation, Saudi Consolidated Electricity Company, Adani Power, Public Service Enterprise Group, China Resources Gas Group, China Southern Power Grid Company, China Water Affairs Group, Itron Inc., AGL Energy, Shenzhen Water (Group) Co., Integrated Gas Services Company LLC, Israel Electric Corporation, Limited Liability Company Gazprom Energoholding and Fortum Oyj, Osaka Gas, Tata Power, G.EN. GAZ ENERGIA, Centria Reti Gas, CLP Holdings Limited, Novatek, Red Electrica de Espana (REE), Tokyo Gas, China Huadian Group Corporation, Intergen, ESBI, National Iranian Oil Company, Federal Electricity Commission, China Guodian Corporation, Areva T & D, Vattenfall AB, Drax Power Limited, ENN Group, ENMAX Corporation, Xcel Energy, China Huaneng Group, Enbridge Inc., Marcuras Water Treatment (India) Pvt. Ltd., Mahanagar Gas, GASAG, Envicare Technologies Pvt Ltd., IIT Corporation, Hydro-Quebec, Artesian Water Company, Jiangxi Hongcheng Waterworks Co., Laheeb Gas Trading, Enagas, GE Water and Process Technologies, NTPC Limited, Paragon Water Technologies, Total E&P Canada Ltd., Evoqua Water Technologies, Scottish Power, Toshiba Water Solutions Private Limited, Tohoku Electric Power Co, OGK-4), International Power/GDF SUEZ SA, RWE, Sempra Energy, Indraprastha Gas, Petronet LNG, TC Energy Corporation, Gazprom, Dubai Electricity & Water Authority, Natural Gas Distribution Company, Omv petrom, EDF Energy, Gujarat State Petronet, Amprion GmbH, Ultrapure & Industrial Services, Fennovoima Ltd., Southern Co., Korea Gas Corporation, Kelvin Water Technologies, Beijing IWHR Corporation, Abu Dhabi National Energy Company PJSC (TAQA), Abu Dhabi National Oil Company, Aksa Cukurova Dogal Gaz Dagitim Anonim Sirket, American Electric, BC Hydro, Bionics Consortium Pvt. Ltd., Cadent Gas Ltd., Dow Water and Process Solutions, Electricite de France S.A., Endesa, Eni Gas & Power, Fortum Oyj, Hammadi Power Service, Hokkaido Electric Power Company, Horizon Nuclear Power, Hydro One Inc., Italgas, Kinder Morgan Inc., Krevox, Louisville Water Company, Municipal Water and Sewage Company S.A., NaftoGaz Group, Nawah Energy, Northumbrian Water, Nuclear Power Production & Development Company of Iran (NPPD), Oneok Inc., PGNiG, Power Grid Corporation of India Limited, Saudi Electricity Company, Severen Trent Water, Siemens LLC, United utilities, Williams Companies Inc., Wuhan Sanzhen Industry Holding Co., Yorkshire water
Asia-Pacific was the largest region in the utilities market in 2023. Western Europe was the second-largest region in the utilities market. The regions covered in the utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the utilities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The utilities market consists of revenues earned by entities by providing electric power, natural gas, steam supply, water supply, and sewage removal services. The market excludes waste management and remediation services that collect, treat, and dispose of waste materials. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Utilities Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on utilities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for utilities? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The utilities market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.