The retail electricity market has witnessed rapid growth, moving from $46.08 billion in 2023 to $53.2 billion in 2024, showcasing a CAGR of 15.4%. This growth is fueled by deregulation, advancements in energy technology, and the increasing adoption of renewable energy. By 2028, the market is anticipated to reach $94.87 billion, with a CAGR of 15.6%, driven by innovations in smart grid technology and energy storage solutions.
Major Driver In The Retail Electricity Market
The increasing preference for alcoholic beverages is expected to enhance the retail cooler market. As cultural acceptance and marketing efforts boost the popularity of alcoholic drinks, retail coolers become vital for ensuring convenience and accessibility. Beverage Daily projected in April 2023 that the retail dollar value of the craft beer category would reach $28.46 billion in 2022, reflecting a 6% increase from 2021. Hence, the rising preference for alcoholic beverages is driving the growth of the retail cooler market.
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Retail Electricity Market Competitive Landscape
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
Key Retail Electricity Market Trend
Companies in the retail electricity market are introducing personalized energy monitoring solutions, like connected energy assistants, to optimize energy usage and enhance consumer engagement. These solutions leverage real-time data and advanced analytics for improved grid reliability and energy consumption management. In May 2023, Iberdrola launched a smart assistant that maximizes household electricity savings using AI to reduce smart device consumption by 10-30%. This integration with solar panels and electric vehicle charging enhances energy efficiency and offers personalized insights into energy patterns.
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Retail Electricity Market Segmentation
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
By Geography:The regions covered in the retail electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the retail electricity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Retail Electricity Global Market Report 2024 furnishes information about the global retail electricity market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
