Global Utilities Market Report 2022 – Market Forecast, Trends And Strategies
13 Jan, 2022
The global utilities market size is expected to grow from $5,488.88 billion in 2021 to $5,969.68 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The growth in the utilities market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The utilities market is expected to reach $8,105.48 billion in 2026 at a CAGR of 7.9%.
What is the Global Utilities Market?
The utilities market consists of sales of electric power, natural gas, steam supply, water supply, and sewage removal services by entities (organizations, sole traders and partnerships) that provide electric power, natural gas, steam supply, water supply, and sewage removal services. The market excludes waste management and remediation services which collect, treat, and dispose of waste materials; but do not use sewer systems or sewage treatment facilities.
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What drives the Global Utilities Market?
Digital technologies are increasingly making their way into power generation, transmission and distribution industry to enhance productivity, efficiency and safety associated with power plants. Digital technologies such as smart grids, sensors and smart meters provide the company and the customer, with more accurate and real-time account of power usage. These technologies help to improve productivity, efficiency, safety, compliance and reliability in power generation and distribution. This results in better asset management, planning, execution, and faster level of service with higher customer satisfaction. For instance, in Ireland, Whitegate Power Station has installed 140 sensors throughout the plant to digitize vibrations, temperature and other data to monitor and optimize operations in real time and minimize downtime. For instance, some of the major companies adopted digital technologies include Duke Energy, Engie, National Grid and NextEra.
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https://www.thebusinessresearchcompany.com/report/utilities-global-market-reportGlobal Utilities Market Segments
The global utilities market is segmented:
By Type: Water And Sewage, Natural Gas Distribution, Electric Power Generation, Transmission, And Distribution
By Type of Operator: Public Operator, Private Operator
By Geography: The regions covered in the utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global utilities market.
Utilities Global Market Report 2022provides market size and growth forecasts for the global utilities market, global utilities market share, utilities market segments and geographies, utilities market competitive landscape including leading competitors’ revenues, profiles and market shares. The utilities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Utilities Industry Playersinclude Electricite De France SA, Enel SpA, E.ON SE, Tokyo Electric Power Co Holdings Incorporated, Korea Electric Power Corporation, Uniper, Engie, State Power Investment Corporation, Exelon Corp, and Iberdrola. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.