New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Utilities Global Market Report 2023" - https://www.reportlinker.com/p06193689/?utm_source=GNW
The global utilities market grew from $6,000.19 billion in 2022 to $6,416.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The utilities market is expected to grow to $8,314.78 billion in 2027 at a compound annual growth rate (CAGR) of 6.8%.
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.
Utilities are essential services that are utilized for homes, apartments, businesses, and others to make them comfortable and function properly such as electricity, water, natural gas, and others.
Asia-Pacific was the largest region in the utilities market in 2022.Western Europe was the second-largest region in the utilities market.
The regions covered in the global utilities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of utilities are water and sewage, natural gas distribution, electric power generation, transmission, and distribution.Sewage water is the waste of a community’s residents.
Wastewater is the water that is expelled from homes after being used for various reasons such as dishwashing, laundry, and toilet flushing. The different operator types include public operator; private operator and are offered on fixed rates and variable rates.
The rapid growth in investments in renewable power generation capacities is expected to drive the utilities market during the forecast period.A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries.
For instance, EDF Energy announced an investment of more than €25 billion in solar power and green electricity tariffs.Governments globally are also promoting renewable energy sources by offering incentives and subsidies to solar power generation companies.
For instance, according to the Clean Energy Australia 2022 Report, 9 GW of new large renewable energy capacity was introduced to the network in 2021, representing 68 large-scale projects under construction worth $18 billion in investment and about 35,000 new jobs. This is expected to boost electric power generation and subsequently drive the utilities market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the utilities market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally.Many manufacturing facilities globally halted operations to contain the spread of the virus among their workforce, thereby limiting the need for utility services such as electricity and wastewater treatment.
COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.
Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lockdown’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the utilities market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Digital technologies are increasingly making their way into the 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 accounts 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, and execution, and a 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 that adopted digital technologies include Duke Energy, Engie, National Grid, and NextEra
The countries covered in the utilities market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
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.
Read the full report: https://www.reportlinker.com/p06193689/?utm_source=GNW
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