The utilities market includes sales of electric power, natural gas, steam supply, water supply, and sewage removal services by entities (organizations, sole traders and partners who provide electric power, natural gas, steam supply and water supply. The utilities market is segmented into water and sewage; natural gas distribution and electric power generation, transmission, and distribution.
The global utilities market is expected to grow from $4230.3 billion in 2020 to $4534.38 billion in 2021 at CAGR of 7.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5996.57 billion in 2025 at a CAGR of 7%.
Asia Pacific was the largest region in the global utilities market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 24% of the global market. Africa was the smallest region in the global utilities market.
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.
Industry-wide change from a various external and internal forces, utilities now face a new wave of powerful disruption from technology and shareholder performance expectations. At the same time, internal industry pressures such as grid modernization, an aging workforce, growing client demand for affordable, reliable and environmentally sustainable electricity, governmental regulation and IT/OT integration are bringing immense challenges that companies must solve through effective lean operations, all while driving utilities to strategically maneuver and create value for their stakeholders.
We at Igniting Thought partnering with utility organizations to innovative models like prosumer through smart metering, dynamic discounting ,real time monitoring and usage control by leveraging IOT, Data Analytics and Blockchain.