How Has COVID-19 Impacted The Utilities Global Market 2021-2030?
The Utilities Global Market Report 2021: COVID-19 Impact and Recovery To 2030 report describes and evaluates the global utilities market. It covers three five-year periods including, 2015 to 2020, termed the historic period, 2020 through 2025, the forecast period, and 2025-2030 the forecast period. The utilities market is segmented by type into electric power generation, transmission and distribution, water and sewage and natural gas distribution and by type of operator into private operator, and public operator.
LONDON, April 14, 2021 (GLOBE NEWSWIRE) -- The global utilities market is expected to grow from $4 trillion in 2020 to $5 trillion in 2025 at a compound annual growth rate (CAGR) of 7.2%. Growth in the forecast period can be attributed to the strong economic growth forecast, rising adoption of electricity and natural gas in transportation services, and growing focus on the expansion of adequate support for infrastructure across both developing and developed nations will likely boost the market.
The market is further expected to grow to over $8 trillion in 2030 at a compound annual growth rate of 6.2%. One of the major drivers of the global utilities market is the increasing investment for renewable power generation. 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, In January 2020, Power Minister R K Singh advised Brazilian investors to invest in the Indian energy sector, saying it is the fastest-growing energy market and its consumption will treble in the coming days. India has set a point of adding 175 GW of renewable power to the energy mix by 2022. It has already added 86 GW. Furthermore, around 36 GW is under installation and about 35 GW is under the bidding stage. This is expected to boost the electric power generation and subsequently drive the utilities market during the forecast period.
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The Business Research Company’s report titled Utilities Global Market Report 2021: COVID-19 Impact and Recovery To 2030 covers major utilities companies, utilities market share by company, utilities manufacturers, utilities market size, and utilities market forecasts. 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 these utilities to end consumers.
The utilities market is highly fragmented with a large number of players. The top ten competitors in the market made up to 10.02% of the total market in 2020. The market fragmentation is mainly due to the presence of a large number of small players who cater to the local population as the majority of customers (transmission & distribution companies and end-users) use utility services providers which are closer to their locations. Major players in the market include Enel SpA, E.ON SA, Uniper SE, State Power Investment Corporation, Iberdrola S.A. and others. Enel SpA was the largest competitor with 1.81% of the market, followed by others.
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Utilities Global Market Report 2021: COVID-19 Impact and Recovery To 2030 is one of a series of new reports from The Business Research Company that provide utilities market overviews, utility market, analyze and forecast utility market size and growth for the whole utility market, utility market segments and geographies, utilities market trends, utility market drivers, market restraints, market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the utilities market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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