Electric Utilities Market

The term utilities can refer to two things - the organization that provides a crucial infrastructure service or the service itself. An electrical utility is a company in the electric power industry that engages in electricity generation and distribution of electricity for sales in a regulated market. Electricity markets are also considered electric utilities - these entities buy and sell electricity, acting as broker, but usually do not own operate generation, transmission, and distribution facilities. The major growth of electric utilities market is due to mounting adoption of smart meters for enabling two-way communication between companies and customers, and growing demand for electricity in the developing regions of the world. The prioritization of electricity generation planning and the need for accurate forecasting and the investment in digital channels to improve customer process, experience, and perceived customer value are also expected to drive the market growth.

Market scope and Structure Analysis

Covid-19 Impact Analysis

• The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the electric utilities market in 2020.
• The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected electric utilities market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemics. Issues such as raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to drive the prices upwards which will prove to be a significant obstacle that the industry will have to adapt to. Increase in prices will cause project delays which, in turn, would again cause a spike in prices.

Top Impacting Factors

Digital technologies are increasingly making their way into power generation, transmission, and distribution industries to enhance productivity, efficiency, and safety associated with power plants. Digital technologies like smart grid sensors and smart meters provide the company and the customer with more accurate in real-time account of electricity usage. These technologies help in improving productivity, efficiency, safety, compliance, and reliability in electricity generation and distribution. IT industries are also developing in various countries like China, India, and Japan, thus, creating an increase in demand for electricity and therefore the market is expected to expand.

Market trends

• Growing concern toward eco-friendly modes of energy generation.
• Government has been supporting largely towards renewable energy initiative due to concern for environment increase independence and security via countries own generation capacity. Governments are pursuing cleaner fossil-fuel free strategies to address the expected increasing use of fossil fuels worldwide and hence, the demand for electric utilities is expected to grow in the near future.
• Increasing urbanization and industrialization across the globe.
• With increased per capita income, industrialization and urbanization is a common process that is happening across the globe mainly in the developing countries like China and India. With new infrastructures and advancement in technologies, more electricity is required in each and every process, thus, expanding the market share and growth.
• Deregulation in utility sectors has created new areas to explore.
• Government has always had an upper hand on utilities, in fact there is monopoly. Deregulation of the sectors has resulted in greater eligibility for private sector toward participation in the electricity utility industry services like power generation, operations rather than just providing traditional electricity utility services.

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the electric utilities market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric utilities market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the electric utilities market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed electric utilities market analysis based on competitive intensity and how the competition will take shape in coming years.

 Electric Utilities Market Report Highlights