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Electric Distribution Utility Market Trends

Report ID: GMI12047
Published Date: Oct 2024
Report Format: PDF

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Electric Distribution Utility Market Trends

The electric distribution utility industry has been experiencing significant transformations driven by technological advancements along with favorable regulatory changes. The rising focus on sustainability intensifies with the utilities which is increasingly integrating renewable energy sources into their distribution networks.

Moreover, the rapidly rising electricity demand has prompted utilities to invest in advanced infrastructure supporting effective demand response programs balancing supply and demand dynamics effectively positively adding to the market growth. In addition, the integration of digital customer engagement platforms coupled with the rising focus of component manufacturing companies to innovate product designs will proliferate the industry dynamics.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of electric distribution utility reached USD 379.1 billion in 2023 and is set to grow at a 6.7% CAGR from 2024 to 2032, driven by increasing electricity demand and a global shift towards renewable energy sources.

The residential segment is expected to observe a CAGR of over 7% through 2032, led by the adoption of smart homes and new government regulations.

The U.S. market is poised to cross USD 79.5 billion by 2032, supported by significant investments in renewable energy projects and the modernization of distribution networks.

Major players in the industry include ABB, ACWA Power, Anchor Electric, China Yangtze Power, Coil Innovation, Duke Energy, Eaton, Enel, Engie, Fuji Electric, GE Vernova, Hitachi Energy, and Iberdrola.