The global electric utilities market was valued at around USD 2 trillion in 2016 and is expected to reach almost USD 3 trillion by 2021.
Procurement market intelligence analysts have announced its latest market research report on electric utilities for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the electric utilities market during the forecast period. Some of the top vendors listed in this industry analysis include E.ON, Enel SpA, Engie, SSE, and RWE.
In terms of geographical analysis, APAC led the global electric utilities market by accounting for around 46% of the overall market share during 2016.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The global market is currently experiencing a shift in preference towards the use of clean energy. Increasing environmental concerns spur the rise in demand for clean energy. The use of clean energy gives buyers multiple alternatives for energy generation and transmission.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth of industrial automation
The growing adoption of automation among industries is likely to make processes more technology and device dependent. It is estimated that 30%–40% of the current jobs will be replaced by automation by 2021. The rapidly rising levels of automation are propelling the indirect dependency on utility for energy generation.
In-house electric utility
Spurred by the need to minimize electricity costs, organizations across the globe are increasingly adopting the in-house electricity model. In this model, an organization builds electricity generation facility within the plant. For instance, 13%–18% of the total energy consumed as of 2016 was generated through onsite cogeneration and 15%–17% was from on-site renewable generation as part of the in-house power generation, which is a good alternative to procuring complete electricity.
Shale gas as the energy of future
The share of shale gas in the fuel mix is expected to increase because of its low carbon footprint. The shift in preference to shale gas from fossil fuel during the forecast period is expected to reduce infrastructure cost as it will help players move away from aging traditional plants.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Electric Utilities – Procurement Market Intelligence 2017’.
