ENERGY
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Global Energy and utilities sector overview
The global energy and utilities sector market size is expected to grow from USD 58 billion in 2021 to USD 143 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period. As per the IEA (International Energy agency) the global energy demand dropped by 5% in 2020, energy-related CO2 emissions by 7%, and energy investment by 18%. There was a contrast seen in the sharp drop in demand for oil (↓ by 8%) and coal (↓ by 7%) versus the slight increase in the share of renewable energy. The global electricity demand saw a modest drop of 2% in the year of the pandemic and the natural gas demand was down by 3%.Â
The pandemic and the restrictions that followed with it rendered a challenging combination of demand and supply shock. The supply shock arose from the government enforced lockdowns on economic activity like shutting down of restaurants, shopping malls, factories to prevent the spread of the virus. The demand-side shock emerged from the impact on disposable income of many people as they lost their jobs due to the pandemic and curbed corporate investment activity. Experts suggest that during the lockdown phases economies usually see a 20% to 40% decline in economic output which is highly dependent on the most affected sectors and strictness of the lockdown rules. The impact of this demand and supply shock due to the decline in economic activity reduced global energy demand drastically.Â
Key Market trends in the global energy and utilities sector
- The energy sector has seen a huge disruption due to the Covid-19 pandemic than any other event in the recent history.Â
- The economic and social impacts of the pandemic on the energy and utilities sector and the government’s response to it via policies open a wide range of possibilities for the energy industry future.
- Renewable energy will see a rapid growth in the coming years with solar energy at the center of all the other sources available.
- The energy sector could find electricity grids as a weaker option in the transformation of the energy sector due its unreliability and security concerns.
- The global oil demand will come to an end within the next 10 years as per the International energy agency.
- Low-cost alternative resources with low emissions are becoming the strategic motto for many producer economies and for oil and gas companies.
- North America to witness significant growth especially in commercial sector as the region as many planned projects that will increase their energy consumption.
Key Segments in Energy and utilities sector
- Â Transmission and Distribution (Electric and Multi)
- Non-renewable sources
- Coal
- Oil
- Natural gas
- Nuclear energy
- Non-renewable sources
- Renewable energy
- Hydroelectric Power
- Wind Power
- Bio energy
- Solar
- Geothermal
- Generation (Electric)
- Customer/retail
- Water distribution
- Natural gas transmission and distribution
- Electric cars
Energy as a Service Regional Outlook
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central &Â South America
- Brazil
- Middle East & Africa
- Saudi Arabia
Key Competitors in the energy sector
- Acea SpA
- Aramco
- Aker Solutions
- Amec Foster Wheeler
- Anadarko
- Bharat Petroleum
- BP
- Canadian Natural Resources
- China Petroleum & Chemical (SINOPEC)
- E.ON SE
- First Solar
- Siemens Gamesa Renewable Energy
- Vestas
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Report Attribute | Details |
Market size value in 2021 | 58 Bn USD |
Market Size value in 2027 | 143.5 Bn USD |
Growth rate | CAGR of 16.3% from 2021 to 2027 |
Base year for estimation | 2020 |
Historical data | 2014-2020 |
Forecast period | 2021 – 2027 |
Quantitative units | Revenue in USD million/billion and CAGR from 2021 to 2027 |
Report coverage | Revenue forecast, competitor landscape, growth drivers, industry segments, trends |
Segments covered | Applications, Top key players, Region |
Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope | US, Canada, Germany, United Kingdom, India, China, Japan and Brazil |
Key companies profiled | |
Customization scope | Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
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