The Retail Electricity Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Retail Electricity Global Market Report 2024, The retail electricity market size has grown rapidly in recent years. It will grow from $46.08 billion in 2023 to $53.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to deregulation of electricity markets, advancements in energy technology, rising energy demand, government subsidies and incentives, fluctuating fossil fuel prices, and environmental regulations and policies.
The retail electricity market size is expected to see rapid growth in the next few years. It will grow to $94.87 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing adoption of renewable energy, decentralization and distributed generation, the growth of electric vehicles (EVs), advancements in smart grid technology, and energy storage solutions. Major trends in the forecast period include smart metering and monitoring, time-of-use (TOU) pricing, energy efficiency products, flexible billing and payment options, electric vehicle (EV) charging solutions, and energy storage solutions.
A surge in demand for electric vehicles (EVs) is expected to propel the growth of the retail electricity market going forward. An electric vehicle is a type of vehicle that is powered by one or more electric motors and uses energy stored in rechargeable batteries. The surge in demand for electric vehicles (EVs) is growing with environmental awareness, incentivized government policies promoting cleaner transportation alternatives, and advancements in EV technology leading to longer ranges and faster charging times. Retail electricity is essential for meeting electric vehicles (EVs) charging needs, whether through residential charging points or public charging stations, supporting the transition to sustainable transportation. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the number of electric vehicles (EVs) on U.S. roads is forecast to increase significantly, from 2.4 million in 2021 to 26.4 million by 2030, necessitating approximately 12.9 million charging ports to accommodate this growth. Therefore, a surge in demand for electric vehicles (EVs) will drive the development of the retail electricity market.
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The retail electricity market covered in this report is segmented –
1) By Customer Type: Regulated Customers, Deregulated Customers
2) By Energy Sources: Conventional Energy, Renewable Energy
3) By Application: Energy Efficiency Solutions, Demand Response Programs, Smart Home Technologies
4) By End User: Residential, Commercial, Industrial
Major companies operating in the retail electricity market are focusing on personalized energy monitoring assistants, such as the connected energy solution, to enhance consumer engagement and optimize energy usage. Connected energy solutions optimize retail energy consumption, enhance grid reliability, and improve customer engagement through real-time data and advanced analytics. For instance, in May 2023, Iberdrola, a Spain-based electric utility company that retails electricity, launched an advanced smart assistant designed to maximize household electricity savings. It uses AI to optimize home energy use, reduce smart device consumption by 10–30%, and integrate with solar panels and electric vehicle charging. This solution is deployed on Amazon Web Services and developed with Deloitte, a UK-based professional services network company. It features real-time monitoring of energy consumption, personalized savings recommendations, and seamless integration with smart home devices. This approach enhances energy efficiency and improves customer engagement by providing actionable insights into energy use patterns.
The retail electricity market report table of contents includes:
1. Executive Summary
2. Retail Electricity Market Characteristics
3. Retail Electricity Market Trends And Strategies
4. Retail Electricity Market – Macro Economic Scenario
5. Global Retail Electricity Market Size and Growth
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32. Global Retail Electricity Market Competitive Benchmarking
33. Global Retail Electricity Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Electricity Market
35. Retail Electricity Market Future Outlook and Potential Analysis
36. Appendix
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