Utilities Market Expected to Decline Due to COVID-19

Strategic Insights -

The Utilities Global Market Report 2020 published by The Business Research Company analyzes the impact of COVID-19 on the market, providing critical information for strategists, marketers, and senior management. The report covers the utilities market's segments, including water and sewage, natural gas distribution, electric power generation, transmission, and distribution, by type of operator into public operator, private operator. The global utilities market is expected to decline from $4.56 trillion in 2019 to $4.52 trillion in 2020 at a compound annual growth rate (CAGR) of -1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.

Key Takeaways:

  • The global utilities market is expected to decline due to economic slowdown across countries caused by the COVID-19 outbreak.
  • Electric power generation companies are increasingly using batteries to store solar energy during daylight hours, minimizing the need for capital-intensive power generation plants and reducing operational costs.
  • The market is expected to recover and grow at a CAGR of 6% from 2021 and reach $5.35 trillion in 2023.
  • The report covers 60 geographies, providing valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
  • The chapter on the impact of COVID-19 also covers markets which have been positively affected by the pandemic.

Statistics:

  • The global utilities market declined from $4.56 trillion in 2019 to $4.52 trillion in 2020 at a CAGR of -1%.
  • The market is expected to recover and grow at a CAGR of 6% from 2021 and reach $5.35 trillion in 2023.
  • The global utilities market will cover 60 geographies in 2020.

Sources:

  • The Business Research Company's Utilities Global Market Report 2020
  • M2 PressWIRE, "The Business Research Company: Utilities Market with Coronavirus (COVID-19) Impact Analysis is Booming Globally" (July 27, 2020)
  • The Business Research Company's website, "Utilities Global Market Report 2020-30: COVID-19 Impact and Recovery"