Electric distribution utility market expected to reach $686.7 billion by 2032

From GlobeNewswire: 2024-12-12 06:00:00

The electric distribution utility market is projected to reach USD 686.7 billion by 2032, driven by increasing electricity demand and a shift towards renewable energy sources. Investments in network resilience will help utilities meet energy needs while reducing service disruptions. Technological advancements and regulatory changes are reshaping the industry, integrating renewable energy sources into distribution networks for a more sustainable future.

In the switchgear segment, the electric distribution utility market is expected to exceed USD 193 billion by 2032. Smart grid technologies are optimizing electricity generation, distribution, and consumption. Renovation of aging infrastructure and grid expansions will contribute to market growth. The residential sector is also poised for a 7% CAGR through 2032, driven by smart home technology adoption and new regulations reshaping market dynamics.

The United States’ electric distribution utility market is forecasted to surpass USD 79.5 billion by 2032, supported by investments in renewable energy. Rising energy demand, grid expansions, and system modernization are driving growth. These developments are crucial for utilities to manage increased energy requirements effectively while improving service reliability and efficiency.



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