Electric power generation companies are increasingly using batteries to store solar energy during daylight hours. These energy-storage sites consist of large lithium-ion batteries. These batteries store enough energy to serve as a back-up in case of fuel shortages. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital intensive power generation plants, thereby enhancing transmission and distribution efficiencies and thus reduce operational costs. For example, San Diego Gas & Electric operations center has installed energy-storage systems with big batteries to store electric power. Arizona Public Service Co. has installed a $2 million battery system in Phoenix to store energy. In 2016, lithium-ion battery prices fell by 70% and are expected to shrink further in future, thus driving their use in power grids.
THE BUSINESS RESEARCH COMPANY EXPECTS THE UTILITIES MARKET TO GROW TO $4 TRILLION BY 2021
Asia Pacific was the largest region in the utilities market in 2017, accounting for two-fifth of the market share. This can be attributed to a large number of households and industries in Asian countries such as China, India and Japan.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, installation of the smart meters to eliminate the need to take meter readings manually. A smart meter is an electronic device which records gas and electricity consumption. Smart meters can help customers to better understand their energy consumption. Greater customer control over usage might drive down the energy demand.
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Électricité de France was the largest player in the utilities market in 2017, with revenues of $78.8 billion in 2016. EDF’s growth strategy aims to increase power generation from renewable sources. The company spent around €840 million to upgrade the French hydro fleet during the period 2014 to 2021. EDF also plans to construct three new wind farms in France to expand its production.
The utilities market is segmented into generation, transmission, and distribution, water and sewage and natural gas distribution industry.
Generation, transmission, and distribution industry comprises establishments primarily engaged in generating, transmitting, and/or distributing electric power.
Water and sewage industry comprises establishments primarily engaged in operating water treatment plants and/or operating water supply systems; operating sewer systems or sewage treatment facilities that collect, treat, and dispose of waste.
Natural gas distribution industry comprises establishments that operate gas distribution systems.
Utilities Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.
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