Key Highlights
- The global electric utility industry is projected to reach a market size of $2.6 trillion by 2025
- Renewable energy accounted for 29% of global electricity generation in 2021
- The United States had approximately 4,000 utility-scale electricity generators in 2020
- Over 1,200 utility companies operate in North America
- The average retail electricity price in the US was 13.34 cents per kWh in 2021
- Solar power capacity in the US reached 76 GW in 2022
- Wind energy contributed approximately 8.4% of total U.S. electricity generation in 2021
- China leads the world with over 1,200 GW of installed renewable energy capacity as of 2023
- In 2020, electric utilities invested over $120 billion in grid infrastructure in the US
- The global electric vehicle charging station market is expected to grow at a CAGR of 36% from 2023 to 2030
- In 2022, the renewable energy sector employed over 12 million people worldwide
- The average age of electrical infrastructure in the US is approximately 40 years
- Smart grid deployments have increased by over 30% globally from 2018 to 2022
The electric utility industry stands at the crossroads of a $2.6 trillion global market and a transformative shift towards renewable energy, smart infrastructure, and clean transportation, shaping the future of how the world powers itself.
Electric Vehicle Infrastructure and Trends
- The global electric vehicle charging station market is expected to grow at a CAGR of 36% from 2023 to 2030
- The penetration of electric vehicles in the global market was around 5% of all vehicles as of 2022
- Ultra-fast charging stations (350 kW and above) for electric vehicles grew by 40% globally in 2022
- The total capacity of electric vehicles globally surpassed 18 million units in 2022
Electric Vehicle Infrastructure and Trends Interpretation
As electric vehicles accelerate towards 18 million globally—a brisk 36% CAGR—ultra-fast chargers are surging ahead at 40%, highlighting a world increasingly hooked on electrifying journeys even as EVs still make up just 5% of all vehicles, proving that electric dreams are gaining momentum faster than traditional gas stations can blink.
Energy Production and Consumption
- Renewable energy accounted for 29% of global electricity generation in 2021
- The average retail electricity price in the US was 13.34 cents per kWh in 2021
- The share of coal in global electricity generation decreased from 37% in 2015 to 36% in 2021
- The global electricity access rate reached 90% in 2020, leaving about 770 million people without electricity
- In 2021, global electricity generation from bioenergy was approximately 12 exajoules
- The US electricity grid transmitted over 4,000 billion kWh in 2020
- Approximately 75% of all global electricity is generated from fossil fuels
- In 2022, global electricity demand increased by 2.3% compared to the previous year
- The coal fleet in the US is aging, with over 85% of plants older than 30 years
- In 2021, the residential electricity usage in the US averaged around 877 kWh per month per household
- The share of natural gas in global electricity generation was approximately 23% in 2021
- The oil and gas sector's contribution to global energy investment was over $500 billion in 2021
Energy Production and Consumption Interpretation
While renewable energy supplied nearly a third of global electricity in 2021 and fossil fuels still dominate with over 75%, the rapid aging of US coal plants and persistent energy access gaps highlight that the path to a cleaner, more equitable grid remains a balancing act of innovation, investment, and policy.
Environmental Impact and Emissions
- Global carbon dioxide emissions from electricity generation totaled about 14 gigatonnes in 2021
Environmental Impact and Emissions Interpretation
With electricity generation responsible for roughly 14 gigatonnes of CO₂ emissions in 2021, it's clear that the industry's role in climate change is no longer just a statistic—it's a clarion call for cleaner power solutions.
Renewable Energy Developments
- Solar power capacity in the US reached 76 GW in 2022
- Wind energy contributed approximately 8.4% of total U.S. electricity generation in 2021
- China leads the world with over 1,200 GW of installed renewable energy capacity as of 2023
- In 2022, the renewable energy sector employed over 12 million people worldwide
- Hydropower remains the largest source of renewable electricity, generating around 16% of global electricity in 2021
- The EU aims to produce at least 32% of its energy from renewables by 2030
- In 2022, the renewable energy sector's global investment was approximately $330 billion
- In 2021, Australia generated about 20% of its electricity from wind energy
- The cost of utility-scale solar photovoltaics has decreased by over 85% since 2010
- The global share of decentralized renewable energy systems was around 20% in 2022
- The Asia-Pacific region accounts for over 60% of the world's renewable energy capacity
- The proportion of energy generated from wind and solar in the US has surpassed 20% as of 2023
- More than 50% of new electricity generation projects in the US in 2022 were renewable
- The levelized cost of electricity (LCOE) for solar has decreased by 82% since 2010
- In 2020, global electricity generated from geothermal sources was approximately 0.4% of total electricity production
- The top three countries investing the most in renewable energy are China, the US, and India
- Electric utilities in Europe committed approximately €230 billion to renewable energy projects from 2020 to 2022
Renewable Energy Developments Interpretation
As the US hits 76 GW of solar capacity and wind accounts for over 8%, while China leads with 1,200 GW and global investment surpasses $330 billion, it’s clear that renewable energy is no longer just an option but the new electric backbone—though with hydropower still holding the global crown and costs dropping faster than fossil fuels, the transition is both serious and beautifully accelerating.
Utility Industry Infrastructure & Investment
- The global electric utility industry is projected to reach a market size of $2.6 trillion by 2025
- The United States had approximately 4,000 utility-scale electricity generators in 2020
- Over 1,200 utility companies operate in North America
- In 2020, electric utilities invested over $120 billion in grid infrastructure in the US
- The average age of electrical infrastructure in the US is approximately 40 years
- Smart grid deployments have increased by over 30% globally from 2018 to 2022
- The US plans to spend approximately $120 billion on grid investment over the next decade to improve resilience and capacity
- The global energy storage market is projected to reach $25 billion by 2030
- In 2021, approximately 65% of US households had access to smart meters
- The average capacity factor for nuclear power plants in the US is around 92.2%
- The global electric utility industry’s investment in clean energy was approximately $600 billion from 2020 to 2022
- The number of electric utility customers in the US exceeded 150 million in 2020
- The average age of coal-fired power units in the US is approximately 40 years
- Microgrid deployments increased by 25% globally between 2018 and 2022
- The global electric utility industry is expected to invest over $4 trillion in infrastructure between 2023 and 2030
- The number of electric utility employees worldwide is estimated to be over 3 million
Utility Industry Infrastructure & Investment Interpretation
As the electric utility industry surges towards a $2.6 trillion horizon with a fleet of aging infrastructure, massive investments in smart grids and renewables signal a power shift from traditional to resilient, high-tech energy sources—highlighting that in this global race to electrify our future, staying wired is more crucial than ever.
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