From surging global demand to record-breaking renewable investments, the numbers of 2023 reveal an electrical supply industry in the throes of a profound and powerful transformation.
Key Takeaways
- In 2023, the global electricity generation reached 29,471 TWh, marking a 2.5% increase from 2022 driven by renewable expansion.
- U.S. electric utility retail sales totaled 3,831 billion kWh in 2023, up 1.2% from the previous year.
- The global power generation market size was valued at USD 2.9 trillion in 2023.
- In 2022, global coal-fired power generation capacity was 2,142 GW.
- U.S. net electricity generation from renewables hit 844 billion kWh in 2023, 22% of total.
- China's coal power generation produced 5,860 TWh in 2023.
- U.S. residential electricity consumption averaged 10,791 kWh per household in 2022.
- Global electricity demand grew by 2.2% to 27,107 TWh in 2023.
- China's electricity demand increased 7.0% in 2023.
- U.S. transmission line miles totaled 240,000 circuit-miles at 230 kV and above in 2022.
- Global grid investment needs $21 trillion by 2050 for net zero.
- China added 10 GW of UHVDC lines in 2023.
- U.S. electric industry employed 750,000 workers in 2023.
- Global renewable energy jobs reached 13.7 million in 2023.
- China's power sector employed 5 million people in 2023.
Global electricity demand grows as renewable energy expands worldwide.
Consumption and Demand
- U.S. residential electricity consumption averaged 10,791 kWh per household in 2022.
- Global electricity demand grew by 2.2% to 27,107 TWh in 2023.
- China's electricity demand increased 7.0% in 2023.
- U.S. commercial sector consumed 1,359 billion kWh in 2023.
- India's per capita electricity consumption was 1,395 kWh in FY2023.
- EU electricity consumption dropped 3.6% to 2,620 TWh in 2023.
- Peak U.S. electricity demand reached 748 GW in summer 2023.
- Global data center electricity use was 460 TWh in 2022, projected to double by 2026.
- Japan's residential electricity use averaged 4,300 kWh per household in 2022.
- Brazil's industrial electricity consumption was 200 TWh in 2022.
- Australia's per capita electricity consumption was 9,300 kWh in 2022.
- South Korea's electricity demand peaked at 99.4 GW in 2023.
- Germany's industrial electricity use fell 8% to 250 TWh in 2023.
- Canada's total electricity consumption was 550 TWh in 2022.
- U.S. industrial sector demand was 990 billion kWh in 2023.
- Global EV charging demand consumed 30 TWh in 2023.
- Saudi Arabia's electricity consumption grew 3.5% to 350 TWh in 2023.
Consumption and Demand Interpretation
The world is powering up at a record pace, with our appetite for electricity racing ahead like an unwinnable game of Whac-A-Mole, as surging global demand, a gluttonous data center boom, and the rise of EVs compete with valiant but sporadic efforts at conservation.
Employment and Sustainability
- U.S. electric industry employed 750,000 workers in 2023.
- Global renewable energy jobs reached 13.7 million in 2023.
- China's power sector employed 5 million people in 2023.
- U.S. solar workforce grew to 280,000 jobs in 2023.
- EU green energy transition created 1.5 million jobs by 2023.
- India's power ministry workforce was 1.2 million in FY2023.
- Global wind industry employed 1.3 million in 2023.
- U.S. utility-scale solar added 30,000 jobs in 2023.
- Australia's clean energy jobs hit 30,000 in 2023.
- Japan's energy sector employment declined to 200,000 in 2023.
- Brazil's hydropower operations employed 100,000 workers.
- South Korea's KEPCO had 50,000 employees in 2023.
- Global CO2 emissions from electricity generation were 12.6 Gt in 2023.
- U.S. power sector CO2 emissions fell 4% to 1.6 billion metric tons in 2023.
- Global renewable share in electricity reached 30% in 2023.
- China's renewable capacity hit 1,616 GW by end-2023.
- U.S. avoided 500 million metric tons CO2 via renewables in 2023.
- EU achieved 44% renewable electricity in 2023.
- India's renewable generation share rose to 12% in FY2023.
Employment and Sustainability Interpretation
While the global energy sector remains a titanic employer with its wires deeply entangled in the old world, the surging green job numbers and falling emissions prove we're finally, and quite gainfully, rewiring the planet.
Generation and Production
- In 2022, global coal-fired power generation capacity was 2,142 GW.
- U.S. net electricity generation from renewables hit 844 billion kWh in 2023, 22% of total.
- China's coal power generation produced 5,860 TWh in 2023.
- Wind power generated 2,157 TWh globally in 2023, up 10% YoY.
- U.S. natural gas plants generated 1,730 billion kWh in 2023, 43% of total.
- Solar PV global generation reached 1,730 TWh in 2023.
- India's total electricity generation was 1,757 BU in FY2023.
- EU-27 hydroelectric generation totaled 512 TWh in 2022.
- Nuclear power generated 2,650 TWh worldwide in 2023.
- Brazil's hydropower output was 432 TWh in 2022.
- Japan's total power generation capacity stood at 347 GW in 2023.
- Australia's coal generation fell to 124 TWh in NEM for 2022-23.
- South Africa's Eskom generated 220 TWh in 2023, mostly coal.
- France's nuclear generation was 320 TWh in 2023.
- Global battery storage capacity added 110 GW in 2023.
Generation and Production Interpretation
Despite its stubbornly dominant grip, the old king coal is now sweating under the combined glare of a solar boom, a wind surge, and a battery-powered sidekick waiting in the wings.
Infrastructure and Investments
- U.S. transmission line miles totaled 240,000 circuit-miles at 230 kV and above in 2022.
- Global grid investment needs $21 trillion by 2050 for net zero.
- China added 10 GW of UHVDC lines in 2023.
- U.S. utilities invested $50 billion in T&D infrastructure in 2023.
- EU smart meter rollout reached 85% of households by 2023.
- India's transmission network expanded to 485,000 ckm in FY2023.
- Australia invested AUD 12 billion in grid upgrades 2022-23.
- Japan modernized 50,000 km of distribution lines post-2022.
- Brazil's grid capacity increased by 5 GW interconnections in 2023.
- Global submarine cable investments hit $15 billion in 2023 for HVDC.
- U.S. battery storage capacity reached 15.8 GW in 2023.
- Germany's Energiewende invested EUR 500 billion since 2000 in grid.
- South Africa's grid reinforcement cost ZAR 100 billion planned to 2030.
- Canada added 2,000 km HV lines in 2023.
Infrastructure and Investments Interpretation
While America meticulously maintains its sprawling 240,000-mile circuit backbone and spends billions, the world is furiously, and often with more dramatic pace, building, burying, and bolting together a new grid—proving the global energy transition is less a gentle upgrade and more a breathtakingly expensive and competitive infrastructure race where everyone is now playing catch-up with the future.
Market Size and Revenue
- In 2023, the global electricity generation reached 29,471 TWh, marking a 2.5% increase from 2022 driven by renewable expansion.
- U.S. electric utility retail sales totaled 3,831 billion kWh in 2023, up 1.2% from the previous year.
- The global power generation market size was valued at USD 2.9 trillion in 2023.
- China's electricity consumption grew by 6.7% in 2023 to 9,220 TWh.
- European Union's electricity market revenue hit EUR 500 billion in 2022 amid energy crisis.
- India's power sector revenue reached INR 5.5 lakh crore in FY2023.
- Global electricity retail market projected to grow at 3.8% CAGR to USD 4.5 trillion by 2030.
- U.S. investor-owned utilities reported $250 billion in operating revenues in 2022.
- Japan's electricity sales volume was 936.7 TWh in FY2022.
- Brazil's electricity market size estimated at BRL 300 billion in 2023.
- Australia's National Electricity Market (NEM) generated AUD 15 billion revenue in 2022-23.
- South Korea's electricity sales revenue was KRW 70 trillion in 2023.
- Germany's electricity wholesale market turnover exceeded EUR 200 billion in 2022.
- Canada's electricity industry revenues totaled CAD 90 billion in 2022.
- Saudi Arabia's power sector market value reached SAR 100 billion in 2023.
Market Size and Revenue Interpretation
The global electricity industry is a multi-trillion-dollar behemoth growing steadily on a diet of renewables, where even a 1.2% sales increase in the U.S. represents a shockingly large amount of money and power.
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