Global Utilities Services Market Booms to USD 210.6 Billion in 2023
The global utilities services market is booming, reaching USD 210.6 billion in 2023. North America led the market, capturing a 30.5% share. This growth is driving economic development and job creation across regions, while also promoting sustainability and national energy security.
The market is projected to grow at a CAGR of 9.9%, reaching approximately USD 539.3 billion by 2033. This growth is driven by increased emphasis on sustainable energy sources, which reduce dependence on imports and stabilize fiscal deficits. However, rising input costs and supply chain volatility are increasing operational expenditure across sectors.
Leading companies are investing heavily in modernization. China's State Grid Corporation plans to spend $329 billion by 2025, while Southern Power Grid contributes $99 billion. In Europe, Germany's Mitnetz Strom is investing over 3 billion euros by 2030. In the U.S., PPL Electric Utilities is investing $356 million in smart grid upgrades, and Georgia Power has invested over $10 billion in smart grids and resilience over the last decade. Businesses are focusing on digitization, cost-efficiency, and sustainability to remain competitive in the stock market today.
With a projected global market value of USD 539.3 billion by 2033 and a CAGR of 9.9%, the utilities services market continues to grow. North America led the stock market in 2023, generating USD 64.22 billion in revenue. These investments and growth are transforming the sector and driving economic development worldwide.
