Electricity Procurement Outlook 2030: Embracing Sustainable Practices
The electricity category is anticipated to grow at a CAGR of 8% from 2023 to 2030. In 2022, the category size was estimated to be valued at USD 1.79 trillion. Emerging and expanding economies in Asia are the driving forces for increasing growth. Policy, technology, and consumer preferences are all factors affecting how the globe consumes electricity. The category's growth is being driven by the electrification of everything from cars to buses to high-speed railways, as well as the expansion of access to reliable energy in emerging countries. Electric automobiles can increase a home's usage of electricity by more than 50%. Global power consumption continues to shift proportionally as countries' populations and economies expand faster. It has increased around four times faster than global energy consumption. Global demand for the category is also increasing, owing mostly to a rise in wind, solar, natural gas-fired generating, and nuclear. Renewables and nuclear power are exp...