Market Snapshot
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 547.04 Billion |
| Market Size (2029) | USD 704.85 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Market Overview
The Electricity Retailing Market size is estimated at USD 547.04 billion in 2024, and is expected to reach USD 704.85 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
- Over the medium period, the increase in the demand for electricity and the rising adoption of electric vehicles is expected to drive the market in the forecast period.
- On the other hand, new sources of distributed electricity generation are expected to restrain the market's growth.
- Nevertheless, advancements in the technology of the electricity retail market, like advanced meter and the requirement of power in the sub-Saharan Africa region, is expected to create opportunity for the market in the forecast period.
- Asia-Pacific is expected to dominate the market in the forecast period owing to the highest demand for electricity consumption in 2022.
Key Market Trends
Residential Segment is Expect to have a Significant Share in the Market
- Residential electricity use includes using electricity for lighting, heating, cooling, refrigeration, and operating appliances, computers, electronics, machinery, and public transportation systems.
- The United States has a significant share in World's electricity generation. In 2022, the country's share was 15.6% of the World's electricity generation.
- According to U.S. Energy Information Administration, total electricity consumption in the United States was about 4.05 trillion kWh in 2022, the highest amount recorded and 14 times greater than electricity use in 1950. Total electricity end-use consumption includes retail electricity sales to consumers and direct electricity use.
- Additionally, in 2022, the residential sector's retail electricity share was 38.9% of total electricity retail sales, 3.5% higher than in 2021. The total retail electricity consumption of the residential sector in the United States accounted for 1.42 trillion kWh in 2022.
- The adoption of smart meters, a significant measure of future-ready technologies, paves the way for the smart grid by enabling two-way real-time communication between distribution companies and consumers through general package radio services technologies. With supportive government policies for installing smart meters, the demand for retail electricity is expected to increase. In the residential sector, using smart meters can help improve the reliability and quality of electricity service for customers, track their electricity usage, and make informed decisions about reducing their energy consumption and saving money on their bills.
- For instance, in April 2022, European Union allocated around USD 134 million for five projects in the clean energy sector, including Advanced System for Remote Meter Reading Project. The project in Serbia will help the introduction of smart metering in the electricity distribution system in Serbia. The funds will be used for the first phase of smart meter deployment in Kraljevo, Cacak, and Nis.
- Thus, owing to the above points, the residential segment is expected to hold a significant market share.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is home to more than 50% of the global population and 60% of the large cities. The continent will face increasing demand for power in the future as millions of new customers are gaining access to electricity, with rapid population growth and industrialization.
- According to the Statistical Review of World Energy Data, in 2022, Asia-Pacific's total primary energy consumption accounted for 277.6 Exajoules, an annual growth rate of 2.1% compared to the previous year. A country like China has the highest electricity demand, accounting for 26.4 % of total world energy consumption.
- Various regional governments are also taking steps to apply modern technology in electricity retailing. Many countries in Asia-Pacific need more transmission and distribution (T&D) networks, and hence, electricity is not available in some of the remote and rural areas. To bring electricity to these areas, the countries in the region are investing heavily in building a transmission line network and smart metering system.
- For instance, in March 2023, the government of India implemented a nationwide Smart Meter program in the Revamped Distribution Sector Scheme (RDSS). Under this scheme, the government of India aims to install over 25 crore Smart Meters is envisaged across the country.
- Thus, owing to the above points, Asia-Pacific is expected to dominate the market in the forecast period.
Competitive Landscape
The global electricity retailing market is moderately fragmented. Some of the major companies (in no particular order) include Engie SA, AGL Energy Ltd., China Huadian Corporation LTD. (CHD), Duke Energy Corporation., and Electricite de France SA., among others.
Major Players
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AGL Energy Ltd.
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China Huadian Corporation LTD. (CHD)
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Electricite de France SA.
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Engie SA
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Duke Energy Corporation
*Disclaimer: Major Players sorted in no particular order
Recent Development
- July 2023: Adani Power started supplying electricity from its Godda in Jharkhand plant to Bangladesh. The company has commissioned the first 800 MW ultra-super-critical thermal power generation unit at Godda in Jharkhand. The plant has started supplying 748 MW of power to Bangladesh.
- November 2022: Enel North America started its retail energy business in select deregulated US states, starting with Texas. The company will help commercial and industrial (C&I) organizations purchase competitively priced renewable energy directly from Enel's generation assets.
Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increase in the Demand for Electricity
4.5.1.2 Rising Adoption of Electric Vehicles
4.5.2 Restraints
4.5.2.1 New Sources of Distributed Electricity Generation
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Residential
5.1.2 Commercial
5.1.3 Industrial
5.2 Geography
5.2.1 North America
5.2.1.1 United States of America
5.2.1.2 Canada
5.2.1.3 Rest of the North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Italy
5.2.2.4 Germany
5.2.2.5 Rest of the Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of the Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of the South America
5.2.5 Middle-East & Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Rest of the Middle-East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Engie SA
6.3.2 AGL Energy Ltd.
6.3.3 China Huadian Corporation LTD. (CHD)
6.3.4 Duke Energy Corporation
6.3.5 Electricite de France SA.
6.3.6 Enel S.p.A.
6.3.7 Keppel Electric Pte. Ltd.
6.3.8 Tata Power Co. Ltd.
6.3.9 E.ON SE
6.3.10 Iberdrola SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Using Digital Technologies in Electricity Retailing to Improve Customer Engagement
Scope of the Report
Electricity retailing is the final sale of electricity from generation to the end-use consumer. This is the fourth major step in electricity delivery, including generation, transmission, and distribution.
The electricity retailing market is segmented by end-user and geography (North America, Europe, Asia-Pacific, South America, and Middle-East & Africa). By end-user, the market is segmented into residential, commercial, and industrial. The report also covers the market size and forecasts for the electricity retail market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
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Frequently Asked Questions
How big is the Electricity Retailing Market ?
The Electricity Retailing Market size is expected to reach USD 547.04 billion in 2024 and grow at a CAGR of 5.20% to reach USD 704.85 billion by 2029.
What is the current Electricity Retailing Market size?
In 2024, the Electricity Retailing Market size is expected to reach USD 547.04 billion.
Who are the key players in Electricity Retailing Market ?
AGL Energy Ltd., China Huadian Corporation LTD. (CHD), Electricite de France SA., Engie SA and Duke Energy Corporation are the major companies operating in the Electricity Retailing Market .
Which is the fastest growing region in Electricity Retailing Market ?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electricity Retailing Market ?
In 2024, the Asia Pacific accounts for the largest market share in Electricity Retailing Market .
What years does this Electricity Retailing Market cover, and what was the market size in 2023?
In 2023, the Electricity Retailing Market size was estimated at USD 520 billion. The report covers the Electricity Retailing Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Electricity Retailing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electricity Retailing Market Industry Report
Statistics for the 2024 Electricity Retailing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electricity Retailing analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Electricity Retailing Market Report Snapshots
