Global Retail Electricity Market: Introduction
· Electricity generated by utility plants and other renewable energy sources is sold in the wholesale market, which includes electricity utility companies, competitive power providers, and electricity marketers. This electricity is then sold to the retail market, i.e. to end-users. In these electricity transactions, the demand of electricity is maintained and distributed by the market operator.
· In the retail electricity market, end-use customers can choose their suppliers from competing electricity retailers. This leads to cost savings and better customer service. Rise in competition is expected to boost the demand for renewable energy in the near future. Thus, the global retail electricity market is expected to expand steadily throughout the forecast period.
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Key Drivers and Restraints of Global Retail Electricity Market
· Rise in demand for retail electricity in order to expand the energy access to several unserved and underserved areas is considered one of the important factors estimated to fuel the global retail electricity market in the next few years. Additionally, stringent government regulations focusing on reducing the environmental and health impact of electricity service are likely to boost the market in the next few years. Key players in the market are striving to develop reliable and cost-effective power utilities. This is expected to contribute extensively to the growth of the global market in the near future.
· The global retail electricity market is anticipated to face several challenges in the next few years, owing to the entry of new sources of distributed generation. This is estimated to result in potential threat to the existing market players operating in the global retail electricity market. Nonetheless, robust expansion of energy access is projected to generate lucrative opportunities for the global retail electricity market in the next few years.
Global Retail Electricity Market: Segmentation
· In terms of end-user, the retail electricity market can be classified into residential, commercial, and industrial. In terms of demand, residential and commercial segments are likely to expand significantly during the forecast period.
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Global Retail Electricity Market: Regional Outlook
· Based on region, the global retail electricity can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
· Europe is expected to lead the global retail electricity market, as the region is considered to be the most active on the basis of electricity trading. This region is anticipated to register a healthy growth rate throughout the forecast period, owing to the significant contribution from Austria, Germany, Switzerland, and France. On the other hand, the market in North America is anticipated to witness strong growth in the next few years, due to the robust development of the over-the-counter trading market in the U.S.
· Asia Pacific is projected to generate lucrative opportunities for prominent players operating in the retail electricity market across the globe. Widespread retail electricity trading facilities established in Malaysia, China, Singapore, India, and Australia are estimated to augment the market in Asia Pacific in the next few years. Untapped opportunities in several developing economies are also likely to propel the global retail electricity market in the next few years.
COVID-19 Impact on Global Retail Electricity Market
· Demand for electricity decreased considerably during the initial phase of the COVID-19 pandemic due to nationwide lockdowns across the globe. Global demand for electricity among industrial and commercial end-users was significantly affected due to the closure of non-essential manufacturing units. However, demand for electricity increased among residential end-users. Relaxations in lockdown and rise in manufacturing activities are likely to propel the demand for electricity across the globe. Thus, the global retail electricity market is expected to expand significantly in the near future.
