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Global Electricity Market

In 2011, worldwide capital spending on electric power generation infrastructure is predicted to hit close to $404 billion based on research by Visiongain.

By 2014, the global electricity market should have a projected worth of $2,694 billion, climbing over 68% in five years to consumption of nearly 20,000 Terawatt-hour (Twh), according to calculations from MarketLine. Industry-related electric power needs represent almost 38% of the global electricity market’s overall worth.

In the two decades ending 2008, net electricity generation grew at a yearly rate of 3% while delivered energy consumption grew under 2% in the same period, according to the US Energy Information Administration (EIA). Electric power demand is growing at almost 2.5% annually and is forecast to continue at this rate until 2035. The EIA expects new electricity generation will grow almost 85% to close to 26 trillion kWh in 2020 and over 35 trillion kWh in 2035. In 2010, global electric power demand rose almost 5.5%.

Electric Power Equipment

The global electric equipment market segment - including power cables, wires and electrical switchgear - saw total revenue of over $179 billion last year, with power cable sales the strongest sub-segment generating $46 billion. MarketLine research shows that with an expected compound annual growth rate of more than 4% over the next four years, the global electric equipment market value should reach $219.5 billion before 2016.

Key Regional Market Share

The fastest rate of growth in global electricity demand in 2010 was in non-OECD countries, with a 10% jump. According to the EIA, more than a fifth of the global population, or almost 1.5 billion people, lacked electric power in 2009. Over 70% of sub-Saharan Africa’s population has no electric power. Getting electricity to underpowered areas can be a rapid process. The Vietnamese government put an electrification initiative into action that saw the number of rural homes with electricity jump from 50% in 1996 to 95% 12 years later.

Just under half the world’s electric power supply was used by non-OECD countries in 2008. This level of consumption is expected to rise to 60% by 2035. Non-OECD nation electricity generation is rising at an annual rate of almost 2.5%. The generation rate in China and India is above average at 4%, expected to remain steady up to 2035. In the same period, electricity generation in OECD countries will around 1%.

The global electric power market is moderately competitive, though Asia-Pacific represents over 40% of the market with China Southern Power Grid a top provider at over 12% of the market in terms of volume, according to MarketLine.

Non-OECD Net Electricity Generation by Region, *In Trillion Kilowatthours, 1990-2035  

Electricity Supply Sources

Coal is the top energy source for the generation of electric power, representing 40% of the global supply of electric power; coal is set to fall to 37% by 2035, according to the EIA. The use of oil has been falling steadily due to high prices. Environment-conscious governments are turning away from fossil fuels in favor of renewable energy. Consumption of renewable energy is set to continue increasing at its current rate of over 3% to 2035. Renewable energy is followed by gas, growing at over 2.5% annually, and nuclear at just under 2.5%.

 World Net Electricity Generation by Fuel *In Trillion Kilowatthours, 2008-2035

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Parent industry: Energy
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