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energy consumption market is expected to reach USD 86.9 billion by 2026, up from USD 52.0 billion in 2020, with a CAGR of 10.8%.

Market overview:

In the context of global warming and the global commitment to mitigate the adverse effects of climate change, promoting the transition from energy consumption to clean and renewable alternatives is an imperative mission. The Energy Consumption Structure (ECS) is defined as the composition and proportion of each type of energy consumed (such as coal, oil, natural gas, nuclear energy and other renewable energies) in relation to the total energy consumption.

Recent developments:

Schneider Electric, a leader in the digital transformation of energy management and automation, announced today at CES 2021 the expansion of its Wiser smart home ecosystem, deepening the discussions around the smart and sustainable home. The Wiser line marks an important step forward in creating affordable, sustainable, energy efficient, durable and personalized homes.

Market Drivers and Restrains:

Rapid industrialization leading to an increase in total energy consumption can have a positive impact on companies involved in energy production using different resources. The energy consumption market focuses on analyzing the energy needs of various technology-based industries such as hydroelectric, wind, solar and others. The use of various devices by energy consumers, ultimately leading to higher levels of consumption and thus increasing demand, has put additional pressure on governments to provide vital energy to their citizens. The discovery of new unconventional reserves of shale gas, tar sands and shale oil capable of meeting future energy needs are the main opportunities for the energy consumption market.

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https://www.marketdataforecast.com/market-reports/energy-consumption-market

Report is segmented as:

By Type:

·         Energy supply services

·         Operational

·         Maintenance services

·         Energy efficiency

·         Optimization services

By End User:

·         Commercial

·         Industrial

Geographical Segmentation:

Regional segmentation of the energy consumption market can be carried out by identifying the countries with the highest levels of energy consumption. Top countries include the United States and Canada in North America; United Kingdom, France, Spain, Russia, Italy and Germany in Europe; China, Malaysia, Indonesia, India, Japan, South Korea, Thailand and Australia in the Asia-Pacific region; Brazil, Argentina and Venezuela in Latin America. The Rest of the World (RoW) segment includes Middle Eastern and African countries such as Saudi Arabia, Iran, Iraq, Nigeria, Egypt and South Africa. Increasing populations and industrialization, especially in Asia-Pacific countries such as India and China, have resulted in a general increase in energy demand.

Impact of COVID-19 on Energy Consumption Market:

Electricity demand fell to closing levels on Sunday, with dramatic cuts in services and industry only partially offset by higher residential use. When containment was relaxed in Italy and Germany in April, electricity demand showed the first signs of recovery. This trend continued in May, when more countries (India, France, Spain, Great Britain) relaxed the blockade measures. In June and July, electricity demand corrected for weather remained 10% and 5%, respectively, below the 2019 level of the same month, in most countries except India, where the recovery was more pronounced. In August, the sustained recovery in electricity demand growth in EU countries brought them closer to their 2019 levels, although some restrictive measures continued to dampen electricity demand in September.

Key market players:

·         Schneider electric

·         Engine

·         Siemens

·         Honeywell

·         Veolia

·         Enel X

·         EDF renewable energy

Miller Brian

author

About Us: Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corpo

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