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Oncor Reports Second Quarter 2024 Results
Oncor Electric Delivery Company LLC (“Oncor”) today reported three months ended June 30, 2024 net income of $251 million compared to three months ended June 30, 2023 net income of $200 million. The $51 million increase was driven by higher revenues primarily due to updated interim rates to reflect increases in invested capital, increases in transmission billing units, higher customer consumption primarily attributable to weather, the new base rates implemented in May 2023 and customer growth, partially offset by higher costs associated with increases in invested capital (primarily borrowing costs and depreciation) and higher operation and maintenance (“O&M”) expense.
“Over a 21-day period in the months of May and June, tornados touched down in the Temple/Killeen area, a storm with straight line winds measuring as high as 95 miles per hour passed through the DFW metroplex, and additional storms impacted our East Texas region. I want to thank the 12,000 Oncor employees, contractors and off-system personnel who worked around the clock, restoring service to our customers as soon as safely possible,” Allen Nye, Oncor CEO said. “Oncor has also reached a settlement in principle with the parties to our system resiliency plan case. We hope to have the agreement documented and approved by the Public Utility Commission of Texas in the coming months. We believe the agreement will accomplish all of the benefits of our filed plan. We appreciate all of the parties’ constructive engagement, especially the Public Utility Commission of Texas Staff.”
Oncor’s reported net income of $476 million in the six months ended June 30, 2024 compared favorably to net income of $303 million in the six months ended June 30, 2023. The $173 million increase was driven by higher revenues primarily due to updated interim rates to reflect increases in invested capital, increases in transmission billing units, higher customer consumption primarily attributable to weather, the new base rates implemented in May 2023 and customer growth, and the write-off of rate base disallowances recorded in the first quarter of 2023, partially offset by higher costs associated with increases in invested capital (primarily borrowing costs and depreciation) and higher O&M expense. Financial and operational results are provided in Tables A, B, C, D and E below.
Operational Highlights
In the three months ended June 30, 2024, Oncor increased its premise count by 20,000. The continued growth across Oncor’s transmission and distribution footprint resulted in the construction or upgrading of approximately 175 circuit miles of transmission lines and included 25 load-serving substation projects and 18 major switching station projects all being placed into service in the second quarter of 2024. Oncor received 98 new transmission point of interconnection (“POI”) requests in the three months ended June 30, 2024, an approximate seven percent increase over the same period in 2023. The majority of those new requests are from large commercial and industrial (“LC&I”) customers. At June 30, 2024, Oncor had a total of 814 active generation and LC&I transmission POI requests in queue as compared to 720 at June 30, 2023, representing a 13% increase. Generation customers represented 473 of those POI requests in queue of which 46% are solar, 43% are storage, 7% are wind, 3% are gas and 1% are other. LC&I requests come from customers across a diverse group of industries, including many with electricity loads that represent the potential for hundreds of megawatts of new electric load, such as artificial intelligence and data centers. Of the 341 active LC&I transmission POI requests in Oncor’s queue at June 30, 2024, approximately 25% of those projects represent large load customers that in the aggregate represent over 40 gigawatts of potential load.
Oncor is committed to enhancing the resiliency and reliability of its system. In May 2024, Oncor filed a system resiliency plan (“SRP”) with the Public Utility Commission of Texas (“PUCT”) for approval that, if fully implemented, Oncor believes will help mitigate the impact and duration of severe weather outages. Oncor’s SRP (PUCT Docket No. 56545) requests approval of approximately $2.9 billion in capital investment and $520 million in O&M expenses over a three-year period to enhance the resiliency of its transmission and distribution system. These capital investments would be incremental to Oncor’s previously announced $24.2 billion five-year capital plan for the 2024-2028 period. The SRP proposes various measures to address certain resiliency events, including extreme weather, which Oncor believes will provide a substantial reduction in outage minutes for customers, while also expanding and accelerating Oncor’s efforts around wildfire risk mitigation, physical security threats, cybersecurity threats, vegetation management and the expanded deployment of smart grid technologies. These investments, if approved, are expected to enable Oncor’s transmission and distribution system to better withstand and more quickly recover from the wide range of extreme weather conditions and other risks Oncor experiences across its diverse service area.
On August 5, 2024, Oncor filed a letter in the SRP proceeding noting that the parties have reached a settlement in principle and that the parties are working to finalize a written settlement agreement by August 16, 2024 for PUCT review and approval. A final order on Oncor’s SRP application is expected from the PUCT by the end of the year.
In late June, Oncor published its fifth annual Corporate Sustainability Overview, highlighting its sustainable business practices, including its efforts to enhance the resiliency and reliability of its system. The Corporate Sustainability Overview is available on Oncor’s website at oncor.com under the Investor Relations section.
Liquidity
As of August 5, 2024, Oncor’s available liquidity, consisting of cash on hand and available borrowing capacity under its existing credit facilities, commercial paper program and accounts receivable facility (“AR Facility”), totaled $2.2 billion.
Sempra Internet Broadcast Today
Sempra (NYSE: SRE) (BMV: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of second quarter 2024 results and other information relating to Oncor. Oncor Chief Executive Allen Nye will participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra’s website, sempra.com/investors. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.
Quarterly Report on Form 10-Q
Oncor’s Quarterly Report on Form 10-Q for the period ended June 30, 2024 will be filed with the U.S. Securities and Exchange Commission after Sempra’s conference call and once filed, will be available on Oncor’s website, oncor.com.
Oncor Electric Delivery Company LLC
Table A – Condensed Statements of Consolidated Income (Unaudited)
Three and Six Months Ended June 30, 2024 and 2023
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
(U.S. dollars in millions)
Operating revenues
$
1,492
$
1,343
$
2,950
$
2,635
Operating expenses:
Wholesale transmission service
351
322
702
643
Operation and maintenance
295
271
594
534
Depreciation and amortization
261
242
518
482
Provision in lieu of income taxes
53
41
100
68
Taxes other than amounts related to income taxes
136
141
280
286
Write-off of rate base disallowances
–
–
–
55
Total operating expenses
1,096
1,017
2,194
2,068
Operating income
396
326
756
567
Other (income) and deductions – net
(16)
(5)
(30)
2
Non-operating benefit in lieu of income taxes
–
(2)
(1)
(8)
Interest expense and related charges
161
133
311
256
Write-off of non-operating rate base disallowances
–
–
–
14
Net income
$
251
$
200
$
476
$
303
Oncor Electric Delivery Company LLC
Table B – Condensed Statements of Consolidated Cash Flows (Unaudited)
Six Months Ended June 30, 2024 and 2023
Six Months Ended June 30,
2024
2023
(U.S. dollars in millions)
Cash flows – operating activities:
Net income
$
476
$
303
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including regulatory amortization
602
536
Write-off of rate base disallowances
–
69
Provision in lieu of deferred income taxes – net
57
23
Changes in operating assets and liabilities:
Accounts receivable
(202)
(78)
Inventories
(28)
(49)
Accounts payable – trade
162
(6)
Regulatory assets – deferred revenues
(51)
(120)
Regulatory assets – self-insurance reserve
(236)
(166)
Other assets and liabilities
(142)
19
Cash provided by operating activities
638
531
Cash flows – financing activities:
Issuances of senior secured notes
1,442
1,400
Repayments of senior secured notes
(500)
–
Borrowings under term loans
–
775
Repayments under term loans
–
(875)
Borrowings under AR Facility
540
425
Repayments under AR Facility
(400)
(100)
Borrowings under $500M Credit Facility
500
–
Net change in short-term borrowings
(282)
(198)
Contributions from members
480
221
Distributions to members
(251)
(255)
Debt discount, financing and reacquisition costs – net
(15)
(33)
Cash provided by financing activities
1,514
1,360
Cash flows – investing activities:
Capital expenditures
(2,196)
(1,890)
Sales tax audit settlement refund
56
–
Other – net
20
17
Cash used in investing activities
(2,120)
(1,873)
Net change in cash, cash equivalents and restricted cash
32
18
Cash, cash equivalents and restricted cash – beginning balance
151
98
Cash, cash equivalents and restricted cash – ending balance
$
183
$
116
Oncor Electric Delivery Company LLC
Table C – Condensed Consolidated Balance Sheets (Unaudited)
At June 30, 2024 and December 31, 2023
At June 30,
At December 31,
2024
2023
(U.S. dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents
$
20
$
19
Restricted cash, current
32
24
Accounts receivable – net
1,150
944
Amounts receivable from members related to income taxes
23
4
Materials and supplies inventories – at average cost
369
341
Prepayments and other current assets
183
101
Total current assets
1,777
1,433
Restricted cash, noncurrent
131
108
Investments and other property
171
158
Property, plant and equipment – net
29,727
28,057
Goodwill
4,740
4,740
Regulatory assets
1,721
1,556
Right-of-use operating lease and other assets
153
142
Total assets
$
38,420
$
36,194
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Short-term borrowings
$
–
$
282
Accounts payable – trade
811
600
Amounts payable to members related to income taxes
15
27
Accrued taxes other than amounts related to income
161
261
Accrued interest
127
117
Operating lease and other current liabilities
335
338
Total current liabilities
1,449
1,625
Long-term debt, noncurrent
14,862
13,294
Liability in lieu of deferred income taxes
2,412
2,320
Regulatory liabilities
2,951
3,000
Employee benefit plan obligations
1,430
1,442
Operating lease and other obligations
422
305
Total liabilities
23,526
21,986
Commitments and contingencies
Membership interests:
Capital account – number of units outstanding 2024 and 2023 – 635,000,000
15,093
14,388
Accumulated other comprehensive loss
(199)
(180)
Total membership interests
14,894
14,208
Total liabilities and membership interests
$
38,420
$
36,194
Oncor Electric Delivery Company LLC
Table D – Operating Statistics
Three, Six and Twelve Months Ended June 30, 2024 and 2023; mixed measures
Twelve Months EndedJune 30,
%
2024
2023
Change
Reliability statistics (a):
System Average Interruption Duration Index (SAIDI) (non-storm)
70.4
69.4
1.4
System Average Interruption Frequency Index (SAIFI) (non-storm)
1.0
1.1
(9.1)
Customer Average Interruption Duration Index (CAIDI) (non-storm)
72.6
63.6
14.2
Electricity points of delivery (end of period and in thousands):
Electricity distribution points of delivery (based on number of active meters)
4,008
3,933
1.9
Three Months EndedJune 30,
Increase
Six Months EndedJune 30,
Increase
2024
2023
(Decrease)
2024
2023
(Decrease)
Residential system weighted weather data (b):
Cooling degree days
652
552
100
677
582
95
Heating degree days
6
11
(5)
459
386
73
Three Months EndedJune 30,
%
Six Months EndedJune 30,
%
2024
2023
Change
2024
2023
Change
Operating statistics:
Electric energy volumes (gigawatt-hours)
Residential
11,432
10,807
5.8
21,896
20,492
6.9
Commercial, industrial, small business and other
28,911
27,249
6.1
55,760
52,343
6.5
Total electric energy volumes
40,343
38,056
6.0
77,656
72,835
6.6
(a)
SAIDI is the average number of minutes electric service is interrupted per consumer in a twelve-month period. SAIFI is the average number of electric service interruptions per consumer in a twelve-month period. CAIDI is the average duration in minutes per electric service interruption in a twelve-month period. In each case, Oncor’s non-storm reliability performance reflects electric service interruptions of one minute or more per customer. Each of these results excludes outages during significant storm events.
(b)
Degree days are measures of how warm or cold it is throughout Oncor’s service territory. A degree day compares the average of the hourly outdoor temperatures during each day to a 65° Fahrenheit standard temperature. The more extreme the outside temperature, the higher the number of degree days. A high number of degree days generally results in higher levels of energy use for space cooling or heating.
Oncor Electric Delivery Company LLC
Table E – Operating Revenues
Three and Six Months Ended June 30, 2024 and 2023
Three Months EndedJune 30,
$
Six Months EndedJune 30,
$
2024
2023
Change
2024
2023
Change
(U.S. dollars in millions)
Operating revenues
Revenues contributing to earnings:
Distribution base revenues
Residential (a)
$
358
$
307
$
51
$
687
$
551
$
136
Large commercial & industrial (b)
312
274
38
617
545
72
Other (c)
30
33
(3)
60
69
(9)
Total distribution base revenues (d)
700
614
86
1,364
1,165
199
Transmission base revenues (TCOS revenues)
Billed to third-party wholesale customers
263
238
25
525
488
37
Billed to REPs serving Oncor distribution customers, through TCRF
144
133
11
287
274
13
Total TCOS revenues
407
371
36
812
762
50
Other miscellaneous revenues
22
25
(3)
46
42
4
Total revenues contributing to earnings
1,129
1,010
119
2,222
1,969
253
Revenues collected for pass-through expenses:
TCRF – third-party wholesale transmission service
351
322
29
702
643
59
EECRF and other revenues
12
11
1
26
23
3
Total revenues collected for pass-through expenses
363
333
30
728
666
62
Total operating revenues
$
1,492
$
1,343
$
149
$
2,950
$
2,635
$
315
(a)
Distribution base revenues from residential customers are generally based on actual monthly consumption (kWh). On a weather-normalized basis, distribution base revenues from residential customers increased 12.3% in the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 and increased 20.1% in the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.
(b)
Depending on size and annual load factor, distribution revenues from LC&I customers are based either on actual monthly demand (kilowatts) or the greater of actual monthly demand (kilowatts) or 80% of peak monthly demand during the prior eleven months.
(c)
Includes distribution base revenues from small business customers whose billing is generally based on actual monthly consumption (kWh), lighting sites and other miscellaneous distribution base revenues.
(d)
The 14.0% increase in distribution base revenues in the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 (12.1% increase on a weather-normalized basis) primarily reflects updated interim distribution cost recovery factor rates, higher customer consumption primarily attributable to weather, new base rates implemented May 1, 2023 and growth in points of delivery. The 17.1% increase in distribution base revenues in the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 (15.0% increase on a weather-normalized basis) primarily reflects updated interim distribution cost recovery factor rates, new base rates implemented May 1, 2023, higher customer consumption primarily attributable to weather and growth in points of delivery.
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Thomson Reuters SYNERGY Conference Debuts in Dubai Bringing Customer-Driven Innovation to Legal, Tax and Finance Professionals
Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today brings its premiere SYNERGY conference to the Middle East and North Africa for leaders in the legal, tax and finance professions. In an increasingly complex regulatory environment, Thomson Reuters is delivering a customer-driven innovation roadmap to empower professionals with the knowledge and technology to solve business challenges.
Ibrahim Abdel Rehim, Regional Head, Middle East & North Africa, Thomson Reuters said: “By bringing our global flagship conference to Dubai for the first time in 2024, Thomson Reuters is showcasing its continued commitment to investing in the region. Our aim is to provide the knowledge, connections and technology to help professionals understand today and navigate tomorrow with confidence.”
Announcements at SYNERGY MENA 2024 include:
The launch of our new Westlaw Middle East: The new and improved legal research application demonstrates major advances in legal search and collaboration tools, enabling Westlaw Middle East customers to complete legal research quicker and more effectively than before. Lawyers in the Middle East will be able to access both Arabic and translated English legislation and case law, supporting them to stay ahead of the complex legal landscape.Sonya Syan, Head of Knowledge Management, Al Tamimi & Company, said: “As a longstanding client of Westlaw Middle East, we are delighted to see significant enhancements being made to the platform. The new interface is clean and much more user-friendly, catering to the needs of bilingual lawyers while greatly improving research efficiency and accuracy. These upgrades are timely as the region has seen accelerated growth in recent years, driving an increased demand for faster, more informed legal insights.”
Practical Law unveils expansion plans to deepen legal know-how content offering in Middle East: For the first time, lawyers will have access to growing repositories of locally maintained content designed to help them keep pace with regional legal developments, compare jurisdictions across the GCC, and gain an overview of the legal system in minutes.
Continuous investment in tax offerings: As the region looks to diversify revenue sources and standardize the tax systems, we’ve seen e-invoicing mandates already confirmed across five countries in the region with four more likely to follow. Thomson Reuters is dedicated to ensuring tax professionals stay compliant while navigating changing regulations through our continuous investment in ONESOURCE and our recent acquisition of Pagero, a global leader in e-invoicing and indirect tax solutions.
Deep dive into CoCounsel, the professional-grade GenAI assistant: Immersing attendees into the AI technology strategy and demonstrating our commitment to and progress toward transforming the way legal professionals work.His Excellency Professor Dr. Ebrahim Alhajri, President, Khalifa University, said: “We are committed to staying in the forefront of innovation and providing our students, faculty, and researchers with the best tools to succeed in a rapidly evolving world. Partnering with Thomson Reuters to implement CoCounsel is a significant step in our journey to integrate advanced AI solutions into our academic and operational framework. We are delighted to see the transformative impact this will have on our community.”
Other key topics from the day include:
The UAE’s Shift to a Digital First Nation: The opening keynote by His Excellency Dr. Saeed Al Dhaheri uncovers how leaders in the UAE propelled the nation to the forefront of digital innovation, with a look ahead to their ambitious roadmap for continued digital success.
Forces Shaping Professional Work: Panel discussion with industry leaders from Al Futtaim, Gartner and Abu Dhabi University exploring how AI and digital transformation is rapidly reshaping the UAE’s professional landscape, including insights from The Future of Professionals report.
Navigating Compliance Complexity: Tax, finance and legal experts discuss the latest developments and strategic implications of new regulations on multinationals, including insights from the Ministry of Finance and the UAE Cabinet.
International expansion of strategic industries: In a panel hosted by Reuters, leaders from Emirates, Masdar and Gradiant delve into the opportunities and challenges posed by macroeconomic trends on international expansion plans in their industries.
Thomson ReutersThomson Reuters (TSX/NYSE: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.
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Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today unveiled the Citation Laureates 2024 list – used to forecast future Nobel Prize recipients. These 22 exceptional scientists and economists spanning six countries have demonstrated such groundbreaking impact in their fields that their work is considered of Nobel stature. Experts at the Institute for Scientific Information (ISI) at Clarivate have identified 75 Citation Laureates prior to their Nobel success – often several years before they received Nobel honors.
This year’s Citation Laureates have made significant contributions to advancing key areas, including clean energy, nanotechnology, 3D protein structures, the economic impact of corruption, heart disease, molecular dynamics, quantum computing, genetic imprinting and condensed matter physics.
The list highlights 22 individuals based at leading academic institutions and corporate organizations. This year, 11 are based in the United States, six in the United Kingdom, two in Switzerland, and one each in Germany, Israel and Japan. These individuals have authored foundational research papers in their fields that are exceptionally highly cited and have had a broad societal impact.
John M. Jumper, Director at Google DeepMind and a Citation Laureate 2024, said: “Being named a Citation Laureate is a recognition of the impact our work has had – it’s not just about our discovery, but about the groundbreaking science being done on top of our discovery. This award recognizes that we are the shoulders on which other researchers are standing to see further. I’m deeply passionate that we’re able to make the work of scientists faster so medicine and science can work better for society.”
Demis Hassabis, CEO and Co-Founder at Google DeepMind and a Citation Laureate 2024, said: “I’m deeply honored to be named a Citation Laureate for 2024. I’ve dedicated my career to AI because of its potential to advance science and improve billions of lives, and AlphaFold is the first proof point of this promise. AlphaFold has been used by over 2 million researchers to advance critical work, from enzyme design to drug discovery. I believe AI will be one of the most beneficial technologies ever, enabling cures for devastating diseases, delivering truly personalized medicine, and powering ‘science at digital speed’.”
Emmanuel Thiveaud, Senior Vice President for Research & Analytics, Academia & Government at Clarivate said: “The Citation Laureates program is a tribute to the visionary minds driving innovation and societal impact across diverse fields of research. Their influence, evidenced by their extensive citation records, highlights the significant impact of their work on shaping future discoveries and contributions to societal progress. At Clarivate, we are proud to spotlight these pioneering individuals whose work offers transformative potential.”
Since 2002, analysts at the Institute for Scientific Information have drawn on publication and citation data from trusted journals in the Web of Science to identify potential Nobel Prize recipients in the fields of Physiology or Medicine, Physics, Chemistry and Economics. Out of nearly 61 million articles and proceedings indexed in the Web of Science since 1970, only 0.01% have been cited more than 2,000 times. Citation Laureates are selected from the authors of this group of papers.
The Citation Laureates 2024 are:
Physiology or Medicine
Jonathan C. Cohen, C. Vincent Prothro Distinguished Chair in Human Nutrition Research, University of Texas Southwestern Medical Center, Dallas, Texas, United States, and
Helen H. Hobbs, Investigator of the Howard Hughes Medical Institute; Professor of Internal Medicine and Molecular Genetics at the University of Texas Southwestern Medical Center, Dallas, Texas, United States
For research on the genetics of lipid metabolism, which has led to new drugs to treat cardiovascular diseases
Ann M. Graybiel, Institute Professor, Department of Brain and Cognitive Sciences, and Investigator, McGovern Institute for Brain Research, MIT, Cambridge, Massachusetts, United States, and
Okihide Hikosaka, NIH Distinguished Investigator, Laboratory of Sensorimotor Research, National Eye Institute, National Institutes of Health, Bethesda, Maryland, United States, and
Wolfram Schultz, Professor of Neuroscience, Department of Physiology, Development & Neuroscience, and Professorial Fellow, Churchill College, University of Cambridge, Cambridge, United Kingdom; Visiting Research Associate, Division of Human & Social Sciences, California Institute of Technology, Pasadena, California, United States
For physiological studies of the basal ganglia, central to motor control and behavior including learning
Davor Solter, Emeritus Director and Member, Department of Developmental Biology, Max Planck Institute of Immunobiology and Epigenetics, Freiburg, Germany, and
Azim Surani, Director of Germline and Epigenetics Research, Gurdon Institute; and Affiliated Professor, Cambridge Stem Cell Institute, University of Cambridge, Cambridge, United Kingdom
For the discovery of genomic imprinting, advancing our understanding of epigenetics and mammalian development
Physics
Rafi Bistritzer, Professor, School of Physics and Astronomy, Tel Aviv University, Tel Aviv, Israel, and
Pablo Jarillo-Herrero, Cecil and Ida Green Professor of Physics, Department of Physics, MIT, Cambridge, Massachusetts, United States, and
Allan H. MacDonald, Sid W. Richardson Foundation Regents Chair in Physics, Department of Physics, University of Texas at Austin, Austin, Texas, United States
For pioneering theoretical and experimental contributions to the physics of magic angle twisted bilayer graphene and related moiré quantum devices
David Deutsch, Visiting Professor of Physics, Centre for Quantum Computation, Clarendon Laboratory, and Honorary Fellow of Wolfson College, Oxford University, Oxford, United Kingdom, and
Peter W. Shor, Henry Adams Morss Professor of Applied Mathematics, MIT, Cambridge, Massachusetts, United States
For revolutionary contributions to quantum algorithms and computing
Christoph Gerber, Professor, Swiss Nanoscience Institute (SNI), Department of Physics, University of Basel, Basel, Switzerland
For invention and application of atomic force microscopy
Chemistry
David Baker, Professor of Biochemistry, Howard Hughes Medical Institute Investigator, and Director of the Institute for Protein Design, University of Washington School of Medicine, Seattle, Washington, United States, and
John M. Jumper, Director, Google DeepMind, London, United Kingdom, and
Demis Hassabis, CEO and Co-Founder, Google DeepMind, London, United Kingdom
For contributions to the prediction and design of three-dimensional protein structures and functions
Kazunari Domen, Special Contract Professor, Institute for Aqua Regeneration, Shinshu University, Nagano, Japan; University Professor, Office of University Professors, University of Tokyo, Tokyo, Japan
For fundamental research on photocatalysts for water splitting and the construction of solar hydrogen production systems
Roberto Car, Ralph W. *31 Dornte Professor in Chemistry, Professor of Chemistry and the Princeton Materials Institute; Director, Chemistry in Solution and at Interfaces Computational Chemical Science Center; Princeton University, Princeton, New Jersey, United States, and
Michele Parrinello, Professor Emeritus of Computational Science at the Faculty of Informatics, Università della Svizzera Italiana, Lugano, Switzerland; Professor Emeritus at the Department of Chemistry and Applied Biosciences, ETH Zurich, Zurich, Switzerland
For the Car-Parrinello method for calculating ab-initio molecular dynamics, a revolution in computational chemistry
Economics
Janet Currie, Henry Putnam Professor of Economics and Public Affairs, Princeton School of Public and International Affairs, Princeton University, Princeton, New Jersey, United States
For pioneering economic analysis of child development
Partha Dasgupta, Frank Ramsey Professor Emeritus of Economics, Faculty of Economics, University of Cambridge, Cambridge, United Kingdom
For integrating nature and its resources in the human economy
Paolo Mauro, Director, Economic and Market Research Department, International Finance Corporation, Washington, D.C., United States
For empirical studies of the effects of corruption on investment and economic growth
Notes to editors:To learn more about the list’s methodology and view our full list of Citation Laureates named since 2002, visit the Hall of Citation Laureates.
David Pendlebury, Head of Research Analysis at the Institute for Scientific Information at Clarivate is available for interview.
This year’s Nobel Prize announcements will take place 7–14 October. All the announcements will be streamed live at www.nobelprize.org.
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Camera Accessories Market to Reach $10.7 Billion, Globally, by 2033 at 11% CAGR: Allied Market Research
Allied Market Research published a report, titled, “Camera Accessories Market by Type (Lenses, Bags and Cases, Tripods, Batteries and Chargers, and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the camera accessories market was valued at $3.8 billion in 2023, and is estimated to reach $10.7 billion by 2033, growing at a CAGR of 11% from 2024 to 2033.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A06599
Prime determinants of growth
The market for camera accessories is mostly propelled by the rising demand for excellent photography and videography. The demand for sophisticated equipment including tripods, lenses, and lighting solutions has increased due to the growth of social media and content creation. The industry is growing due to technological developments such as smart features and wireless connectivity. Furthermore, there is a greater need for appropriate accessories due to the increasing popularity of mirrorless and DSLR cameras. However, the market experiences obstacles including high costs and the presence of counterfeit products. The increase in photographs taken with smartphones presents another risk. However, possibilities present themselves as the e-commerce industry grows, providing camera accessories to a wider range of consumers.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2023
$3.8 billion
Market Size in 2033
$10.7 billion
CAGR
11 %
No. of Pages in Report
250
Segments Covered
Type, Distribution Channel, and Region.
Drivers
Rise of Social Media and Content Creation
Advancements in Camera Technology
Growth in Professional Photography
Opportunities
Expansion of E-commerce
Innovations in Product Offerings
Emerging Markets
Restraints
High Costs
Market Saturation
Economic Uncertainties
Segment Highlights
The market for camera accessories is expanding significantly, especially for tripods, as more people get interested in photography as a recreational activity and as a profession. Demand is being driven mostly by growing disposable income and technological developments in cameras, particularly DSLRs and mirrorless systems. Both amateur and professional photographers are in high demand for tripods since they are necessary for maintaining stability when taking pictures. The market is competitive, with leading companies launching innovative devices like Zhiyun and more recent brands like Joby, Gitzo, and Manfrotto. The increasing number of travel photographers and vloggers is being served by the trend toward lightweight and portable tripods. The expansion of e-commerce platforms has also made it simple for customers to access a variety of tripod solutions, which is propelling market growth.
The market for offline camera accessories is still growing, driven by professionals and enthusiasts who want to experience products before they buy them. Customers may try products like tripods, lenses, and lighting equipment in physical stores since they provide a hands-on experience. For individuals in need of professional guidance and real-time troubleshooting, the advantages of personalized customer service and instant availability are noteworthy. Large electronics companies and specialty camera stores predominate in this market, frequently holding community engagement events like workshops and demos. An additional special offline benefit is the ability to compare various brands and models directly. The offline sector continues despite the growth of e-commerce since photography and videography require high-quality equipment to be considered firsthand.
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Regional Outlook
Global market outlooks for camera accessories vary by region. Leading manufacturers have a significant presence in the North American market, which is fueled by technological advancements and a strong culture of photography. As a result of photography’s increasing popularity as a hobby and profession, Europe is seeing consistent growth. Owing to rising disposable income and a growing interest in photography and videography, the Asia Pacific region, especially China and Japan are expanding quickly. Growing consumer awareness and better economic conditions are increasing demand for camera accessories, and Latin America and the Middle East & Africa regions provide unexplored opportunities. Altogether, cultural influences, economic variables, and technological advancements are reflected in the market’s regional dynamics.
Players: –
Canon Inc.
Elite Brands Inc.
FUJIFILM Corp.
Hitachi Ltd.
JVCKENWOOD Corp.
Kinefinity Inc.
Miller Australia Pty Ltd.
Nikon Corp.
Olympus Corp.
Panasonic Holdings Corp.
Panavision Inc.
RED Digital Cinema LLC
Ricoh Co. Ltd.
Rollei GmbH and Co. KG.
SIGMA Corp.
Sony Group Corp.
The Vitec Group Plc
Transcend Information Inc.
Koninklijke Philips NV
Samsung Electronics Co. Ltd.
The report provides a detailed analysis of these key players in the global camera accessories market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments:
In October 2023, Manfrotto strengthened its presence in the Asia-Pacific professional photography industry by acquiring Lastolite, a firm that specializes in lighting management solutions. Manfrotto’s product line and market reach?grew as a result of this purchase.
In August 2023, Fujifilm aimed to cater to the increasing demand for travel and street photographers in the Asia-Pacific region by introducing a variety of innovative camera bags and protective accessories to its product portfolio. This addition is intended to meet the unique requirements of photographers who need high-quality, fashionable camera equipment.
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The post Camera Accessories Market to Reach $10.7 Billion, Globally, by 2033 at 11% CAGR: Allied Market Research appeared first on HIPTHER Alerts.
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