Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 81

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 81
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 by rate adjustments, has catalyzed the pace of multi-year expenditures on critical infrastructure. According to the American Gas Association, the Unites States has over 2.6 million miles of natural gas pipeline delivering energy to 187 million customers daily. In 2022, natural gas produced one-third of the energy consumed in the United States. Examples of our multi-year reoccurring revenue assignments in the utilities space include undergrounding of electric distribution lines, procurement of rights-of-way and easements, land surveying and geomatics, gas distribution system mapping, and design for gas distribution pipeline replacement. 

Renewable energy encompasses all activities supporting the energy sector’s transition away from fossil-based systems of energy production in favor of renewable energy sources such as wind and solar, as well as lithium-ion batteries. According to Wood Mackenzie, the U.S. will need to invest one trillion dollars per year in new energy capacity over 20 years to meet the demands of economic growth and energy transition. In its report, Renewables 2020—Analysis and forecast to 2025, the International Energy Agency predicts that renewables are expected to account for 95% of the net increase in global power capacity through 2025. During that period, the share of renewables in electricity generation was forecast to grow from 27% in 2020 to 33% in 2025. Limited natural resources, increasing demand, and disruptive innovation are driving consequential private and public investment in the expansion of renewable energy facilities. Despite evolving U.S. domestic energy priorities away from non-traditional energy sources, we believe that increasing demand for industrial grade renewable infrastructure and expanded capacity within existing facilities presents opportunity for the sale of our services. Recent acquisitions have provided us the capability and reputation needed to serve the renewables energy 

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market. Over the long-term, energy efficiency plays a pivotal role in advancing sustainable development within the global economy. Efforts to decarbonize the global energy system and advance the world’s climate objectives are dependent on improving energy efficiency. We view the energy efficiency market as one that is synergistic with the renewable energy market as well as the power and utilities market–.

Within our power, utility and energy services practice we work for customers that include large electric transmission systems, gas utilities, and renewables and decarbonization providers. For the years ended December 31, 2024 and 2023, Power and Utilities represented 17.6% and 18.5%, respectively, of our gross contract revenues.

Building Infrastructure