The global digital utility market size was valued at USD 244.3 billion in 2022 and is expected to surpass USD 709.13 billion by 2031, expanding at a CAGR of 12.57% during the forecast period, 2023–2031. The growth of the market is attributed to rising number of energy efficiency and renewable power generation projects.
Digital utility is the digital transformation by adoption of digital ways in working, the utility industry can reinvent itself, generally with business goals in mind. Common business goals can include improved interactions with customers, greater efficiencies, more streamlined operations, and hopes of evolving new business models.
Digital devices are rapidly being used in the transmission, power generation, and distribution industries to improve plant reliability, productivity, and protection. The impact of COVID-19 pandemic has been positive on the digital utility market due to introduction of remote working, which helped the adoption the technology globally.
Market Trends, Drivers, Restraints, and Opportunities
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Rising need for green energy and rapid digitalization is one of the key factors driving the market growth.
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Increasing demand for smart grids, distributed generation, and reduction in carbon emission is expected to boost the market growth in the coming years.
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Lack of consumer awareness related to digital utility market acts as a major challenge that can restrict the market growth in the coming years.
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High cost involved for the collaboration and integration in diverse applications of digital utility is anticipated to hamper the market growth in the projected timeline.
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Improvement in the infrastructure of utilities integrated with the rise in the use of asset to create a significant growth opportunity for the market in the near future.
Scope of the Report
The report on the global digital utility market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Digital Utility Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Network (Transmission & Distribution, Generation, and Retail) and Technology (Integrated Solutions and Hardware)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Capgemini SA; Oracle Corp.; ABB Ltd.; General Electric Company; and Microsoft Corp.
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Market Segment Insights
Transmission & distribution segment is expected to grow at a rapid pace
Based on network, the global digital utility market is divided into transmission & distribution, generation, and retail. The transmission & distribution segment is expected to grow at a rapid pace during the forecast period owing to major emphasis on distribution systems and monitoring & management of electric transmission. However, the retail segment is anticipated to hold a key share of the market in the coming years due to analytics techniques and data extractions, which are widely used for efficient customer management.
Technological advancement in hardware to drive segment growth
On the basis of technology, the market is bifurcated into integrated solutions and hardware. The hardware segment is projected to expand at a considerable CAGR during the forecast period attributed to technological advancement and extensive use of transformers, smart meters, along with other intelligent equipment.
On the other hand, the integrated solutions segment is anticipated to account for a major market share during the forecast period due to services offered in the market, such as cloud and software services. Moreover, software solution assists in providing flexibility, optimizing operations, digitizing assets, and improving reliability, which is driving the segment growth further.
North America is anticipated to constitute a key market share
In terms of regions, the global digital utility market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the rising investments in electrical infrastructure and increasing number of renewable power plants in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to surge in demand for changing regulatory norms and domestic electricity across the region.
Segments
The global digital utility market has been segmented on the basis of
Network
- Transmission & Distribution
- Generation
- Retail
Technology
- Integrated Solutions
- Hardware
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Capgemini SA
- Oracle Corp.
- ABB Ltd.
- General Electric Company
- Microsoft Corp.
Competitive Landscape
Key players competing in the global digital utility market are Capgemini SA; Oracle Corp.; ABB Ltd.; General Electric Company; and Microsoft Corp. Some of these players are actively engaged in various market development strategies, such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
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