Digital Utility Market Developments Status, Analysis, Trend and...

Digital Utility Market Developments Status, Analysis, Trend and Forecasts

Posted 2023-04-11 07:26:43

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The Digital Utility market is projected to grow from USD 235.872 Billion in 2023 to USD 465.569 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.00% during the forecast period (2023 - 2030) The digital utilities are anticipated to expand in the assessment period owing to its several specifications that consist of renewables, smart grids, and the distributed generation that are further needed by new businesses and regulatory frameworks. These are used to influence the smart energy generation and management at the cheapest cost. The rising demand for regulatory requirements for electric utilities, distributions, renewable power generations, and energy efficiency requiring lesser carbon emission, are influencing the digital utility market 2020.

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The digital utility market refers to the application of digital technologies to the traditional utilities sector, including electricity, gas, and water. The use of digital technologies such as smart meters, sensors, and data analytics can help utilities improve efficiency, reliability, and customer service.

Some of the key technologies driving the digital utility market include:

Smart Meters: These devices can monitor energy usage in real-time, allowing utilities to better understand customer demand and adjust supply accordingly.

Advanced Analytics: With the help of big data analytics, utilities can better predict and manage demand, reduce costs, and optimize energy production

Distributed Energy Resources: These are small-scale power generation technologies such as solar panels and wind turbines that can be integrated into the grid. They can provide customers with more control over their energy usage and reduce reliance on centralized power plants.

Internet of Things (IoT) Sensors: These devices can provide real-time data on equipment performance, allowing utilities to quickly identify and fix issues before they become major problems.

The digital utility market is expected to continue growing as more utilities adopt digital technologies to improve their operations and better serve their customers. The market is also being driven by regulatory changes that are encouraging the adoption of renewable energy and the modernization of the grid.

Global Digital Utility Market Segmentation

The global digital utilities are classified into deployment type, end-users, component, and region.

· On the basis of deployment type, the global digital utility market can be classified into the cloud, hybrid, premises, and others.

· On the basis of end-users, the global digital utility market can be classified into retail, commercial, residential and others.

· On the basis of components, the global digital utility market can be divided into software, services, hardware, and others.

· On the basis of region, the global utility market can be classified into Europe, North America, Asia Pacific and the Rest of the World (RoW).

Key Players

The established competitors in the global digital utility market are – International Business Machine Corporation (U.S.), Oracle Corporation (U.S.), Capgemini SA (France), Cisco Systems Inc. (U.S.), Accenture PLC (Ireland), General Electric Company (U.S.), Microsoft Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), and ABB Ltd.(Switzerland), among others.

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Regional Analysis

The regional analysis of the digital utility market is being performed for regions such as Europe, North America, Asia Pacific, and Rest of the World. North America is one of the leading regions across the globe in the context of market share in the digital utility market. The assimilated digital utilities development assists to rebuild by analytics, cloud technologies, leveraging mobility and others in the North American market. The digital utility trend in the European market is anticipated to gain robust expansion in the future. The evaluation exhibits that digital utility is flourishing in the North American market. The digital utility requirement is expanding very fast as it regulates platform solution for enforcing optimizing business process management, energy efficiency, and real-time analytics that increasing the field services through assimilating the IT services and others. The quick acceptance of modern digital technology in the utility market is broadly practiced in the U.S. The technology encompasses of Internet of Things (IoT), artificial intelligence (AI), digital marketing, big data analytics, and others. Such adoptions have allowed digital transformation for several utilities.

Owing to the technology innovations and socioeconomic constrain and are affecting the North American market of digital utilities. Innovation in the utility industry is equipping services such as customers & communities to experience transformation, digital asset management, digital utilities maturity assessment, digital utilities enterprise architecture and others.

The APAC market which includes India, Japan, China, is a developing market for the digital trends in utility market and is estimated to attain the highest CAGR in the forthcoming period.

The potent regions like Germany, United States, Japan, China, has crucial participation in the digital trends in the utility . The established organizations like International Business Machine Corporation (U.S.), General Electric Company (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), are the most extensive investors for the advancement in digital utility transformation. In 2017, SAP SE (Germany) joined hands with African Utility week that are primarily concentrating on the significance of digital utility and its profit in forthcoming years. It is paying attention to modern technology such as big data which can be broadly utilized by the organization for the longer use of assets, & increase energy production, better performance of utility infrastructure, and others.

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1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE:
1.3.1 GLOBAL DIGITAL UTILITY MARKET: BY COMPONENT

1.3.2 GLOBAL DIGITAL UTILITY MARKET: BY DEPLOYMENT TYPE

1.3.3 GLOBAL DIGITAL UTILITY MARKET: BY END-USER

1.3.4 GLOBAL DIGITAL UTILITY MARKET: BY REGION
2 RESEARCH METHODOLOGY

2.1 RESEARCH