Digital Utility Market Scope Report

Global Digital Utility Market Highlights Over 2023 - 2033

The global digital utility market is estimated to garner a revenue of ~ USD 240 billion by the end of 2033 by growing at a CAGR of ~24% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 56 billion in the year 2022. Digital power utility solutions improve the efficiency of generation, transmission, and distribution of power and help the distributor control the assets using the internet of things (IoT) and cloud applications.  The large-scale digitization happening across industries is the primary factor leading to the growth of the global digital utility market. For instance, as of 2022, over 69% of organizations globally have designed a digital transformation strategy or are working on one.

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Digitization in the power sector helps in combining traditional improvements with new technologies to bring value to four main areas, including operations, energy efficiency, health, safety, security, and environment (HSSE), and maintenance.

Global Digital Utility Market: Growth Drivers and Challenges

Growth Drivers

• Large-scale Expansion of Urbanization – The population living in urban areas worldwide is expected to reach about 69% of the total population by 2050. Industrialization, commercialization, services and social benefits, employment opportunities, and modernization are some factors leading to the expansion of urbanization. As urbanization extends to new parts of the world, digital solutions are inevitable in the efficient distribution and consumption of resources and for the reduction of carbon emission, crime, traffic congestion, and more.

• Large Number of Renewable Power Generation Projects – It has been observed that the share of renewables in electricity generation worldwide reached ~30% in 2020, which is an increase from 2019 when it was ~28%.

• Rise of Smart Buildings Worldwide – As a response to the demand for energy-efficient and secure growth, the number of smart buildings worldwide is projected to reach more than 114 million by 2026. 

• High Investments in Clean Energy generation – Clean energy is anticipated to hold the greatest share in the rise in global energy investment of ~9% in 2022.

Challenges

• Disruptions in Supply Chain During Covid-19

• High Costs Involved in the Transformation of Existing Infrastructure

• Lack of Awareness About Digital Solutions for Utilities

The global digital utility market is segmented and analyzed for demand and supply by sector into power generation, transmission & distribution, and power consumption. Of these, the power consumption segment is anticipated to hold the largest market size by the end of 2033. The segmental market growth mainly comes from the increase in the use of HVAC (Heating, ventilation, and air conditioning) and the rising demand for energy in non-residential infrastructures. The number of HVAC units to be sold in 2024 has been projected to surpass 150 million.

Global Digital Utility Market Regional Synopsis

Regionally, the global digital utility market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2033. The growing energy consumption due to the developments in different industries is thought to be the primary factor driving the regional market growth. Only in 2021, the United States (U.S.) used a total of about 98 quadrillion British thermal units (Btu). The growth of smart cities, smart buildings, building automation, electric vehicles, and favorable government initiative are other factors contributing to the regional market growth

Market Segmentation

Our in-depth analysis of the global digital utility market includes the following segments:

Key Companies Dominating the Global Digital Utility Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital utility market that are included in our report are Microsoft Corporation, SAP SE, Siemens AG, Capgemini Services SAS, Eaton Corporation plc, IBM Corporation, Oracle Corporation, General Electric Company, Accenture PLC, Cognizant Technology Solutions Corporation, and others.

Global Digital Utility Market: Latest Developments

• September, 2022: Microsoft Corporation announced the launch of Global Renewables Watch (GRW) in collaboration with Planet Labs PBC and The Nature Conservancy. GRW allows users to map renewable energy installations on earth using artificial intelligence (AI) and satellite imagery.

• January, 2021: IBM Corporation – announced collaborating with Avertra to help accelerate the digital transformation of clients from the energy and utility industry.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client's requirements helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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