Product Code: A109296
According to a new report published by Allied Market Research, titled, "Digital Utility Market," The digital utility market was valued at $214.2 million in 2022, and is estimated to reach $594.2 million by 2032, growing at a CAGR of 10.8% from 2023 to 2032.
The power generation, transmission, and distribution industries are rapidly adopting digital devices to enhance plant productivity, dependability, and protection. Smart grids, sensors, and smart meters are digital systems that provide a more accurate and real-time accounting of power consumption to businesses and consumers. These technologies contribute to the enhancement of the productivity, performance, safety, enforcement, and dependability of power generation and distribution. This results in enhanced asset management, planning, and execution, as well as increased customer satisfaction and quality.
Rapid industrialization and economic development, particularly in developing and underdeveloped countries, drive a significant increase in global energy demand. Modern lifestyles are becoming more energy intensive as the number of domestic appliances and electronic devices increases. To meet this rise in demand, governments around the globe are increasing generation capacity and constructing dependable transmission and distribution networks. In developing countries, the lack of a stable power supply is a significant cause of economic underperformance. It hinders new investors and hampers industrialization. Even in countries with excess generation capacity, the transmission and distribution networks are often deteriorating and unreliable, resulting in an unstable power supply. Improving grid infrastructure, minimizing transmission losses, and optimizing operations have become crucial. Digital utility services provide unique solutions for utility management based on hardware, software, and integrated platforms. It facilitates comprehensive data-driven grid management, maximizing efficiency, minimizing outages, and facilitating proactive maintenance. The implementation of digital utility services can enhance the dependability and productivity of utility operations. The demand for effectiveness in utility operations is a significant market growth driver.
The adoption of digital utilities offers numerous advantages for energy operations, including increased efficiency, decreased outages, and proactive maintenance. A rise in digitization is anticipated to make digital utility a more desirable option. However, implementing digital utilities for energy grid operations involves numerous expenses. Globally, most of the transmission and distribution networks were constructed in the 20th century, making them incompatible with digital integration. Modern software components and digital utility solutions cannot be implemented on outdated utility equipment. It requires the replacement of all network components with their modern equivalents. The replacement significantly increases the cost of operating digital utility solutions. Some of the most prominent digital utility solution providers are engineering firms, and their proprietary software operates solely on outdated equipment and outdated hardware It hinders interoperability and increases costs. Massive investments in digital utility solutions are expected to provide marginal benefits, if any, to countries that are developing or underdeveloped, as several fundamental issues regarding power generation, transmission, and distribution remain unresolved. The cost of integrating digital utilities restricts their adoption and poses a significant obstacle to the market's expansion
Digitalization in plants has increased due to the growth of digital technology and the emergence of software distribution models, such as software services. This software makes digital solutions more cost-effective for developers. Moreover, the use of digital solutions in power plants can reduce carbon dioxide emissions by facilitating fuel analysis and enhanced combustion performance. It increases flexibility to increase the proportion of renewable energy sources and mitigate cycling's negative effects. In addition, digitalization permits the developer to adapt to regulatory and market changes. In buildings, digitalization and technological advancement are expected to facilitate energy efficiency and enhanced power management. Sensors used in the digitalization of buildings must be able to detect energy and electricity demand, temperature, air quality, presence of moisture, and its impact. Digital technologies and solutions will be required to realize automated, energy-efficient buildings. In new construction and existing buildings, an increase in the number of standards and guidelines regarding future-oriented, integrated investment strategies for digitalization technologies related to buildings will offer lucrative opportunities for the digital utility market.
The digital utility market is segmented on the basis of technology, network, and region. By technology, the market is divided into hardware and integrated solutions. On the basis of the network, it is categorized into power generation, transmission and distribution, and retail. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global digital utility market are ABB Ltd., General Electric Company, Siemens AG, SAP SE, Oracle Corporation., Cisco Systems Inc., Accenture plc, Capgemini SE, Microsoft Corporation, and Schneider Electric SE.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital utility market analysis from 2022 to 2032 to identify the prevailing digital utility market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital utility market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global digital utility market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Hardware
- Type
- Smart Grids
- Smart Meters
- Transformers
- Integrated Solutions
- Type
- Service
- Cloud and Software
By Network
- Power Generation
- Transmission and Distribution
- Retail
By Region
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players:
- ABB Ltd.
- Accenture plc
- Capgemini
- Cisco Systems Inc.
- General Electric Company
- Microsoft Corporation
- Oracle Corporation.
- SAP SE
- Schneider Electric SE.
- Siemens
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Bargaining power of suppliers
- 3.3.2. Bargaining power of buyers
- 3.3.3. Threat of substitutes
- 3.3.4. Threat of new entrants
- 3.3.5. Intensity of rivalry
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Rise in focus on energy utility operations efficiency
- 3.4.1.2. Increase in investments in renewable energy
- 3.4.2. Restraints
- 3.4.2.1. High operating cost
- 3.4.3. Opportunities
- 3.4.3.1. Increase in digital power plants and digital buildings
- 3.5. COVID-19 Impact Analysis on the market
- 3.6. Key Regulation Analysis
- 3.7. Patent Landscape
- 3.8. Regulatory Guidelines
- 3.9. Value Chain Analysis
CHAPTER 4: DIGITAL UTILITY MARKET, BY TECHNOLOGY
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Hardware
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.2.4. Hardware Digital Utility Market by Type
- 4.2.4.1. Smart Grids Market size and forecast, by region
- 4.2.4.2. Smart Grids Market size and forecast, by country
- 4.2.4.3. Smart Meters Market size and forecast, by region
- 4.2.4.4. Smart Meters Market size and forecast, by country
- 4.2.4.5. Transformers Market size and forecast, by region
- 4.2.4.6. Transformers Market size and forecast, by country
- 4.3. Integrated Solutions
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.3.4. Integrated Solutions Digital Utility Market by Type
- 4.3.4.1. Service Market size and forecast, by region
- 4.3.4.2. Service Market size and forecast, by country
- 4.3.4.3. Cloud and Software Market size and forecast, by region
- 4.3.4.4. Cloud and Software Market size and forecast, by country
CHAPTER 5: DIGITAL UTILITY MARKET, BY NETWORK
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Power Generation
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Transmission and Distribution
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Retail
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
CHAPTER 6: DIGITAL UTILITY MARKET, BY REGION
- 6.1. Overview
- 6.1.1. Market size and forecast By Region
- 6.2. North America
- 6.2.1. Key trends and opportunities
- 6.2.2. Market size and forecast, by Technology
- 6.2.2.1. North America Hardware Digital Utility Market by Type
- 6.2.2.2. North America Integrated Solutions Digital Utility Market by Type
- 6.2.3. Market size and forecast, by Network
- 6.2.4. Market size and forecast, by country
- 6.2.4.1. U.S.
- 6.2.4.1.1. Key market trends, growth factors and opportunities
- 6.2.4.1.2. Market size and forecast, by Technology
- 6.2.4.1.2.1. U.S. Hardware Digital Utility Market by Type
- 6.2.4.1.2.2. U.S. Integrated Solutions Digital Utility Market by Type
- 6.2.4.1.3. Market size and forecast, by Network
- 6.2.4.2. Canada
- 6.2.4.2.1. Key market trends, growth factors and opportunities
- 6.2.4.2.2. Market size and forecast, by Technology
- 6.2.4.2.2.1. Canada Hardware Digital Utility Market by Type
- 6.2.4.2.2.2. Canada Integrated Solutions Digital Utility Market by Type
- 6.2.4.2.3. Market size and forecast, by Network
- 6.2.4.3. Mexico
- 6.2.4.3.1. Key market trends, growth factors and opportunities
- 6.2.4.3.2. Market size and forecast, by Technology
- 6.2.4.3.2.1. Mexico Hardware Digital Utility Market by Type
- 6.2.4.3.2.2. Mexico Integrated Solutions Digital Utility Market by Type
- 6.2.4.3.3. Market size and forecast, by Network
- 6.3. Europe
- 6.3.1. Key trends and opportunities
- 6.3.2. Market size and forecast, by Technology
- 6.3.2.1. Europe Hardware Digital Utility Market by Type
- 6.3.2.2. Europe Integrated Solutions Digital Utility Market by Type
- 6.3.3. Market size and forecast, by Network
- 6.3.4. Market size and forecast, by country
- 6.3.4.1. Germany
- 6.3.4.1.1. Key market trends, growth factors and opportunities
- 6.3.4.1.2. Market size and forecast, by Technology
- 6.3.4.1.2.1. Germany Hardware Digital Utility Market by Type
- 6.3.4.1.2.2. Germany Integrated Solutions Digital Utility Market by Type
- 6.3.4.1.3. Market size and forecast, by Network
- 6.3.4.2. UK
- 6.3.4.2.1. Key market trends, growth factors and opportunities
- 6.3.4.2.2. Market size and forecast, by Technology
- 6.3.4.2.2.1. UK Hardware Digital Utility Market by Type
- 6.3.4.2.2.2. UK Integrated Solutions Digital Utility Market by Type
- 6.3.4.2.3. Market size and forecast, by Network
- 6.3.4.3. France
- 6.3.4.3.1. Key market trends, growth factors and opportunities
- 6.3.4.3.2. Market size and forecast, by Technology
- 6.3.4.3.2.1. France Hardware Digital Utility Market by Type
- 6.3.4.3.2.2. France Integrated Solutions Digital Utility Market by Type
- 6.3.4.3.3. Market size and forecast, by Network
- 6.3.4.4. Spain
- 6.3.4.4.1. Key market trends, growth factors and opportunities
- 6.3.4.4.2. Market size and forecast, by Technology
- 6.3.4.4.2.1. Spain Hardware Digital Utility Market by Type
- 6.3.4.4.2.2. Spain Integrated Solutions Digital Utility Market by Type
- 6.3.4.4.3. Market size and forecast, by Network
- 6.3.4.5. Italy
- 6.3.4.5.1. Key market trends, growth factors and opportunities
- 6.3.4.5.2. Market size and forecast, by Technology
- 6.3.4.5.2.1. Italy Hardware Digital Utility Market by Type
- 6.3.4.5.2.2. Italy Integrated Solutions Digital Utility Market by Type
- 6.3.4.5.3. Market size and forecast, by Network
- 6.3.4.6. Rest of Europe
- 6.3.4.6.1. Key market trends, growth factors and opportunities
- 6.3.4.6.2. Market size and forecast, by Technology
- 6.3.4.6.2.1. Rest of Europe Hardware Digital Utility Market by Type
- 6.3.4.6.2.2. Rest of Europe Integrated Solutions Digital Utility Market by Type
- 6.3.4.6.3. Market size and forecast, by Network
- 6.4. Asia-Pacific
- 6.4.1. Key trends and opportunities
- 6.4.2. Market size and forecast, by Technology
- 6.4.2.1. Asia-Pacific Hardware Digital Utility Market by Type
- 6.4.2.2. Asia-Pacific Integrated Solutions Digital Utility Market by Type
- 6.4.3. Market size and forecast, by Network
- 6.4.4. Market size and forecast, by country
- 6.4.4.1. China
- 6.4.4.1.1. Key market trends, growth factors and opportunities
- 6.4.4.1.2. Market size and forecast, by Technology
- 6.4.4.1.2.1. China Hardware Digital Utility Market by Type
- 6.4.4.1.2.2. China Integrated Solutions Digital Utility Market by Type
- 6.4.4.1.3. Market size and forecast, by Network
- 6.4.4.2. India
- 6.4.4.2.1. Key market trends, growth factors and opportunities
- 6.4.4.2.2. Market size and forecast, by Technology
- 6.4.4.2.2.1. India Hardware Digital Utility Market by Type
- 6.4.4.2.2.2. India Integrated Solutions Digital Utility Market by Type
- 6.4.4.2.3. Market size and forecast, by Network
- 6.4.4.3. Japan
- 6.4.4.3.1. Key market trends, growth factors and opportunities
- 6.4.4.3.2. Market size and forecast, by Technology
- 6.4.4.3.2.1. Japan Hardware Digital Utility Market by Type
- 6.4.4.3.2.2. Japan Integrated Solutions Digital Utility Market by Type
- 6.4.4.3.3. Market size and forecast, by Network
- 6.4.4.4. South Korea
- 6.4.4.4.1. Key market trends, growth factors and opportunities
- 6.4.4.4.2. Market size and forecast, by Technology
- 6.4.4.4.2.1. South Korea Hardware Digital Utility Market by Type
- 6.4.4.4.2.2. South Korea Integrated Solutions Digital Utility Market by Type
- 6.4.4.4.3. Market size and forecast, by Network
- 6.4.4.5. Australia
- 6.4.4.5.1. Key market trends, growth factors and opportunities
- 6.4.4.5.2. Market size and forecast, by Technology
- 6.4.4.5.2.1. Australia Hardware Digital Utility Market by Type
- 6.4.4.5.2.2. Australia Integrated Solutions Digital Utility Market by Type
- 6.4.4.5.3. Market size and forecast, by Network
- 6.4.4.6. Rest of Asia-Pacific
- 6.4.4.6.1. Key market trends, growth factors and opportunities
- 6.4.4.6.2. Market size and forecast, by Technology
- 6.4.4.6.2.1. Rest of Asia-Pacific Hardware Digital Utility Market by Type
- 6.4.4.6.2.2. Rest of Asia-Pacific Integrated Solutions Digital Utility Market by Type
- 6.4.4.6.3. Market size and forecast, by Network
- 6.5. LAMEA
- 6.5.1. Key trends and opportunities
- 6.5.2. Market size and forecast, by Technology
- 6.5.2.1. LAMEA Hardware Digital Utility Market by Type
- 6.5.2.2. LAMEA Integrated Solutions Digital Utility Market by Type
- 6.5.3. Market size and forecast, by Network
- 6.5.4. Market size and forecast, by country
- 6.5.4.1. Brazil
- 6.5.4.1.1. Key market trends, growth factors and opportunities
- 6.5.4.1.2. Market size and forecast, by Technology
- 6.5.4.1.2.1. Brazil Hardware Digital Utility Market by Type
- 6.5.4.1.2.2. Brazil Integrated Solutions Digital Utility Market by Type
- 6.5.4.1.3. Market size and forecast, by Network
- 6.5.4.2. Saudi Arabia
- 6.5.4.2.1. Key market trends, growth factors and opportunities
- 6.5.4.2.2. Market size and forecast, by Technology
- 6.5.4.2.2.1. Saudi Arabia Hardware Digital Utility Market by Type
- 6.5.4.2.2.2. Saudi Arabia Integrated Solutions Digital Utility Market by Type
- 6.5.4.2.3. Market size and forecast, by Network
- 6.5.4.3. South Africa
- 6.5.4.3.1. Key market trends, growth factors and opportunities
- 6.5.4.3.2. Market size and forecast, by Technology
- 6.5.4.3.2.1. South Africa Hardware Digital Utility Market by Type
- 6.5.4.3.2.2. South Africa Integrated Solutions Digital Utility Market by Type
- 6.5.4.3.3. Market size and forecast, by Network
- 6.5.4.4. Rest of LAMEA
- 6.5.4.4.1. Key market trends, growth factors and opportunities
- 6.5.4.4.2. Market size and forecast, by Technology
- 6.5.4.4.2.1. Rest of LAMEA Hardware Digital Utility Market by Type
- 6.5.4.4.2.2. Rest of LAMEA Integrated Solutions Digital Utility Market by Type
- 6.5.4.4.3. Market size and forecast, by Network
CHAPTER 7: COMPETITIVE LANDSCAPE
- 7.1. Introduction
- 7.2. Top winning strategies
- 7.3. Product Mapping of Top 10 Player
- 7.4. Competitive Dashboard
- 7.5. Competitive Heatmap
- 7.6. Top player positioning, 2022
CHAPTER 8: COMPANY PROFILES
- 8.1. ABB Ltd.
- 8.1.1. Company overview
- 8.1.2. Key Executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
- 8.2. General Electric Company
- 8.2.1. Company overview
- 8.2.2. Key Executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
- 8.2.7. Key strategic moves and developments
- 8.3. SAP SE
- 8.3.1. Company overview
- 8.3.2. Key Executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.4. Oracle Corporation.
- 8.4.1. Company overview
- 8.4.2. Key Executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.5. Cisco Systems Inc.
- 8.5.1. Company overview
- 8.5.2. Key Executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.6. Accenture plc
- 8.6.1. Company overview
- 8.6.2. Key Executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.7. Microsoft Corporation
- 8.7.1. Company overview
- 8.7.2. Key Executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.8. Schneider Electric SE.
- 8.8.1. Company overview
- 8.8.2. Key Executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.9. Siemens
- 8.9.1. Company overview
- 8.9.2. Key Executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Business performance
- 8.10. Capgemini
- 8.10.1. Company overview
- 8.10.2. Key Executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance