Product Code: MCP11570
Global Digital Utility Market to Reach US$574.7 Billion by 2030
The global market for Digital Utility estimated at US$304.8 Billion in the year 2023, is expected to reach US$574.7 Billion by 2030, growing at a CAGR of 9.5% over the analysis period 2023-2030. Digital Utility Hardware, one of the segments analyzed in the report, is expected to record a 8.2% CAGR and reach US$326.6 Billion by the end of the analysis period. Growth in the Integrated Solutions segment is estimated at 11.4% CAGR over the analysis period.
The U.S. Market is Estimated at US$84.2 Billion While China is Forecast to Grow at 8.9% CAGR
The Digital Utility market in the U.S. is estimated at US$84.2 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$88.0 Billion by the year 2030 trailing a CAGR of 8.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.6% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.7% CAGR.
Global Digital Utility Market - Key Trends and Drivers Summarized
What Is a Digital Utility and How Is It Transforming the Energy Sector?
A digital utility employs advanced digital technologies to enhance the efficiency, reliability, and sustainability of energy production, distribution, and consumption. By integrating data analytics, artificial intelligence, the Internet of Things (IoT), and blockchain technology, digital utilities can optimize energy flows, improve grid management, and engage customers with personalized energy solutions. This transformation is crucial as the energy sector faces increasing pressures from rising energy demand, the need for environmental sustainability, and evolving regulatory landscapes. Digital utilities are not only about technological upgrades but also involve a shift in business models to adapt to a more dynamic market environment where renewable energy sources and energy efficiency are becoming priorities.
How Do Advanced Technologies Enable Improved Operations in Digital Utilities?
The backbone of digital utilities lies in their ability to harness and analyze vast amounts of data generated across the energy grid. IoT devices play a crucial role in this process, collecting data from smart meters, sensors on power lines, and other infrastructure components. This data is then processed using AI and machine learning algorithms to predict demand patterns, identify potential system failures before they occur, and optimize energy distribution. Additionally, blockchain technology offers a secure and transparent way to manage transactions across the energy network, facilitating the integration of decentralized energy resources such as rooftop solar panels and battery storage systems. These technologies together enable a more responsive and resilient energy grid, capable of supporting the transition to a more sustainable energy ecosystem.
What Impact Does Digital Transformation Have on Consumers and Energy Markets?
The digital transformation of utilities profoundly impacts consumers by providing more control over their energy usage and costs. Digital tools such as mobile apps and interactive energy management systems allow consumers to monitor their energy consumption in real time, participate in demand response programs, and even generate and sell their own electricity back to the grid. On a larger scale, digital utilities are catalyzing a shift in energy markets from traditional, centralized generation models to more distributed and participatory frameworks. This transition not only empowers consumers but also opens up new market opportunities for businesses, from energy service companies offering demand-side management solutions to tech startups developing smart home devices and renewable energy technologies.
What Drives the Growth in the Digital Utility Market?
The growth in the digital utility market is driven by several factors, including the global push towards carbon neutrality, the need to enhance grid reliability and efficiency, and the increasing consumer demand for green and cost-effective energy solutions. Regulatory policies and government incentives promoting renewable energy and energy efficiency are also significant drivers, encouraging utilities to invest in digital technologies that support these goals. Furthermore, the falling costs of renewable energy technologies, such as solar panels and wind turbines, combined with advances in digital technology, make it economically viable for utilities to integrate these resources into their networks. Additionally, the rising awareness among consumers about the benefits of managing their energy usage and the increasing popularity of electric vehicles are further accelerating the demand for innovative digital solutions in the utility sector. These factors collectively ensure a vibrant growth trajectory for the digital utility market, highlighting its crucial role in the future of energy management.
Select Competitors (Total 14 Featured) -
- ABB Group
- Accenture PLC
- Capgemini SE
- Cisco Systems, Inc.
- Eaton Corporation PLC
- General Electric Company
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- Siemens AG
TABLE OF CONTENTS
I. METHODOLOGY
II. EXECUTIVE SUMMARY
- 1. MARKET OVERVIEW
- Influencer Market Insights
- Digital Utility - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
- 2. FOCUS ON SELECT PLAYERS
- 3. MARKET TRENDS & DRIVERS
- Growing Adoption of Smart Meters Drives Growth in Digital Utility Market
- Advances in Smart Grid Technologies Propel Demand for Digital Utility Solutions
- Adoption of IoT in Utility Operations Drives Growth in Digital Utility Market
- Increasing Investments in Grid Modernization Set the Stage for Digital Utility Expansion
- Advances in Predictive Maintenance Technologies Propel Growth in Digital Utility Market
- Growing Focus on Reducing Operational Costs in Utilities Spurs Adoption of Digital Utility Solutions
- Expansion of Electric Vehicle Charging Infrastructure Bodes Well for Digital Utility Market Growth
- Growing Use of AI and Machine Learning in Utility Operations Expands Market Opportunities
- Increasing Role of Digital Utilities in Smart Cities Sets the Stage for Market Expansion
- Advances in Cybersecurity Solutions for Utilities Propel Growth in Digital Utility Market
- Expansion of Microgrid Projects Strengthens Market for Digital Utility Technologies
- 4. GLOBAL MARKET PERSPECTIVE
- TABLE 1: World Recent Past, Current & Future Analysis for Generation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 2: World 7-Year Perspective for Generation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 3: World Recent Past, Current & Future Analysis for Retail by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 4: World 7-Year Perspective for Retail by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 5: World Recent Past, Current & Future Analysis for Hardware by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 6: World 7-Year Perspective for Hardware by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 7: World Recent Past, Current & Future Analysis for Integrated Solutions by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 8: World 7-Year Perspective for Integrated Solutions by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 9: World Recent Past, Current & Future Analysis for Transmission & Distribution by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 10: World 7-Year Perspective for Transmission & Distribution by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2024 & 2030
- TABLE 11: World Digital Utility Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
- TABLE 12: World Recent Past, Current & Future Analysis for Digital Utility by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 13: World 7-Year Perspective for Digital Utility by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2024 & 2030
III. MARKET ANALYSIS
- UNITED STATES
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
- TABLE 14: USA Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 15: USA 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 16: USA Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 17: USA 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- CANADA
- TABLE 18: Canada Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 19: Canada 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 20: Canada Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 21: Canada 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- JAPAN
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
- TABLE 22: Japan Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 23: Japan 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 24: Japan Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 25: Japan 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- CHINA
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
- TABLE 26: China Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 27: China 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 28: China Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 29: China 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- EUROPE
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
- TABLE 30: Europe Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 31: Europe 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 32: Europe Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 33: Europe 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- TABLE 34: Europe Recent Past, Current & Future Analysis for Digital Utility by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
- TABLE 35: Europe 7-Year Perspective for Digital Utility by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2024 & 2030
- FRANCE
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
- TABLE 36: France Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 37: France 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 38: France Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 39: France 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- GERMANY
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
- TABLE 40: Germany Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 41: Germany 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 42: Germany Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 43: Germany 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- ITALY
- TABLE 44: Italy Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 45: Italy 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 46: Italy Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 47: Italy 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- UNITED KINGDOM
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
- TABLE 48: UK Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 49: UK 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 50: UK Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 51: UK 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- REST OF EUROPE
- TABLE 52: Rest of Europe Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 53: Rest of Europe 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 54: Rest of Europe Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 55: Rest of Europe 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- ASIA-PACIFIC
- Digital Utility Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
- TABLE 56: Asia-Pacific Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 57: Asia-Pacific 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 58: Asia-Pacific Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 59: Asia-Pacific 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
- REST OF WORLD
- TABLE 60: Rest of World Recent Past, Current & Future Analysis for Digital Utility by Network - Transmission & Distribution, Generation and Retail - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 61: Rest of World 7-Year Perspective for Digital Utility by Network - Percentage Breakdown of Value Sales for Transmission & Distribution, Generation and Retail for the Years 2024 & 2030
- TABLE 62: Rest of World Recent Past, Current & Future Analysis for Digital Utility by Technology - Hardware and Integrated Solutions - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
- TABLE 63: Rest of World 7-Year Perspective for Digital Utility by Technology - Percentage Breakdown of Value Sales for Hardware and Integrated Solutions for the Years 2024 & 2030
IV. COMPETITION