Digital Utility Market Size, Growth Analysis, Top Leaders, Emerging Technologies, Development Status, Opportunity Assessment, Future Prospects and Potential of the Industry 2023

Digital Utility Market Size, Growth Analysis, Top Leaders, Emerging Technologies, Development Status, Opportunity Assessment, Future Prospects and Potential of the Industry 2023

“Market Research Future”
Market Research Future published a research report on “Digital Utility Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Overview

The global digital utility market is predicted to touch USD 253 billion at a 12% CAGR over the forecast period (2017-2023), as per the latest Market Research Future (MRFR) report. Today’s utility has turned digital. This is a digital world, from the businesses to a ubiquitous home computer where the latest software and technologies are applied. As customers use technology for increasing efficiency, the current digital world demands high-quality power.

Technological innovations and developments are crucial for the digitization of industries, especially the power industry. The utility and power industry are gradually identifying the significance of digital technologies that are predicted to boost the market growth. Businesses have begun recognizing the returns of digitalization, thus are emphasizing on two key aspects- advancement of efficiency and customer guarantee. The adoption of the latest digital technologies in utility are being extensively used. The technology comprises artificial intelligence, internet of things, digital marketing, big data analytics, and others. Such adoption has allowed digital transformation for various utilities.

Various factors are propelling the Digital Utility Market growth. These factors, as stated by the MRFR report, include a rise in distributed and renewable power generation projects, regulatory needs for electric utilities, energy efficiency mandates demanding reduction of carbon emission, and stringent regulatory needs for reduction of carbon emission. Moreover, the different benefits offered by technologies such as digital utility enterprise architecture, digital utility maturity assessment, and digital asset management are also contributing to market growth.

On the contrary, high initial costs may restrict the digital utility market growth over the forecast period.

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Key Players

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

Worldwide Digital Utility Market – Segments

The Market Research Future report provides a wide segmental analysis of the digital utility market based on deployment type, component, and end users.

  • Based on component, the digital utility market is segmented into services, software, and hardware. Of these, the hardware segment will have the largest share in the market over the forecast period. Hardware covers every equipment in the digital substation such as smart transformers, programmable logic controllers, smart thermostats, smart meters, and others.
  • Based on deployment type, the digital utility market is segmented into hybrid, cloud, and premises. Of these, the cloud segment will dominate the market over the forecast period. This is owing to the growing use of cloud-based applications.
  • Based on end users, the digital utility market is segmented into retail, commercial, residential, and others.

Worldwide Digital Utility Market – Regional Analysis

Based on the region, the digital utility market report covers growth opportunities and the latest trends across Europe, the Americas, Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. This is owing to the presence of some key players in this region such as Microsoft Corporation, Cisco System Inc., Oracle Corporation, and others.

The digital utility market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the presence of leading companies in the region such as Siemens AG and SAP SE that are emphasizing on the digital utility transformation.

The digital utility market in the APAC region is predicted to have a notable growth over the forecast period. This is owing to the growing demand for domestic electricity in emerging economies to lessen dependence on imports along with changing regulations that are applicable to the energy sector. Moreover, economic development, rising energy needs, and initiatives for infrastructural development are also boosting the market growth in this region.

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Intended Audience

  • Digital utility manufacturing companies
  • Product sales and distribution companies
  • Digital utility providers
  • Electric utilities
  • Electrical infrastructure providers
  • IT vendors
  • Research and development companies
  • Market research and consulting firms
  • Solution providers
  • Technology standards organizations
  • Technology investors
  • System Integrators

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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