Digital Power Utility Market Analysis, Size, Share, Growth, Trend, Upcoming Growth And Forecast 2023-2032

Market Overview:
The Global Digital Power Utility Market Size Was Valued At USD 60.78 Billion In 2021 And Is Projected To Reach USD 212.75 Billion By 2028, Growing At A CAGR Of 19.6% From 2022 To 2028.

The idea of digitizing power utilities is gaining momentum as the power sector experiences technological advancements. Historically, utility companies have been slower in adopting new technologies, often hindered by government regulations that discouraged the use of innovative technologies and planning approaches. However, the concept of digitization, widely embraced in other industries, is now being acknowledged by power utilities worldwide. In today's landscape, numerous startups and large enterprises offer technologies and platforms aimed at assisting power producers, utilities, and energy companies in reducing costs, boosting revenues, and exploring new business prospects.

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Market Dynamics:
Driver:
The increasing rates of industrialization and urbanization have resulted in a significant rise in the demand for energy. To meet this escalating energy demand and address the depletion of fossil fuel resources, the global production of renewable energy has become imperative. In 2018, investments in renewable energy capacity tripled compared to coal and gas-fired generation capacity. According to projections from the U.S. Energy Information Administration (EIA), renewable energy sources are expected to contribute to nearly half of the global electricity output by the year 2050. The expanding global population, rising disposable incomes, and growing urbanization rates have all contributed to an increased need for electricity across the globe.

Opportunities:
The energy sector is currently experiencing a shift towards decentralization, moving away from the traditional model of electricity distribution solely from large central power plants. This transition involves the emergence of "prosumers," where users also become producers of electricity. In a decentralized energy system, electricity flows in both directions. This transformation is made possible by the adoption of technologies such as batteries, increasingly affordable rooftop solar panels, small wind turbines, and other advancements.

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Segmentation Analysis of Digital Power Utility Market
By Technology, Over the projected period, the hardware technology category is expected to hold a large market share in the digital power utility market. Due to massive investment in smart metering and EV charging, the hardware segment dominated the global market. In addition, the hardware is widely employed in next-generation technology. Traditional metering systems are becoming less popular, resulting in a shift toward technology and smart meters. However, new software solutions, such as artificial intelligence, machine learning, or other digital approaches available to the utility industry, are driving significant growth in the software and services segment. Furthermore, as the trend toward system automation continues, the software & service market will continue to increase, since automated systems require digital assistance to work efficiently.
• Hardware
• Integrated Solutions

By Sector, due to rising demand for electricity from non-residential buildings and increased HVAC usage, the power consumption sector is likely to dominate the global market. Because the digital utility solution enables users to successfully undertake transmission and distribution activities, the transmission and distribution segment is predicted to be the fastest-growing category in the worldwide market.
• Power Generation
• Transmission & Distribution
• Power Consumption
• Energy Storage
• Energy Trading

Regional Analysis of Digital Power Utility Market
Due to government support, various incentives, and national ambitions, Asia-Pacific is the regional hotspot for the electricity market. The global primary energy consumption is expected to reach 556.63 exajoules in 2020. Electricity is not available in some remote and rural areas of Asia-Pacific countries due to insufficient transmission and distribution (T&D) networks. The countries in the region are substantially investing in the construction of a transmission line network to supply electricity to these areas. China was the greatest market for power sector investment in 2020, according to the IEA, owing to the rising demand for power in the industrial and commercial sectors. In addition, China's power transmission and distribution grid has been undergoing massive improvements and modifications to enable it to transport more electricity and meet future demand. India's energy investment has expanded at the fastest rate in the world in the last four years, increasing by more than 10%. Renewable energy spending continued to outspend fossil fuel-based power generation in 2020, owing to the bidding of solar PV and wind projects. During the projected period, this is expected to drive the digital power utility market.

The market in North America is predicted to grow at a healthy rate. The increased need for intelligent buildings and building automation has raised the installation of smart meters and sensors in the area, which has aided market expansion. Furthermore, the market in this area is expected to be driven by a rising share of renewable energy generation and energy efficiency efforts. The market is being boosted by expanding government standards and initiatives, as well as the growing number of smart cities, smart communities, and electric vehicles.

Due to increased renewable energy generation and industrial growth, the European region accounts for a substantial portion of the worldwide digital power utility industry. As a result, the market's growth prospects are bolstered by expanding industrial and renewable energy investments. Furthermore, the installation of the smart grid boosts market sales in the region.
North America
• US
• Canada
• Mexico
Eastern Europe
• Bulgaria
• The Czech Republic
• Hungary
• Poland
• Romania
• Rest of Eastern Europe
Western Europe
• Germany
• UK
• France
• Netherlands
• Italy
• Russia
• Spain
• Rest of Western Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Thailand
• Vietnam
• The Philippines
• Australia
• New Zealand
• Rest of APAC
Middle East & Africa
• Turkey
• Bahrain
• Kuwait
• Saudi Arabia
• Qatar
• UAE
• Israel
• South Africa
South America
• Brazil
• Argentina
• Rest of SA

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COVID-19 Impact Analysis on Digital Power Utility Market
The COVID-19 pandemic has wreaked havoc on a variety of industries around the world. Various public health guidelines were implemented in various nations throughout the world to limit the number of cases and decrease the spread of the coronavirus. Declaring national emergencies, enforcing stay-at-home orders, closing non-essential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders, are all COVID-19 protocols. Governments are tightening protocols in response to the rising vaccination rate to help the sluggish economy. The Digital Power Utility Market, like other industries, has seen a pause in growth; however, as regulatory limitations are eased around the world, the market is likely to rebound.

Players Covered in Digital Power Utility Market are
• ABB Ltd.
• General Electric Co.
• Infosys Ltd
• Siemens AG
• Cognizant Technology Solutions
• Capgemini SE
• Sap SE
• IBM
• Microsoft Corporation
• Oracle Corporation
• Wipro Ltd and other major players.

Key Industry Developments In Digital Power Utility Market
In February 2022, ABB has announced an innovative digital solution to help wastewater plants save energy and run more efficiently. The ABB AbilityTM Smart Solution for Wastewater is the first in a series of digital solutions aimed at improving water sector operations and lowering energy usage. Continuous monitoring, combined with automation, allows for up to a 25% reduction in energy consumption during aeration and pumping, as well as a 10% reduction in chemical consumption.

In September 2021, Ausgrid has inked a multi-year strategic agreement with Infosys Ltd. and Microsoft Corp. to accelerate the cloud transformation of Australia's largest electricity distributor.

In October 2021, The SP Group collaborated with the Energy Market Authority (EMA) and the Science and Technology Policy and Plans Office to create the country's first digital twin for the national grid. Through real-time incident monitoring, the digital twin is projected to assist improve the Singapore grid's resilience and stability.

Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

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