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Market Overview:
The digital power utility market world-wide is projected to reach USD 211.8 billion by 2032, increasing at a CAGR of 15.3% during the forecast period (2023-2032). The market for digital power utilities is driven by the rise in numbers of renewables’ projects, carbon emission mandates and growing demand for electricity utilities over the forecast timeframe.
Digital power utility refers to technology enabled transformation of the utility sector. It modifies operational procedures using computerization that makes work easy. Common business goals can be improvised using digital power utility which allows companies streamline operations more effectively towards meeting its objectives. It also enhances customer interactions. Augmented reality helps smart devices gain natural language abilities. This drives need for new technological development due to increased technology development and culture of working from home. Businesses are moving into different models and investing in big data analytics, wearables, mobile, cloud services, internet of things (IoT), artificial intelligence (AI), control rooms and sensors among others. The global market for digital power utility has been rising due to increasing demand for smart grids and renewable energy sources as well as demand reduction on carbon emissions. Government initiatives towards smart city development have also acted as a driving factor towards growth of global digital power utility market. Digital power utility offers several benefits including managing electricity loads with its high demand globally; however lack of awareness is hindering its expansion along with cybersecurity issue.
Market Dynamics:
Drivers:
There has been a significant increase in capital investment in renewable energy projects’ expansion purposes . Growing global warming and depletion of natural resources necessitate replacement with renewable energy sources and thermal technology . Rising investments are being made into renewables while there is an ever-increasing demand for these resources resulting into high growth rates within the digital power utility industry.
Restraints:
Globally industries were hit hard by Covid-19’s advent . Governments implemented various measures like closing down manufacturing units. This sudden drop in energy demand is what hampered the growth of digital power utility market. Group gatherings were outlawed due to the high likelihood of contracting the deadly virus. The market’s growth is thereby limited.
Opportunities:
Growth in many sectors has brought about a rise in energy demands from diverse industries. However, fossil fuels which form the main source of electricity are diminishing at alarming rates. This creates a need for renewable sources of energy and power generation. Technology-based production of renewable energy is meeting rising electricity demand in various sectors and digital power utility is anticipated to meet needs of industry throughout forecast period.
Challenges:
High operational costs could obstruct the market as they necessitate transformation of existing infrastructure used by renewable energy extraction facilities into digital conversion . There must be infrastructural transformation or upgrading which will call for huge capital inputs in order to have digitalized electricity delivery systems . The need for major investments inhibits growth within the digital power utility market.
Segmentation Analysis:
The network segment is divided into three parts – generation, transmission and distribution (T&D), consumption of electricity, retail and others. The largest market share was held by power consumption segment which controlled about 24% of the market in 2023. There is a growing requirement for power consumption due to increasing population demanding more electricity. This rapid growth can be attributed to the increasing demand for electricity in residential and non-residential sectors.
Technology consists of hardware, integrated solutions, and others. Hardware sub-segment will grow at the highest CAGR of 19.7% over the forecast period. Segment growth is driven by smart metering and electric vehicle charging requirements. With digital meters that are easy to use and read by all, traditional meters are becoming redundant in usage. These factors make it an attractive growth opportunity for this segment during the forecast period.
Regional Segmentation Analysis:
This report on Digital Power Utility Market covers North America, Europe, South America, Asia Pacific (APAC), Middle East & Africa (MEA). The total revenue from North America reaching around $67bn by 2023 made it the largest region accounting for about 40% share.
Digital Power Utility market in North American region is expanding as a result of increase in number of industries in this region leading to rise in demand for power transmission and distribution thereby fueling up its growth rate. The rising number of smart buildings has also increased the demand for sensors as well as smart metering systems thus boosting the market’s growth in that region.
Competitive Analysis:
Key players have been focusing on strategies such as developing new applications, product launches/innovations; mergers & acquisitions; joint ventures, partnerships etc., to expand their reach across various regions within the global Digital Power Utility Market industry
Wipro limited signed a multi-year global strategic IT and digital deal with National Grid Plc., a British multinational gas utility and electricity provider so as to accelerate the pace of its digital innovation journey.
List of Key Market Players:
ABB LTD
Schneider Electric SE
Microsoft Corporation
IBM
General Electric
SAP SE
Eaton Corporation
Capgemini
Oracle Corporation
Siemens AG
Global Digital Power Utility Market by Network Type:
Generation
Transmission and Distribution
Consumption
Retail
Others
Global Digital Power Utility Market by Technology:
Hardware
Integrated Solutions
Others
Global Fire Fighting Foam market, Regional Analysis
Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
The digital power utility market world-wide is projected to reach USD 211.8 billion by 2032, increasing at a CAGR of 15.3% during the forecast period (2023-2032). The market for digital power utilities is driven by the rise in numbers of renewables’ projects, carbon emission mandates and growing demand for electricity utilities over the forecast timeframe.
Digital power utility refers to technology enabled transformation of the utility sector. It modifies operational procedures using computerization that makes work easy. Common business goals can be improvised using digital power utility which allows companies streamline operations more effectively towards meeting its objectives. It also enhances customer interactions. Augmented reality helps smart devices gain natural language abilities. This drives need for new technological development due to increased technology development and culture of working from home. Businesses are moving into different models and investing in big data analytics, wearables, mobile, cloud services, internet of things (IoT), artificial intelligence (AI), control rooms and sensors among others. The global market for digital power utility has been rising due to increasing demand for smart grids and renewable energy sources as well as demand reduction on carbon emissions. Government initiatives towards smart city development have also acted as a driving factor towards growth of global digital power utility market. Digital power utility offers several benefits including managing electricity loads with its high demand globally; however lack of awareness is hindering its expansion along with cybersecurity issue.
Market Dynamics:
Drivers:
There has been a significant increase in capital investment in renewable energy projects’ expansion purposes . Growing global warming and depletion of natural resources necessitate replacement with renewable energy sources and thermal technology . Rising investments are being made into renewables while there is an ever-increasing demand for these resources resulting into high growth rates within the digital power utility industry.
Restraints:
Globally industries were hit hard by Covid-19’s advent . Governments implemented various measures like closing down manufacturing units. This sudden drop in energy demand is what hampered the growth of digital power utility market. Group gatherings were outlawed due to the high likelihood of contracting the deadly virus. The market’s growth is thereby limited.
Opportunities:
Growth in many sectors has brought about a rise in energy demands from diverse industries. However, fossil fuels which form the main source of electricity are diminishing at alarming rates. This creates a need for renewable sources of energy and power generation. Technology-based production of renewable energy is meeting rising electricity demand in various sectors and digital power utility is anticipated to meet needs of industry throughout forecast period.
Challenges:
High operational costs could obstruct the market as they necessitate transformation of existing infrastructure used by renewable energy extraction facilities into digital conversion . There must be infrastructural transformation or upgrading which will call for huge capital inputs in order to have digitalized electricity delivery systems . The need for major investments inhibits growth within the digital power utility market.
Segmentation Analysis:
The network segment is divided into three parts – generation, transmission and distribution (T&D), consumption of electricity, retail and others. The largest market share was held by power consumption segment which controlled about 24% of the market in 2023. There is a growing requirement for power consumption due to increasing population demanding more electricity. This rapid growth can be attributed to the increasing demand for electricity in residential and non-residential sectors.
Technology consists of hardware, integrated solutions, and others. Hardware sub-segment will grow at the highest CAGR of 19.7% over the forecast period. Segment growth is driven by smart metering and electric vehicle charging requirements. With digital meters that are easy to use and read by all, traditional meters are becoming redundant in usage. These factors make it an attractive growth opportunity for this segment during the forecast period.
Regional Segmentation Analysis:
This report on Digital Power Utility Market covers North America, Europe, South America, Asia Pacific (APAC), Middle East & Africa (MEA). The total revenue from North America reaching around $67bn by 2023 made it the largest region accounting for about 40% share.
Digital Power Utility market in North American region is expanding as a result of increase in number of industries in this region leading to rise in demand for power transmission and distribution thereby fueling up its growth rate. The rising number of smart buildings has also increased the demand for sensors as well as smart metering systems thus boosting the market’s growth in that region.
Competitive Analysis:
Key players have been focusing on strategies such as developing new applications, product launches/innovations; mergers & acquisitions; joint ventures, partnerships etc., to expand their reach across various regions within the global Digital Power Utility Market industry
Wipro limited signed a multi-year global strategic IT and digital deal with National Grid Plc., a British multinational gas utility and electricity provider so as to accelerate the pace of its digital innovation journey.
List of Key Market Players:
ABB LTD
Schneider Electric SE
Microsoft Corporation
IBM
General Electric
SAP SE
Eaton Corporation
Capgemini
Oracle Corporation
Siemens AG
Global Digital Power Utility Market by Network Type:
Generation
Transmission and Distribution
Consumption
Retail
Others
Global Digital Power Utility Market by Technology:
Hardware
Integrated Solutions
Others
Global Fire Fighting Foam market, Regional Analysis
Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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