Digital Utility Market research report categorizes by by Network (Generation, Transmission and Distribution, and Retail), Technology (Hardware and Integrated Solutions (Cloud and Software, Services)), and Geography (North America, Europe, and Asia-Pacific)
The global digital utility market is projected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 Billion by 2022. An increase in the number of distributed and renewable power generation projects, energy efficiency mandates demanding carbon emission reduction, and strict regulatory requirements for electric utilities will drive the digital utility market during the forecast period.
The report segments the digital utility market, by network, into generation, transmission and distribution, and retail. The transmission and distribution subsegment dominated the network segment as it accounted for the largest part of the spending on aged infrastructure.
New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems.
Based on technology, the digital utility market is segmented into integrated solutions and hardware. Hardware is the largest segment of the digital utility market, by technology.
Hardware covers all the equipment in a digital substation, such as smart meters, smart thermostats, programmable logic controllers, and smart transformers, among others. The cost of hardware is high and, hence, the segment accounts for a larger share of the market.
In this report, the digital utility market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market in North America is expected to lead the global digital utility market during the forecast period, due to the upgradation of aging infrastructure and increase in electricity demand in the region.
Upcoming smart cities and a need to improve the productivity and efficiency of power utilities can lead to opportunities in the digital utility market. But, high initial costs could be a restraint for the digital utility market, leading to declining profits.
Some of the leading players in the digital utility market include Accenture plc (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.
Contracts & agreements and new product launches were the most adopted strategies by players to ensure their dominance in the market.
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