Digital Utility Market - Global Industry Analysis, Market Size, Share, Trends Analysis, Growth and Forecast 2017 - 2025

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Digital Utility Market - Global Industry Analysis, Market Size, Share, Trends Analysis, Growth and Forecast 2017 - 2025

Status : September, 2020 | Technology & Media | PPT format

Report Digest


Global Digital Utility Market: Snapshot

In the midst of surging demand for quick digitalization and green energy in the energy segment, the interest for digital utility system is rising notably. Penetration of digital innovations in the vitality sector and programs in nations, for example, India and China expected to fulfil local needs are foreseen to feed the demand for digital utility solutions.

Rise in number of renewable and distributed power generation programs, compulsion for utility organizations with respect to emission of carbon, and strict administrative necessities for electric utilities are some of the driving factors, propelling the overall digital utility market. Digital utility arrangements serve to empower power producing plants to manage the tasks productively that decreases the loss of energy and keeps a check on the emission of greenhouse gases. Stringent controls set up in a few nations with respect to tapping of sustainable energy sources is anticipated to reinforce the digital utility market.

With the rise in popularity of digital gadgets prompting huge amount of data exchange between interlinked gadgets, the digital utility market is expected to be enormously profited. Also, technological factors, for example, predictive maintenance, data exchange, and operational management solutions are foreseen to play a vital part in the development of digital utility market. Advancement of smart cities and need to increase distribution efficiency and productivity of power utilities could serve to give chances to the digital utility market.

North America region is the main market for digital utility in terms of revenue. This is a direct result of rise in number of renewable power plants and tremendous ventures for long run of electrical infrastructure. Moreover, developing digitalization and expanding availability of gadgets in view of Internet of Things (IoT) are probably going to fuel the digital utility market.

Global Digital Utility Market: Overview

Amidst rising need for green energy and rapid digitalization in the energy sector, the demand for digital utility solutions is on the rise. Increasing penetration of digital technologies in the energy sector and initiatives in countries such as China and India to increase electricity production to fulfill domestic needs are likely to stoke demand for digital utility solutions.

Global Digital Utility Market: Trends and Opportunities

Increasing number of distributed and renewable power generation projects, mandates for utility companies pertaining to carbon emissions, and strict regulatory requirements for electric utilities are some key factors driving the worldwide digital utility market.

Digital utility solutions serve to enable power generation plants to manage operations efficiently that helps reduce energy loss and curb greenhouse gas emissions. Stringent regulations in place in several countries pertaining to tapping of renewable sources for energy generation is likely to strengthen the digital utility market.

With the increasing adoption of digital devices leading to vast amount of information exchange between connected devices, the digital utility market is likely to be immensely benefitted. Additionally, technological factors such as information exchange, predictive maintenance, and operational control solutions are playing a crucial role in the growth of digital utility market.

Development of smart cities and need to improve productivity and distribution efficiency of power utilities could serve to provide opportunities to the digital utility market.

Global Digital Utility Market: Market Potential

In a recent industry announcement, C3 IoT – the leading artificial intelligence (AI) and IoT software platform for digital transformation, has been selected by the New York Power Authority (NYPA). This is to provide artificial intelligence software foundation for NYPA’s strategic plan to certify customers to be smart and to be seriously engaged in energy efficiency goals. NYPA’s state level energy efficiency program is a part of the strategy of New York State Energy Vision Strategy to pilot on climate change and grow New York’s energy economy.

Global Digital Utility Market: Geographical Outlook

North America is the leading regional market for digital utility vis-à-vis revenue. This is because of increasing number of renewable power plants and vast investments for upgrade of electrical infrastructure. In addition, growing digitalization and increasing connectivity of devices because of Internet of Things (IoT) are likely to fuel the digital utility market.

Asia Pacific is poised to emerge as the most attractive market for digital utility solutions over the forecast period. In emerging economies, soaring demand for domestic electricity to lessen dependence on import and changing regulations applicable to the energy sector are likely to boost the demand for digital utility solutions. Furthermore, in emerging economies, initiatives for infrastructural development and rising energy needs with economic development are helping the Asia Pacific digital utility market to witness growth.

Global Digital Utility Market: Competitive Landscape

Some of the leading players in the digital utility market are Accenture plc, ABB Ltd., General Electric Company, SAP SE, Cap Gemini S.A., Siemens AG, Oracle Corporation, and International Business Machines Corporation among others.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.