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 : August, 2021 | Technology & Media

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.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?