What Has Been The Evolution of the Digital Power Utility Market in Recent Years?
The digital power utility market has seen considerable growth due to a variety of factors.
• The size of the digital power utility market has witnessed substantial expansion in the past few years. It's projected to rise from $92.43 billion in 2024 to $110.98 billion in 2025, with a compound annual growth rate (CAGR) of 20.1%.
The substantial growth experienced in past years can be credited to a heightened emphasis on projects involving renewable energy and energy storage devices, an expanding distribution and transmission network, the growing issue of global warming and declining natural resources, increased environmental worries, and a rising number of renewable energy facilities.
What Is the Forecasted Market Size and Growth Rate for The Digital Power Utility Market Size In The Coming Years?
The digital power utility market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are that the size of the digital power utility market will experience exponential expansion in the forthcoming years. It is projected to reach a whopping $230.16 billion in 2029, with a compound annual growth rate (CAGR) of 20.0%.
This predicted growth in the forecast period can be traced back to increasing industrialization and urbanization, which have spiked energy demand significantly. Additionally, rising digitalization globally, escalating electricity generation, and energy demand consumption, as well as the mounting need for renewable and green energy, are contributing factors. The forecast period is set to see major trends such as the digitalization of power plants on a global scale, technological evolution, growth in the renewable energy sector and its integration, increased demand for power from renewable sources, and swift digitalization, all of which continue to drive the demand for digital utility solutions.
What Factors Are Driving Growth In The Digital Power Utility Market?
The growth of the digital power utility market is anticipated to be driven by the increasing demand for renewable energy. Renewable energy, which is generated from natural resources and replenishes faster than it is utilized, is witnessing rising acceptance due to escalating public awareness about the negative environmental and social effects of fossil fuels. Additionally, people are seeking more environment-friendly and sustainable energy solutions. In renewable energy, digital power utility is employed to manage the variable output of renewables efficiently, optimise energy storage, and maintain supply-demand equilibrium instantaneously. For example, the European Commission reported that in 2022, the proportion of energy consumed in the EU that came from renewable sources increased to 23.0% from 21.9% the previous year. Hence, the increasing demand for renewable energy contributes to the expansion of the digital power utility market.
What Are The Main Segments Of The Global Digital Power Utility Market?
The digital power utility market covered in this report is segmented –
1) By Type: Hardware Service, Software Service
2) By Sector: Power Generation, Transmission And Distribution, Energy Storage, Energy Trading
3) By Organization Size: Large Enterprises, Small-sized Enterprises, Medium-sized Enterprises
Subsegments:
1) By Hardware Service: Smart Meters, Grid Management Equipment, Communication Infrastructure, Substation Automation Devices, Distributed Energy Resource (DER) Management Hardware
2) By Software Service: Energy Management Software, Advanced Metering Infrastructure (AMI) Software, Grid Analytics Software, Outage Management Software, Customer Engagement Software
Pre-Book The Digital Power Utility Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Digital Power Utility Market?
Leading entities in the digital power utility market are pioneering new solutions like gridos with the aim of updating and transforming future electrical grids. This system combines energy data, network blueprints, and AI-supported analytics with machine learning to drive a series of intelligent applications. For example, in February 2023, GE Digital, a software industry corporation headquartered in the United States, unveiled gridos. The platform presents a 'zero trust' grid security model designed to shield resources from both internal and external threats. Its partner ecosystem counts on Amazon Web Services (AWS) as a cloud service provider and has both Accenture and Infosys as system integrators. The GridOS platform and its suite of applications boost GE Digital's grid operations portfolio by providing mapping and design, an advanced energy management system (AEMS) for transmission and market managing operations, an advanced distribution management system (ADMS) for distribution network operations, and a distributed energy resource management system (DERMS) for projection and management purposes.
Who Are the Key Players In The Digital Power Utility Market?
Major companies operating in the digital power utility market report are:
• Microsoft Corporation
• Siemens AG
• General Electric Company
• Accenture PLC
• The International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• SAP SE
• ABB Ltd.
• Capgemini Ltd.
• Eaton Corporation plc
• Cognizant
• Infosys Ltd.
• Vestas Wind Systems A/S
• Emerson Electric Co.
• Hitachi Energy Ltd.
• Wipro Ltd.
• Siemens Gamesa Renewable Energy S.A.
• Rockwell Automation Inc.
• Nordex SE
• PTC Inc.
• National Instruments Corporation
• Mitsubishi Power Ltd.
• Toshiba Energy Systems & Solutions Corporation
What Is The Most Dominant Region In The Digital Power Utility Market?
North America was the largest region in the digital power utility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
