What Fueled Digital Utility Market?
The digital utility market has seen considerable growth due to a variety of factors.
• Recent years have witnessed a speedy expansion of the digital utility market size. It is projected to flourish from $248.33 billion in 2024 to $273.84 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.3%.
This notable development during the historic era can be traced back to factors like a surge in renewable energy sources, tighter regulatory measures and compliance, outdated infrastructure, heightened energy needs, an upswing in data production, and a rise in natural calamities.
What Are the Future Growth Projections for the Digital Utility Market?
The digital utility market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the digital utility market is projected to experience swift expansion in the coming years, reaching a worth of $470.9 billion in 2029 with a compound annual growth rate (CAGR) of 14.5%.
This growth during the forecast period is linked to fast-paced urbanization, the escalating risk of cyber threats, the expansion of the electric vehicle infrastructure, the widespread adoption of cloud computing, and the implementation of 5G networks. Key trends during this forecast phase will include digitalization of the grid, applications of AI and machine learning, integration of energy storage, customer-focused solutions, and the shift towards smart cities.
What Main Forces Are Fueling Expansion In The Digital Utility Market?
The expansion of distributed and renewable power generation initiatives is likely to fuel the digital utility market's growth in the projection period. Essentially, distributed generation involves various power sources, frequently renewable, to produce electricity. This approach has seen a surge in popularity because using renewable and distributed power generation decreases the need for central power facilities to generate large amounts of electricity, hence reducing their environmental footprint. The substantial beneficial environmental impact of distributed and renewable power ventures is leading to a rise in such initiatives. For instance, a Luxembourg-based government agency, Eurostat, reported in June 2024 that the renewable energy supplies surged by 4.4% in 2023 in comparison to 2022, rounding off to about 10.9 million terajoule (TJ). Thus, the increasing prevalence of distributed and renewable power generation projects is propelling the digital utility market's growth.
What Are The Major Segments Within The Digital Utility Market?
The digital utility market covered in this report is segmented –
1) By Deployment: On-Premise, Hybrid, Cloud
2) By Network: Generation, Transmission And Distribution, Retail
3) By Technology: Hardware, Integrated Solutions
4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defense, Transportation And Logistics, Government And Utilities, Other End-Users
Subsegments:
1) By On-Premise: Installed Software, On-Premise Infrastructure
2) By Hybrid: Combination Of On-Premise And Cloud Services, Integrated Systems
3) By Cloud: Public Cloud, Private Cloud, Multi-Cloud Solutions
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Which Trends Are Expected To Transform The Digital Utility Market?
Leading firms in the digital utility marketplace are forging strategic alliances to enhance their product lineup and devise breakthrough solutions. For instance, in October 2024, the state-managed electricity transmission system operator in Slovenia, ELES, or Elektro-Slovenija, d.o.o., collaborated with Siemens Energy to propel digital advancements in the electric grid. The understanding memorandum centers on devising innovative solutions like augmented and virtual reality tools, robotic substation examination, and sophisticated sensor monitoring systems. The purpose of this alliance is to boost the efficiency and sustainability of energy infrastructures, contributing to efforts to decrease carbon emissions. Siemens Energy, a German-based energy technology firm, is known for its focus on innovative solutions spanning the entire energy value chain.
Who Are the Key Players in the Digital Utility Market?
Major companies operating in the digital utility market include:
• Bosch.IO GmbH
• Siemens AG
• General Electric Company
• Accenture plc
• IBM Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• SAP SE
• ABB Ltd.
• Capgemini SE
• Eaton Corporation plc
• Rockwell Automation Inc.
• Trimble Inc.
• Itron Inc.
• Landis+Gyr Group AG
• Enel X North America Inc.
• Schweitzer Engineering Laboratories
• Kalkitech Inc.
• Aclara Technologies LLC
• Open Systems International Inc.
• OSIsoft LLC
• Sensus USA Inc.
• C3.ai Inc.
• Trilliant Holdings Inc.
• Utilidata Inc.
• Echelon Corporation
What Is The Most Dominant Region In The Digital Utility Market?
North America was the largest region in the global digital utility market in 2024. The regions covered in the digital utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
