Global Digital Power Utility Market Size study & Forecast, by Technology (Hardware, Software & Service), by Sector (Power Generation, Transmission & Distribution, Power Consumption) and Regional Analysis, 2023-2030

Global Digital Power Utility Market Size study & Forecast, by Technology (Hardware, Software & Service), by Sector (Power Generation, Transmission & Distribution, Power Consumption) and Regional Analysis, 2023-2030

Global Digital Power Utility Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. A Digital Power Utility refers to the integration of advanced digital technologies into the operations and management of a power utility. The traditional power utility industry has been undergoing a transformation driven by rapid advancements in digital technologies, data analytics, and automation. The aim is to enhance efficiency, reliability, and sustainability while providing better services to customers. The key factors driving the market growth are growing capital investment in renewable energy projects, rising implementation of smart grid, and rising demand for energy in various sectors is anticipated to promote the adoption of digitalization that anticipated to support the market growth during the forecast period 2023-2030.

Moreover, the growing demand for smart grids is a significant factor supporting the growth of the digital power utility market. As the world shifts towards a cleaner and more sustainable energy mix, there is increasing integration of renewable energy sources such as solar, wind, and hydroelectric power. Smart grids play a crucial role in efficiently integrating these intermittent energy sources into the grid. Digital power utility solutions enable real-time monitoring and control of renewable energy generation, ensuring its smooth integration and optimizing its use. According to Statista, in 2022, the global Smart grid technology market was valued at USD 49.7 billion, and it is anticipated to reach USD 130.2 billion by 2028. Additionally, cohesive government initiatives are anticipated to create lucrative opportunities for the market during the forecast period. However, the high operating cost to transform the existing infrastructure stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Digital Power Utility Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rise in the footprint of various sectors in the region, which has led to the expansion of the power transmission & distribution industry. Also, the increasing need for intelligent buildings and building automation contributed to the installation of smart metering and sensors in the area, and that also supported the market growth. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising government backing, adoption of green building trends, and investment in renewable energy are the key factors contributing to the market's expansion. It is anticipated that the expansion of fossil fuel power generation in countries such as China and India would expand the region's market.

Major market player included in this report are:
ABB Ltd. (Switzerland)
General Electric Company (U.S.)
Siemens (Germany)
Accenture Plc (Ireland)
Capgemini Ltd (France)
SAP SE (Germany)
International Business Machines Corporation (U.S.)
Microsoft Corporation (U.S.)
Oracle Corporation (U.S.)
Wipro Ltd (India)

Recent Developments in the Market:
In October 2021, Wipro Limited, an Indian multinational corporation, has entered into a multi-year worldwide strategic IT and digital agreement with National Grid, a British multinational electricity and gas utility company, to accelerate its digital innovation journey.

Global Digital Power Utility Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Technology, Sector, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Technology:
Hardware
Software & Service
By Sector:
Power Generation
Transmission & Distribution
Power Consumption
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
ABB Ltd. (Switzerland)
General Electric Company (U.S.)
Siemens (Germany)
Accenture Plc (Ireland)
Capgemini Ltd (France)
SAP SE (Germany)
International Business Machines Corporation (U.S.)
Microsoft Corporation (U.S.)
Oracle Corporation (U.S.)
Wipro Ltd (India)

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