Global Digital Utility Market Size study&Forecast, by Technology (Hardware, Integrated Solutions) by Network (Generation, Transmission & Distribution, Retail) and Regional Analysis, 2022-2029

Global Digital Utility Market Size study&Forecast, by Technology (Hardware, Integrated Solutions) by Network (Generation, Transmission & Distribution, Retail) and Regional Analysis, 2022-2029

Global Digital Utility Market is valued at approximately USD 192.5 billion in 2021and is anticipated to grow with a healthy growth rate of more than 11.6% over the forecast period 2022-2029.Digital Utility is the adoption of digital ways ofworking for the digital transformation of industries. It is the combination of real-world and project-tested services or software designed with high configuration. The digitalutility includes several digital devices used in power generation, transmission, and distribution industries to improve efficiency and productivity. Additionally, the growing number of renewable power generation projects to protect the environment and the rising penetration of digital technologies globally aredriving the market of Digital Utility.

Digital utilities allow power generation plants and projects to help reduce the emission of greenhouse gases and manage operation sefficiently. According to Statista, the market share of renewable energy generation globally has doubled in 2021 at 28%. India is the fourth-leading nation in renewable power capacity. India is also planning to increase its renewable energy capacity to 500 GW by 2030. The rising penetration of digital technologies due to emerging digital transformation is also fueling the demand for digital utilities solutions. The worldwide spending on digitalization is projected to reach USD 3.4 trillion by 2026, a 20% increase was also seen in 2021. Moreover, digital utilities reduce the emission of greenhouse gases preventing the environment from harmful effects and continuous advancements in utility solution is boosting the market demand. However, the high initial cost of Digital Utilitiesstifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Digital Utility Marketstudy includesAsia Pacific, North America, Europe, Latin America, and Rest of the World.North America dominated the market with the increasing number of renewable power generation plants to cater for the need of the growing population. Increasing digitalization triggers the market growth of digital utilitysolutions. Increasing investments in electric infrastructure and the number of power plants aresurging the market demand. Asia-Pacific is expected to be the fastest-growing region due to growing energy needs.Rising environmental concerns due to high emissionsof greenhouse gases arealso surging the demand fordigital utilitysolutions.Growing infrastructural development and the energy needs of individuals increase the market demand.

Major market player included in this report are:
Microsoft Corporation
Oracle Corporation
ABB Ltd.
Capgemini SE
General Electric Company
The International Business Machines Corporation IBM Corporation
Siemens AG
Infosys Ltd.
Singapore Power Limited
Wipro Ltd.
Recent Developments in the Market:
In September 2021, Microsoft Corporation and Infosys Ltd. came into a multi-year strategic engagement with Ausgrid to accelerate cloud transformation to improve the reliability of networks.
In March 2021, ABB achieves 5GW Milestone for providing solar plant automation solution in India based on Programmable Logic Controller (PLC).
Global Digital Utility Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Technology, Network, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

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 incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
Hardware
Integrated Solutions
By Network:
Generation
Transmission & Distribution
Retail
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
Rest of the WorldCompanies Mentioned
Microsoft Corporation
Oracle Corporation
ABB Ltd.
Capgemini SE
General Electric Company
The International Business Machines Corporation IBM Corporation
Siemens AG
Infosys Ltd.
Singapore Power Limited
Wipro Ltd.

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