Digital Power Utility Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Digital Power Utility Market
The global digital power utility market size was valued at USD 50.82 billion in 2020 and is projected to grow from USD 55.02 billion in 2021 to USD 239.38 billion by 2028, exhibiting a CAGR of 23.4% during the forecast period of 2021-2028.
The pandemic disrupted the Digital Power Utility Market with mission delays and supply chain troubles, but also expanded the adoption of digital technologies, driving investments in clever grids and remote tracking solutions for better performance and reliability, impeding the digital power utility market growth.
The Digital Power Utility Market is driven by the growing call for energy performance, the developing need for clever grids, and IoT and AI technology improvements. These improvements enable better monitoring, control, and optimization of strength systems, enhancing reliability and decreasing operational fees.
Artificial intelligence (AI) and machine getting to know (ML) are revolutionizing the virtual electricity application marketplace. By reading vast amounts of information, AI and ML algorithms allow predictive preservation, proactive scheduling of protection responsibilities, and preventing system failures, expanding the global digital power utility market share. This technology also optimizes grid operations by studying actual-time data and making records-driven decisions, enhancing grid reliability and performance.
Comprehensive Analysis of Digital Power Utility Market
The Digital Power Utility Market is segmented by technology and area. In terms of generation, the market is split into hardware and software programs & services, with hardware dominating because of extensive investments in intelligent metering and EV charging. However, the software program & offerings section is growing swiftly, pushed via advancements in AI, device-gaining knowledge, and automation. The market is segmented by region into energy technology, transmission & distribution, and consumption. The power consumption sector leads the market due to increasing energy calls, specifically from non-residential homes and HVAC structures. The transmission & distribution quarter is predicted to grow the fastest because of virtual answers improve performance in those sports.
The North America region led the digital power utility market by benefitting a size of USD 17.92 billion in 2020 due to the growing demand for clever buildings and constructing automation; there was a rise in the setup of intelligent metering and sensors, further using market boom.
The leading Digital Power Utility market players significantly influence its growth trajectory and set industry standards. These key players, including ABB (Switzerland), General Electric Company (U.S.), Siemens (Germany), Accenture Plc (Ireland), Capgemini Ltd (France), SAP SE (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Wipro Ltd (India), Infosys Ltd (India), and Cognizant Technology Solutions (U.S.), contribute to a competitive landscape, driving innovation and market advancement through the development and integration of advanced technologies in power utilities.
In October 2021, Wipro Limited, an Indian multinational organization, entered into a multi-yr worldwide strategic IT and digital partnership with National Grid, a British multinational electricity and fuel utility issuer, to fast-song its virtual innovation efforts.
Segmentation Table
ATTRIBUTE DETAILS
Study Period2017-2028
Base Year2020
Estimated Year 2021
Forecast Period2021-2028
Historical Period2017-2019
UnitValue (USD Billion)
SegmentationBy Technology, By Sector, and By Region
By TechnologyHardware
Software & Service
By SectorPower Generation
Transmission & Distribution
Power Consumption
By GeographyNorth America (By Technology, By Sector, By Country)
U.S. (By Sector)
Canada (By Sector)
Europe (By Technology, By Sector, By Country)
U.K. (By Sector)
Germany (By Sector)
France (By Sector)
Italy (By Sector)
Spain (By Sector)
Russia (By Sector)
Rest of Europe (By Sector)
Asia Pacific (By Technology, By Sector, By Country)
China (By Sector)
India (By Sector)
Japan (By Sector)
Australia (By Sector)
Southeast Asia (By Sector)
Rest of Asia Pacific (By Sector)
Latin America (By Technology, By Sector, By Country)
Brazil (By Sector)
Mexico (By Sector)
Rest of Latin America (By Sector)
Middle East & Africa (By Technology, By Sector, By Country)
GCC (By Sector)
South Africa (By Sector)
Rest of Middle East & Africa (By Sector)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancements
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Digital Power Utility Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments by the Industry Players in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Technology
- 6.2.1. Hardware
- 6.2.2. Software & Services
- 6.3. Market Analysis, Insights and Forecast – By Sector
- 6.3.1. Power Generation
- 6.3.2. Transmission & Distribution
- 6.3.3. Power Consumption
- 6.4. Market Analysis, Insights and Forecast – By Region
- 6.4.1. North America
- 6.4.2. Europe
- 6.4.3. Asia Pacific
- 6.4.4. Latin America
- 6.4.5. Middle East & Africa
- 7. North America Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Technology
- 7.2.1. Hardware
- 7.2.2. Software & Services
- 7.3. Market Analysis, Insights and Forecast – By Sector
- 7.3.1. Power Generation
- 7.3.2. Transmission & Distribution
- 7.3.3. Power Consumption
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. U.S. Market Analysis, Insights and Forecast – By Sector
- 7.4.1.1. Power Generation
- 7.4.1.2. Transmission & Distribution
- 7.4.1.3. Power Consumption
- 7.4.2. Canada Market Analysis, Insights and Forecast – By Sector
- 7.4.2.1. Power Generation
- 7.4.2.2. Transmission & Distribution
- 7.4.2.3. Power Consumption
- 8. Europe Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Technology
- 8.2.1. Hardware
- 8.2.2. Software & Services
- 8.3. Market Analysis, Insights and Forecast – By Sector
- 8.3.1. Power Generation
- 8.3.2. Transmission & Distribution
- 8.3.3. Power Consumption
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK Market Analysis, Insights and Forecast – By Sector
- 8.4.1.1. Power Generation
- 8.4.1.2. Transmission & Distribution
- 8.4.1.3. Power Consumption
- 8.4.2. Germany Market Analysis, Insights and Forecast – By Sector
- 8.4.2.1. Power Generation
- 8.4.2.2. Transmission & Distribution
- 8.4.2.3. Power Consumption
- 8.4.3. France Market Analysis, Insights and Forecast – By Sector
- 8.4.3.1. Power Generation
- 8.4.3.2. Transmission & Distribution
- 8.4.3.3. Power Consumption
- 8.4.4. Russia Market Analysis, Insights and Forecast – By Sector
- 8.4.4.1. Power Generation
- 8.4.4.2. Transmission & Distribution
- 8.4.4.3. Power Consumption
- 8.4.5. Italy Market Analysis, Insights and Forecast – By Sector
- 8.4.5.1. Power Generation
- 8.4.5.2. Transmission & Distribution
- 8.4.5.3. Power Consumption
- 8.4.6. Spain Market Analysis, Insights and Forecast – By Sector
- 8.4.6.1. Power Generation
- 8.4.6.2. Transmission & Distribution
- 8.4.6.3. Power Consumption
- 8.4.7. Russia Market Analysis, Insights and Forecast – By Sector
- 8.4.7.1. Power Generation
- 8.4.7.2. Transmission & Distribution
- 8.4.7.3. Power Consumption
- 8.4.8. Rest of Europe Market Analysis, Insights and Forecast – By Sector
- 8.4.8.1. Power Generation
- 8.4.8.2. Transmission & Distribution
- 8.4.8.3. Power Consumption
- 9. Asia Pacific Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Technology
- 9.2.1. Hardware
- 9.2.2. Software & Services
- 9.3. Market Analysis, Insights and Forecast – By Sector
- 9.3.1. Power Generation
- 9.3.2. Transmission & Distribution
- 9.3.3. Power Consumption
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China Market Analysis, Insights and Forecast – By Sector
- 9.4.1.1. Power Generation
- 9.4.1.2. Transmission & Distribution
- 9.4.1.3. Power Consumption
- 9.4.2. Japan Market Analysis, Insights and Forecast – By Sector
- 9.4.2.1. Power Generation
- 9.4.2.2. Transmission & Distribution
- 9.4.2.3. Power Consumption
- 9.4.3. India Market Analysis, Insights and Forecast – By Sector
- 9.4.3.1. Power Generation
- 9.4.3.2. Transmission & Distribution
- 9.4.3.3. Power Consumption
- 9.4.4. Australia Market Analysis, Insights and Forecast – By Sector
- 9.4.4.1. Power Generation
- 9.4.4.2. Transmission & Distribution
- 9.4.4.3. Power Consumption
- 9.4.5. Southeast Asia Market Analysis, Insights and Forecast – By Sector
- 9.4.5.1. Power Generation
- 9.4.5.2. Transmission & Distribution
- 9.4.5.3. Power Consumption
- 9.4.6. Rest of Asia Pacific Market Analysis, Insights and Forecast– By Sector
- 9.4.6.1. Power Generation
- 9.4.6.2. Transmission & Distribution
- 9.4.6.3. Power Consumption
- 10. Latin America Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Technology
- 10.2.1. Hardware
- 10.2.2. Software & Services
- 10.3. Market Analysis, Insights and Forecast – By Sector
- 10.3.1. Power Generation
- 10.3.2. Transmission & Distribution
- 10.3.3. Power Consumption
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Brazil Market Analysis, Insights and Forecast – By Sector
- 10.4.1.1. Power Generation
- 10.4.1.2. Transmission & Distribution
- 10.4.1.3. Power Consumption
- 10.4.2. Mexico Market Analysis, Insights and Forecast – By Sector
- 10.4.2.1. Power Generation
- 10.4.2.2. Transmission & Distribution
- 10.4.2.3. Power Consumption
- 10.4.3. Rest of Latin America Market Analysis, Insights and Forecast – By Sector
- 10.4.3.1. Power Generation
- 10.4.3.2. Transmission & Distribution
- 10.4.3.3. Power Consumption
- 11. Middle East & Africa Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Technology
- 11.2.1. Hardware
- 11.2.2. Software & Services
- 11.3. Market Analysis, Insights and Forecast – By Sector
- 11.3.1. Power Generation
- 11.3.2. Transmission & Distribution
- 11.3.3. Power Consumption
- 11.4. Market Analysis, Insights and Forecast – By Country
- 11.4.1. GCC Market Analysis, Insights and Forecast– By Sector
- 11.4.1.1. Power Generation
- 11.4.1.2. Transmission & Distribution
- 11.4.1.3. Power Consumption
- 11.4.2. South Africa Market Analysis, Insights and Forecast – By Sector
- 11.4.2.1. Power Generation
- 11.4.2.2. Transmission & Distribution
- 11.4.2.3. Power Consumption
- 11.4.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Sector
- 11.4.3.1. Power Generation
- 11.4.3.2. Transmission & Distribution
- 11.4.3.3. Power Consumption
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2020
- 12.2. Company Profile
- 12.2.1. General Electric Company
- 12.2.1.1. Business Overview
- 12.2.1.2. Product & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Geographic Presence
- 12.2.1.5. Recent Development
- 12.2.2. ABB
- 12.2.2.1. Business Overview
- 12.2.2.2. Product & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Geographic Presence
- 12.2.2.5. Recent Development
- 12.2.3. Siemens AG
- 12.2.3.1. Business Overview
- 12.2.3.2. Product & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Geographic Presence
- 12.2.3.5. Recent Development
- 12.2.4. Accenture Plc
- 12.2.4.1. Business Overview
- 12.2.4.2. Product & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Geographic Presence
- 12.2.4.5. Recent Development
- 12.2.5. Capgemini SE
- 12.2.5.1. Business Overview
- 12.2.5.2. Product & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Geographic Presence
- 12.2.5.5. Recent Development
- 12.2.6. SAP SE
- 12.2.6.1. Business Overview
- 12.2.6.2. Product & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Geographic Presence
- 12.2.6.5. Recent Development
- 12.2.7. IBM
- 12.2.7.1. Business Overview
- 12.2.7.2. Product & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Geographic Presence
- 12.2.7.5. Recent Development
- 12.2.8. Microsoft Corporation
- 12.2.8.1. Business Overview
- 12.2.8.2. Product & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Geographic Presence
- 12.2.8.5. Recent Development
- 12.2.9. Oracle Corporation
- 12.2.9.1. Business Overview
- 12.2.9.2. Product & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Geographic Presence
- 12.2.9.5. Recent Development
- 12.2.10. Wipro Ltd
- 12.2.10.1. Business Overview
- 12.2.10.2. Product & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Geographic Presence
- 12.2.10.5. Recent Development
- 12.2.11. Infosys Ltd
- 12.2.11.1. Business Overview
- 12.2.11.2. Product & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Geographic Presence
- 12.2.11.5. Recent Development
- 12.2.12. Cognizant Technology Solution
- 12.2.12.1. Business Overview
- 12.2.12.2. Product & Service Offering
- 12.2.12.3. Overall Revenue
- 12.2.12.4. Geographic Presence
- 12.2.12.5. Recent Development
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