Digital Utility Market based on By Technology (Hardware, Integrated Solutions), By Network (Transmission & Distribution, Retail, Generation), Regional Outlook– Global Forecast up to 2030

Digital Utility Market based on By Technology (Hardware, Integrated Solutions), By Network (Transmission & Distribution, Retail, Generation), Regional Outlook– Global Forecast up to 2030

The demand for digital utility solutions is being driven by the growing need for green energy and the speed of digitization. It is expected that the market will be supported by rising use of digital technologies and rising home electricity consumption in nations like China and India.

Over the course of the forecast period, the U.S. market is anticipated to have the most market share in the North America region. The market is expanding in addition to the growing number of renewable energy facilities and growing environmental concerns. Furthermore, it is anticipated that an increasing number of government programs promoting digital transformation will aid in the market's expansion in the nation.

Power generation facilities can manage operations more effectively and contribute to a decrease in greenhouse gas emissions with the use of digital utility technologies. Over the course of the projected period, strict regulatory standards are also anticipated to strengthen the market.

A significant boost to the market is anticipated from an increase in the quantity of data being gathered and shared as well as from a rise in the number of connected devices. Furthermore, technical elements like information sharing, predictive maintenance, and operational control solutions are crucial to the market's growth.

New growth prospects for the industry are anticipated as renewable energy sources become more widely used. New renewable power producing projects have been established as a result of the growing use of renewable energy. The utility industry is experiencing new development potential due to the emergence of linked devices and digitization. The utility industry's businesses are about to undergo a digital revolution, which will force them to embrace new digital utility solutions that give customers access to renewable energy. In order to keep the ecosystem in balance and reduce carbon footprint, green energy is essential.

Research Methodology:

After secondary research provided a fundamental understanding of the worldwide Digital Utility Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Digital Utility Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered. The primary participants share is given below:

The segmentation coverage of the study is provided below.

Digital Utility Market based on Technology

• Hardware
• Software & Service

Digital Utility Market based on Sector

• Power Generation
• Transmission & Distribution
• Power Consumption

Digital Utility Market based on Geography

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe (RoE)
• Asia Pacific (APAC)
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
• Brazil
• Argentina
• Rest of South America
• Middle East and Africa (MEA)
• UAE
• Turkey
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Hardware, software, and services are included in the segmentation of the digital utility market based on components. The market was dominated by the hardware segment, which is expected to rise as a result of advances in hardware technology and the increasing usage of transformers, smart meters, and other intelligent equipment. Because smart grid technologies facilitate real-time analytics, predictive maintenance, and efficient asset management—all of which have lately increased the global CAGR of the digital utility market—organizations are drawn to them.

The Digital Utility Market is segmented into on-premises, cloud, and hybrid deployment types. In terms of revenue, the cloud sector accounted for the majority of the Digital Utility Market in 2022. due to cloud-based IT Asset Management Software Market solutions' affordability and accessibility. Solutions for the cloud-based IT asset management software market are being used more and more in the following industries: manufacturing, banking, financial services, insurance (BFSI), healthcare, retail, government, and IT. The migration of data, apps, and all essential business components from on-premise data centers to the cloud or between clouds is made possible by cloud-based IT Asset Management Software Market solutions.

The Digital Utility Market data include residential, business, and retail based on the end-users. The retail sector brought in the greatest money. Retailers may better understand their consumers' needs and adjust their offerings by using data on customer behavior, preferences, and purchase history. Increased client loyalty, precise product suggestions, and more customized marketing are possible outcomes of this. Using information on sales trends, stock levels, and supplier lead times, retailers may optimize their inventory levels and cut waste. This might result in lower costs and more profitable ventures for digital utilities, which would boost market expansion.

The report offers market insights by region for the following areas: North America, Europe, Asia-Pacific, and the rest of the world. Due to expanding expenditures in electrical infrastructure and the amount of renewable power plants opening up, the Europe Digital Utility industry is expected to dominate this market. Moreover, over the course of the projected period, increasing digitalization and the rise of numerous linked devices are anticipated to fuel market expansion.

The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are among the other key nations examined in the market study.

• This report illustrates the most vital attributes of the Digital Utility Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Digital Utility Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Digital Utility Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Digital Utility Market.