The global digital utility market accounted for a value of USD 196.4 billion in 2019. Digital utility market projected to register growth at a CAGR of 8.6% during forecast period.
COVID-19 has impacted the digital utility market. Manufacturing units were closed and all the production activities were halted. The supply chain got disrupted due to travel restriction. The outbreak of corona virus has made all the businesses to adopt work from home. Several power generation projects got postponed or got halted due to corona virus. Everything is shifting online. The people are also looking for online solutions. This drives growth in digital utility market due to COVID-19.
For more details, visit: Global Digital Utility Market By Network (Retail, Generation, Others), By Technology Market (Hardware, Integrated Solutions, Others.), By End-User (Residential, Commercial, Others), By Region, Forecast & Opportunities to 2026
The power generation plants projects are increasing in the world. There are mandatory norms for energy efficient plants. The demand for smart meters is increasing around various regions of the globe. It provides exact information and readings of customer’s consumption of power. This drives growth in digital utility market during forecast period.
On the basis of network, the digital utility market is segmented into generation, retail and distribution & transmission. The retail segment is estimated to grow at highest CAGR during forecast period. Efficient customer management is required in retail segment. Various analytical techniques and data extraction are widely adopted for customer management. This high adoption of digital utility in retail network is likely to drive growth in this segment during forecast period.
On the basis of technology, the digital utility market is segmented into integrated solution and hardware. The integrated solutions segment is estimated to grow at highest CAGR during forecast period. It includes cloud and software services and it provides flexibility, helps in digitizing assets, optimizing operations and it helps in improve reliability. This drives growth in integrated solutions during forecast period.
Asia-Pacific region is estimated to register fastest growth during forecast period. The demand for domestic electricity is increasing with rapid increase in industrialization and urbanization in this region. The government regulatory norms are changing in Asia-Pacific region as government is supporting this segment immensely. The government is also focusing on developing infrastructure. This drives growth in Asia-Pacific region during forecast period.
The key market players in digital utility market are ABB, Accenture PLC, Capgemini SA, Cisco System, Eaton Corporation, General Electric Company, International Business Machine Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Schneider Electric SE, Siemens AG, Cognizant Technology and IBM.
- What are the expected industry trends over the next three to five years?
- Which of the digital utility technology market is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?