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The digital utility market is influenced by a multitude of factors that collectively shape its dynamics and growth trajectory. One pivotal factor is technological innovation. As advancements in technology continue to unfold, digital utilities leverage cutting-edge solutions to enhance their operational efficiency. Connecting smart grids, internet things (IoT) and advanced numbers helps power companies to watch over energy stuff all the time. This makes making decisions easier, better managing everything overall.
Rule books are very important in making the digital utility market. All around the world, governments are making rules to push people towards using digital equipment. They also want it to help save our planet and keep how we use energy safe for everyone. Support from the government helps put in smart grids, renewable energy and secure computer systems. This makes it easier for market players to act and gives a good place where technology can develop better in utility companies.
The changing needs of customers and their desires are important reasons for the development of digital utility market. As people become more aware of the environment and want to use less energy, utilities have no choice but to change. People want cleaner energy and easier to use interfaces. This makes digital utility platforms change and get better. Meeting these customer wants not only makes them happy but also puts utilities to win in a tough market.
The world's effort to use resources wisely is a very important thing that affects how the digital utility market works. We need to lower our carbon footprints and use renewable energy, which is changing how we get electricity. Computer systems are important in this change by helping to connect clean energy into the power network. As making things safe for the Earth becomes very important to businesses and people who buy from them, computer-based energy services have more need than ever before to help create a cleaner world.
The way money is invested and the methods used to give funding also impact a big way on digital utility markets. Setting up digital tools, smart networks and strong online safety needs a lot of money. When there is money, whether from working with government or private companies or individual investments, it affects how fast utilities can change their systems and use digital tools. People who work in the market watch what others are investing in. They do this to see how money is moving and make big choices based on it.
Protecting against hackers is very important in the digital utility market. As digitization and connections grow, utilities are dealing with more chances of cyber attacks. The way utilities keep their important systems safe is affected by things like how often and in what ways hackers attack, rules set for protecting data, and the overall state of cybersafety. The ability to address cybersecurity challenges effectively is essential for maintaining the trust and reliability of digital utility systems.
Global economic conditions and geopolitical factors also impact the digital utility market. Economic stability and geopolitical events can influence investment decisions, regulatory priorities, and the overall growth trajectory of the utility sector. Fluctuations in global energy prices, trade policies, and geopolitical tensions can introduce uncertainties that impact the strategic planning and operations of digital utilities on a broader scale.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 210.6 Billion |
| Market Size Value In 2023 | USD 235.872 Billion |
| Growth Rate | 12.00% (2023-2030) |
Digital Utility Market Highlights:
Global Digital Utility Market Overview:
Digital Utility Market Size was valued at USD 259213.3 million in 2023. The Digital Utility market is projected to grow from USD 102275.6 million in 2024 to USD 508322.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 12.02% during the forecast period (2024 - 2032). The growing demand for green energy, rapid digitalization and rising domestic electricity demand in countries are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Utility Market Trends
Growing demand for green energy, combined with rapid digitalization, is driving market growth
The growing demand for green energy and rapid digitalization drive the demand for digital utility solutions. Increased digital technology penetration and rising domestic electricity demand in countries such as China and India are expected to boost the market. During the forecast period, the market in the United States is expected to have the largest market share in the North American region. The growing number of renewable energy plants and environmental concerns supplement the market growth. Furthermore, the growing number of government initiatives supporting digital transformation is expected to support the country's market growth. Digital utility solutions help power generation plants manage operations more efficiently and reduce greenhouse gas emissions. Over the forecast period, strict regulatory norms are also expected to strengthen the market.
An increase in the amount of data collected and exchanged, combined with an increase in the number of connected devices, will likely give the market a huge boost. Furthermore, technological factors such as predictive maintenance, information exchange, and operational control solutions are critical to the market's growth. Everything is now more accessible and faster thanks to digitalization. The Industrial Internet of Things (IIoT) has digitalized various industrial processes in the energy and utility sectors, including power generation, distribution, and transmission. The integration of digital and physical infrastructure is transforming industry processes. The digital transformation of utilities has increased the efficiency of power generation, transmission, and distribution. Digital utility has expanded capabilities by making physical systems more productive and autonomous and providing more energy usage options. Because of the growing concern about customer satisfaction in the utility sector, digital transformation occurs across the entire energy value chain. The utility industry rapidly embraces cutting-edge digital technologies such as blockchain and artificial intelligence. Thus, driving the Digital Utility market revenue.
Digital Utility Market Segment Insights:
Digital Utility Component Insights
Based on components, the Digital Utility Market segmentation includes hardware, software, and services. The hardware segment dominated the market, and Hardware technological advancements and the widespread use of smart meters, transformers, and other intelligent equipment are contributing to the segment's growth. Organizations are interested in smart grid solutions because they enable predictive maintenance, real-time analytics, and effective asset management, which has recently enhanced the Digital Utility market CAGR globally.
Figure 1: Digital Utility Market by Components, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Utility Deployment Type Insights
Based on deployment type, the Digital Utility Market segmentation includes on-premises, cloud, and hybrid. The cloud segment held the majority share in 2022 concerning the Digital Utility Market revenue. Because of the low cost and ease of access to cloud-based IT Asset Management Software Market solutions. Cloud-based IT Asset Management Software Market solutions are increasingly used in banking, financial services, insurance (BFSI), healthcare, retail, government, IT and telecommunication, manufacturing, etc. Cloud-based IT Asset Management Software Market solutions enable the migration of data, applications, and all critical business elements from on-premise data centers to the cloud or from one cloud to another.
Digital Utility End-Users Insights
Based on the end-users, the Digital Utility Market data includes residential, commercial, and retail. The retail category generated the most income Retailers can use data on customer behavior, preferences, and purchase history to understand their customers' needs better and tailor their offerings accordingly. This can result in more personalized marketing, accurate product recommendations, and increased customer loyalty. Retailers can optimize their inventory levels and reduce waste by using data on sales trends, stock levels, and supplier lead times. This can lead to cost savings and increased profitability implants for Digital utilities, positively impacting market growth.
Digital Utility Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Europe Digital Utility market will dominate this market owing to the increasing number of renewable power plants and rising investments in electrical infrastructure. Furthermore, growing digitalization and the emergence of several connected devices are expected to drive market growth over the forecast period.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL DIGITAL UTILITY SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Digital Utility market accounts for the second-largest market share. Rising domestic electricity demand and shifting regional regulatory norms are expected to drive demand for digital utility solutions. Furthermore, rising infrastructure development activities and rising energy demand in APAC are assisting the regional market is growing. Further, the India Digital Utility market held the largest market share, and the China Digital Utility market was the fastest-growing market in the Asia Pacific region.
The North America Digital Utility Market is expected to grow at the fastest CAGR from 2024 to 2032. The growing number of renewable power plants being built to meet the needs of the world's growing population is propelling the digital utility market forward. Changing utility regulations and government policies drive green energy penetration in developed and developing economies. Moreover, the US Digital Utility market held the largest market share, and the Canada Digital Utility market was the fastest-growing market in the North American region.
Digital Utility Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Digital Utility market grow even more. Market participants are also undertaking various strategic activities to expand their Global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Utility industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Global Digital Utility industry to benefit clients and increase the market sector. The Digital Utility industry has recently offered some of the most significant medical advantages. Major players in the Digital Utility market, including Capgemini SA (France), International Business Machine Corporation (US), Accenture PLC (Ireland), Microsoft Corporation (US), Cognizant Technology Solutions, Corporation (US), Cisco Systems Inc. (US), Oracle Corporation (US), SAP SE (Germany), Siemens AG (Germany), General Electric Company (US), ABB Ltd. (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.
Capgemini SA (France) Capgemini is the strategic partner who will use technology to help you ask tough questions and find the right answers. We use diverse skills to address business needs in four areas: strategy and transformation, applications and technology, engineering, and operations. Providing strategy, innovation, and transformation consulting by leveraging technology, data science, and creative design expertise. We concentrate on assisting in creating value in three key areas: customer experience, intelligent industry, and enterprise management. In doing so, we assist our clients in adopting key technologies such as cloud, data, and artificial intelligence, as well as working to improve their cybersecurity and environmental impact. Thanks to our deep, sector-specific expertise, we can develop solutions aligned with industry standards.
International Business Machine Corporation has collaborated to create TradeLens, a blockchain shipping solution. The solution aims to promote secure and efficient global trade by incorporating blockchain technology into the supply chain. Oracle Corporation launched the Oracle blockchain application cloud to assist customers in providing agility and increasing trust in transactions across their businesses. The new suite uses SaaS to improve transparency and traceability across the supply chain. International Business Machine Corporation Corporation collaborated on supply chain solutions with Ford Motor Company, RCS Global, LG Chem Ltd, and Huayou Cobalt Corporation Ltd. This would enable the companies to validate and track a variety of minerals used in consumer goods.
2019 saw the announcement of a collaboration between FANUC CORPORATION(1), Fujitsu Limited(2), and NTT Communications Corporation(3) to develop a new service in order to realize their shared goal of a "Digital Utility Cloud." The "Digital Utility Cloud" idea seeks to improve customer service and streamline internal operations—two things that are frequently replicated throughout the machine tool industry—in order to accelerate digital innovation.
Twenty-first-century usefulness In order to expedite its digital transformation and enhance grid operations and customer services, Counties Energy has teamed with GE Digital. For increased network dependability, efficiency, and flexibility, Counties Energy will integrate its current geographic information system (GIS) with an advanced distribution management system from GE Digital. The company will be able to utilize grid and customer data thanks to the project.
Key Companies in the Digital Utility market include
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Capgemini SA (France)
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International Business Machine
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Corporation (US)
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Accenture PLC (Ireland)
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Microsoft Corporation (US)
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Cognizant Technology Solutions
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Corporation (US)
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Cisco Systems Inc. (US)
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Oracle Corporation (US)
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SAP SE (Germany)
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Siemens AG (Germany)
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General Electric Company (US)
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ABB Ltd. (Switzerland)
Digital Utility Industry Developments
Capgemini SE, the IT consulting and digital transformation company, signed a partnership with Euroclear, a Belgium-based financial services provider that handles both international and domestic securities transactions. The two firms partnered up for the successful launch of its Digital Securities Issuance (D-SI) solution.
The IT consulting and digital transformation company based in France has entered into an agreement with Bpifrance, the French public investment bank, to promote the growth of French businesses through funding. This would help Capgemini accelerate innovation and digitalization at Bpifrance and its customers by upgrading the bank’s IT teams with cutting-edge technologies mainly focused on data processing as well as AI.
Siemens AG collaborated with Microsoft to bring artificial intelligence improvements across Microsoft Cloud and Siemens’ industrial knowledge enabling frontline workers and knowledge workers to use AI-based tools.
Oracle Corporation has partnered with Microsoft Corporation, a leading global technology company that is involved in software development, hardware manufacturing and cloud services. Furthermore, Oracle Exadata equipment will be deployed at Azure data centers for peak performance of both database activities and networking requirements by their customers.
Accenture PLC collaborated with AWS, which is among the most popular cloud computing platforms offering various business-oriented services for building and managing IT infrastructure or applications. To ensure that clients maximize benefits from emerging technologies across sectors, AWS would present thoroughly crafted business cases, stronger ethical frameworks around the responsible use of AI, and advanced insights.
The Indian government announced plans to set aside INR 19,500 crore in February 2022 to enhance solar module manufacturing under the flagship Production Linked Incentive (PLI) scheme.
A notable turning point occurred within the industry when General Electric Company (GE), CTCI Corporation (CTCI), and Southern Power Generation Sdn Bhd (SPG) initiated commercial operations for their 1,440 MW Track 4A Power Plant Pasir Gudang, Johor, Malaysia, in February 2021. This collaborative stride marked a significant leap forward, heralding a new era in the advancement of cutting-edge combined cycle gas power infrastructure.
According to International Energy Agency (IEA) data, China remained the leading destination for investments in the global power sector, especially in the industrial and commercial sectors, as per 2020 trends.
Digital Utility Market Segmentation:
Digital Utility Component Outlook
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Hardware
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Software
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Services
Digital Utility Deployment Type Outlook
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On-Premises
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Cloud
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Hybrid
Digital Utility End-Users Outlook
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Residential
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Commercial
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Retail
Digital Utility Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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