Press release
Digital Utility Global Market Overview, Share Report, Driving Factors, Future Trends, Key Players and Growth Opportunities By 2033 | Siemens AG, SAP SE, ABB Ltd., IBM Corporation, Utilidata Inc.
Digital Utility Global Market
The Business Research Company offers in-depth market insights through Digital Utility Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The digital utility market size has grown rapidly in recent years. It will grow from $227.85 billion in 2023 to $253.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increase in renewable energy sources, stricter regulations and compliance, aging infrastructure, rising energy demand, growth in data generation, increase in natural disasters.
The digital utility market size is expected to see rapid growth in the next few years. It will grow to $406.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rapid urbanization, growing threat of cyber attacks, expansion of electric vehicle infrastructure, increased adoption of cloud computing, implementation of 5G network. Major trends in the forecast period include grid digitalization, AI and machine learning applications, energy storage integration, customer-centric solutions, transition to smart cities.
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Market Segmentation:
The digital utility market covered in this report is segmented -
1) By Deployment: On-Premise, Hybrid, Cloud
2) By Network: Generation, Transmission And Distribution, Retail
3) By Technology: Hardware, Integrated Solutions
4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defense, Transportation And Logistics, Government And Utilities, Other End-Users
Major Driver - Digital Utility Market Surges With The Rise Of Distributed And Renewable Power Generation Projects
The growing number of distributed and renewable power generation projects is expected to drive growth in the digital utility market during the forecast period. Distributed generation refers to the production of electricity from several sources, frequently from renewable energy sources. The number of distributed projects has grown because renewable and distributed power generation reduce the amount of electricity that needs to be generated at centralized power facilities, protecting the environment and thereby lowering the environmental impacts of centralized generation. The significant environmental impact of distributed and renewable energy generation projects is driving an increase in the number of these projects. For instance, in May 2021, in an article published by the Climate Policy Initiative, an India-based analysis and advisory organization with expertise in finance and policy, India's goals to increase the proportion of renewable energy (RE) in its energy mix were described as ambitious. 175 GW of renewable energy projects will be installed by the Government of India (GoI) by 2022 and 450 GW by 2030. Therefore, the growing number of distributed and renewable power generation projects is driving the growth of the digital utility market.
Competitive Landscape:
Major companies operating in the digital utility market report are Bosch.IO GmbH, Siemens AG, General Electric Company, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini SE, Eaton Corporation plc, Rockwell Automation Inc., Trimble Inc., Itron Inc., Landis+Gyr Group AG, Enel X North America Inc., Schweitzer Engineering Laboratories, Ipswitch Inc., Kalkitech Inc., Aclara Technologies LLC, Open Systems International Inc., OSIsoft LLC, Sensus USA Inc., C3.ai Inc., Trilliant Holdings Inc., Utilidata Inc., Echelon Corporation, Utilitech Engineering LLP
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Top Trend - Digital Utility Market Embraces Product Innovations With Premium MWM Software
Major companies operating in the digital utility market are focusing on innovative products, such as mobile workforce management, to better meet the needs of their existing consumers. Mobile workforce management (MWM) refers to the tools and processes used to support and empower employees who work outside of a traditional office setting. For instance, in February 2022, ARCOS LLC, a US-based digital utility software and solutions company, launched the premium MWM software ARCOS Mobile Workbench for mobile workforce management. ARCOS Mobile Workbench consolidates all work assignments, changes, and reports into a single, simple interface, reducing time-consuming manual effort and effortlessly connecting the current legacy systems. Alternatively, one can run everything through ARCOS, whichever works best for the workflow. The information in the ARCOS Mobile Workbench is entirely confidential, with only those allowed access by the server being able to see it. Data is encrypted both at rest and in transit, giving complete control over access to it.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Utility Market Characteristics
3. Digital Utility Market Trends And Strategies
4. Digital Utility Market - Macro Economic Scenario
5. Digital Utility Market Size And Growth
…..
27. Digital Utility Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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