Digital Utility Market Outlook 2024: Comprehensive Global Report and Trends

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Digital Utility Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $406.95 billion In 2028 At A CAGR Of 12.5% :

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.

Request A Sample Of This Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=7900&type=smp

Digital Utility Market Major Segments
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

Key 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.

Customise This Report As Per Your Requirements -
https://www.thebusinessresearchcompany.com/Customise?id=7900&type=smp

Prominent Trend - Digital Utility Market Embraces Technological Advancements With Ausgrid's Cloud Transformation Partnership

Technological advancements are rapidly gaining popularity in the digital utility market for the forecasting period. For instance, in September 2021, Ausgrid, the largest distributor of electricity on Australia's east coast, partnered with Infosys, a global leader in next-generation digital services and consulting, and Microsoft, a US-based multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services, to accelerate its cloud transformation journey and establish Ausgrid as a leading digital utility. The cloud program is designed to reduce the operating costs of Ausgrid and improve the performance of IT systems and applications. As part of this strategic effort, Infosys and Microsoft are helping Ausgrid meet these challenges by modernizing its application landscape and optimizing its IT infrastructure.

Digital Utility Market Players
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

View The Full Report Here -
https://www.thebusinessresearchcompany.com/report/digital-utility-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the global digital utility market in 2023. The regions covered in the digital utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Utility Market Report Structure
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

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.