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Digital Power Utility Market Trends 2024-2033 | Size, Insights, Demand, Outlook
Digital Power Utility Market
As per the report, the digital power utility market size has grown exponentially in recent years. It will grow from $76.68 billion in 2023 to $92.43 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The digital power utility market size is expected to see exponential growth in the next few years. It will grow to $191.34 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%.
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Renewable Energy Revolution Catalyzing Growth In The Digital Power Utility Market
The rising need for renewable energy is expected to propel the growth of the digital power utility market going forward. Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed. There is a growing public awareness of the environmental and social impacts of fossil fuels and increasing demand for cleaner and more sustainable energy solutions. Digital power utility is used in renewable energy to efficiently manage the fluctuating output of renewables, optimizing energy storage, and balancing supply and demand in real time. For instance, according to the European Commission, a Belgium-based governing body, in 2022, renewable energy accounted for 23.0% of energy consumed in the EU, up from 21.9% in 2021. Therefore, the rising need for renewable energy is driving the growth of the digital power utility market.
GridOS Driving Digital Transformation In Power Utilities
Major companies operating in the digital power utility market are developing innovative solutions such as gridos to modernize and transform electricity grids for the future. This platform integrates energy data, network modeling, and AI and machine learning-driven analytics to power a suite of intelligent applications. For instance, in February 2023, GE Digital, a US-based Software industry corporation, launched gridos. The platform includes a 'zero trust' grid security model to protect resources from inside and outside threats. The partner ecosystem includes amazon web services (AWS) as a cloud provider and and Infosys among others as system integrators. The GridOS platform and application suite support GE Digital's grid operations portfolio mapping and design, advanced energy management system (aems) for transmission and market management operations, advanced distribution management system (ADMS) for distribution network operations, and distributed energy resource management system (derms) for forecasting and management.
The digital power utility market covered in this report is segmented -
1) By Type: Hardware Service, Software Service
2) By Sector: Power Generation, Transmission And Distribution, Energy Storage, Energy Trading
3) By Organization Size: Large Enterprises, Small-sized Enterprises, Medium-sized Enterprises
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Major companies operating in the digital power utility market report are Microsoft Corporation, Siemens AG, General Electric Company, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini Ltd., Eaton Corporation plc, Cognizant, Infosys Ltd., Vestas Wind Systems A/S , Emerson Electric Co., Hitachi Energy Ltd., Wipro Ltd., Siemens Gamesa Renewable Energy S.A., Rockwell Automation Inc. , Nordex SE , PTC Inc., National Instruments Corporation, Mitsubishi Power Ltd., Toshiba Energy Systems & Solutions Corporation
Contents of the report:
1. Executive Summary
2. Digital Power Utility Market Report Structure
3. Digital Power Utility Market Trends And Strategies
4. Digital Power Utility Market - Macro Economic Scenario
5. Digital Power Utility Market Size And Growth
…..
27. Digital Power Utility Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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