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Digital Utility Global Market Worth $406.95 Billion By 2028 Rapid Growth Predicted CAGR of 12.5% | Siemens AG, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Capgemini SE
Digital Utility Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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
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