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Digital Utility Market Report 2024 - Digital Utility Market Insights, Trends, And Growth
Digital Utility Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Bosch.IO GmbH, Siemens AG, General Electric Company, Accenture* plc, 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
Digital Utility Market 2024 Key Insights:
• 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%.
• Digital Utility Market Surges With The Rise Of Distributed And Renewable Power Generation Projects
• Digital Utility Market Embraces Technological Advancements With Ausgrid's Cloud Transformation Partnership
• North America was the largest region in the global digital utility market in 2023
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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.
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