Press release
Key Influencer in the Digital Power Utility Market 2025: Renewable Energy Revolution Catalyzing Growth In The Digital Power Utility Market Driver
Digital Power Utility Market
The escalating demand for renewable energy is forecasted to boost the expansion of the digital power utility market in the future. Renewable energy, which is produced from natural resources and regenerated at a pace that exceeds its usage, is seeing a surge in public understanding regarding the detrimental environmental and societal repercussions of fossil fuels and a rising call for cleaner and more eco-friendly energy alternatives. Digital power utility plays a crucial role in renewable energy by efficiently dealing with the volatile output of renewables, enhancing energy storage, and maintaining equilibrium between supply and demand in real time. For example, data from the European Commission, a Belgium-based regulatory authority, shows that in 2022, renewables made up 23.0% of the energy consumed in the EU, a rise from 21.9% in 2021. As a result, the surging demand for renewable energy is fueling the growth of the digital power utility market.
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What growth opportunities are expected to drive the digital power utility market's CAGR through 2034?
The scale of the digital power utility market has seen exponential expansion in the most recent years. The projections show the market swelling from $92.43 billion in 2024 to a whopping $110.98 billion in 2025, boasting a compound annual growth rate (CAGR) of 20.1%. The historic rise can be traced back to the increased emphasis on projects involving renewable energy and energy storage devices, augmented distribution and transmission networks, escalating issues of global warming and the deterioration of natural resources. Additionally, mounting environmental anxieties and a higher count of renewable energy plants further propel this growth.
In the forthcoming years, the digital power utility market is anticipated to experience significant growth, potentially reaching a value of $230.16 billion by 2029 with a CAGR of 20.0%. This predicted growth during the forecast period can be linked to several factors such as accelerated industrialization and urbanization leading to heightened energy requirements, increased digitization across the globe, augmented electricity production and energy consumption, and the mounting demand for renewable and green energy. Several trends expected to dominate the forecast period include the digitization of global power plants, technological progress, a growth in the renewable energy sector and its integration, an increased demand for energy sourced from renewable resources, and rapid digitization that drives the demand for digital utility solutions.
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How are the latest trends influencing the growth of the digital power utility market?
Leading organizations in the digital power utility market are pioneering new solutions such as gridos, which aim to revolutionize and update the electricity grids for future use. This platform assimilates energy data, network modeling, and AI and machine-learning propelled analytics for driving a plethora of intelligent applications. For example, in February 2023, GE Digital, a renowned software industry firm based in the US, introduced gridos. The platform incorporates a 'zero trust' grid security model to safeguard resources against both internal and external threats. As a cloud provider, the partner ecosystem accommodates Amazon Web Services (AWS) and includes other system integrators like accenture* and Infosys. The GridOS platform and application suite reinforce GE Digital's endeavors in grid operations portfolio mapping and design, advanced energy management system (aems) for trans-communication and market operations management, advanced distribution management system (ADMS) for managing distribution network operations, and a distributed energy resource management system (derms) for prediction and management activities.
Which growth-oriented segments of the digital power utility market are leading the industry's development?
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
Subsegments:
1) By Hardware Service: Smart Meters, Grid Management Equipment, Communication Infrastructure, Substation Automation Devices, Distributed Energy Resource (DER) Management Hardware
2) By Software Service: Energy Management Software, Advanced Metering Infrastructure (AMI) Software, Grid Analytics Software, Outage Management Software, Customer Engagement Software
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What regions are leading the charge in the digital power utility market?
North America was the largest region in the digital power utility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the digital power utility market?
Major companies operating in the digital power utility market report are Microsoft Corporation, Siemens AG, General Electric Company, accenture* PLC, 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
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What Is Covered In The Digital Power Utility Global Market Report?
• Market Size Forecast: Examine the digital power utility market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the digital power utility market for a structured understanding.
• Key Players Overview: Analyze major players in the digital power utility market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital power utility market.
• Segment Contributions: Evaluate how different segments drive overall growth in the digital power utility market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital power utility market.
• Industry Challenges: Identify potential risks and obstacles affecting the digital power utility market.
• Competitive Landscape: Review strategic developments in the digital power utility market, including expansions, agreements, and new product launches.
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