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Digital Utility Market Surges With The Rise Of Distributed And Renewable Power Generation Projects: Key Factor Driving The Growth In The Digital Utility Market
Digital Utility Market
What Is the Current Digital Utility Market Size and Its Estimated Growth Rate?
In recent times, the size of the digital utility market has seen a significant increase. There will be an ascension from $248.33 billion in 2024 to $273.84 billion in 2025 reflecting a compound annual growth rate (CAGR) of 10.3%. The surge in the previous period can be credited to the increment in renewable energy sources, tightening regulations and compliance, decaying infrastructure, escalating demand for energy, expansion in data generation, and a rise in natural disasters.
Over the coming years, it is anticipated that the size of the digital utility market will undergo swift expansion. By 2029, the market is projected to reach a value of $470.9 billion, escalating at a compound annual growth rate (CAGR) of 14.5%. The spur in growth during the forecast period can be pinned on factors such as quickening urbanization, rising incidences of cyber attacks, the enlargement of electric vehicle infrastructure, wider adoption of cloud computing, and the roll-out of 5G networks. Leading trends to watch over the forecast period encompass grid digitalization, applications of AI and machine learning, integration of energy storage, customer-focused solutions, and a shift towards smart cities.
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How Are Emerging Segments Shaping the Digital Utility Market Landscape?
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
Subsegments:
1) By On-Premise: Installed Software, On-Premise Infrastructure
2) By Hybrid: Combination Of On-Premise And Cloud Services, Integrated Systems
3) By Cloud: Public Cloud, Private Cloud, Multi-Cloud Solutions
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Which Growth Factors Are Influencing Digital Utility Market Expansion?
The digital utility market is poised for expansion due to the escalating number of dispersed and renewable energy production initiatives during the forecast era. Distributed generation is broadly defined as the process of generating power from multiple, typically renewable, sources. The proliferation of distributed projects can be attributed to their ability to minimize the need for electricity production at centralized power facilities, thus saving the environment and curtailing the environmental impact of concentrated energy production. The substantial environmental benefits contributed by such distributed and renewable energy projects are igniting surge in their numbers. For instance, Eurostat, a government agency based in Luxembourg, mentioned in a June 2024 article that there was a 4.4% spike in the renewable energy supply in 2023 compared to 2022, reaching approximately 10.9 million terajoule (TJ). Consequently, the snowballing count of distributed and green power generation initiatives is fuelling the expansion of the digital utility market.
Who Are the Dominant Players Across Different Digital Utility Market Segments?
Major companies operating in the digital utility market include 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, Kalkitech Inc., Aclara Technologies LLC, Open Systems International Inc., OSIsoft LLC, Sensus USA Inc., C3.ai Inc., Trilliant Holdings Inc., Utilidata Inc., Echelon Corporation
What Digital Utility Market Trends Are Gaining Traction Across Different Segments?
Major players in the digital utility market are establishing strategic alliances to enhance their product offerings and generate novel solutions. For instance, in October 2024, ELES, also known as Elektro-Slovenija, d.o.o., a state-owned electricity transmission system operator in Slovenia, partnered with Siemens Energy to accelerate digital progress in power grids. The cooperative agreement emphasizes the creation of innovative solutions such as augmented and virtual reality tools, robotic substation inspections, and sophisticated sensor monitoring systems. The objective behind this collaboration is to boost the effectiveness and sustainability of the energy infrastructure while supporting emission reduction initiatives. Siemens Energy, a German energy technology enterprise, centers its efforts on developing groundbreaking solutions throughout the entire energy value chain.
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Which Geographic Regions Are Expected to Dominate the Digital Utility Market in the Coming Years?
North America was the largest region in the global digital utility market in 2024. The regions covered in the digital utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Utility Market?
2. What is the CAGR expected in the Digital Utility Market?
3. What Are the Key Innovations Transforming the Digital Utility Industry?
4. Which Region Is Leading the Digital Utility Market?
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