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Emerging Digital Utility Market Trends: Strategic Partnerships In The Digital Utility Market Enhancing Innovative Offerings Shaping the Future of the Industry
Digital Utility Market
Digital Utility Market Size Growth Forecast: What to Expect by 2025?
The size of the digital utility market has been expanding swiftly over the past years. The market size is projected to rise from $248.33 billion in 2024 to $273.84 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.3%. The earlier growth can be credited to the augmentation of renewable energy sources, stricter regulatory adherence, deteriorating infrastructure, escalating demand for energy, increased data production, and a rise in natural disasters.
How Will the Digital Utility Market Size Evolve and Grow by 2029?
The digital utility market is predicted to witness swift augmentation in the coming years. By 2029, it is projected to increase to a valuation of $470.9 billion, with a compound annual growth rate (CAGR) of 14.5%. The predicted expansion during this period can be linked to factors such as rapid urbanization, escalating risk of cyber threats, expansion of electric vehicle infrastructure, growing adoption of cloud computing, and the deployment of 5G networks. Key trends that are likely to shape the industry during the forecast period include digitalization of the grid, the incorporation of AI and machine learning, energy storage integration, customer-focused solutions, and the ongoing evolution towards smart cities.
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What Drivers Are Propelling the Growth of Digital Utility Market Forward?
The digital utility market is likely to see increased growth due to the rising number of distributed and renewable power generation projects, anticipated in the forecasted period. The term 'distributed generation' implies the process of generating electricity from multiple sources, mostly renewable. The increased number of distributed projects is due to renewable and distributed power generation's ability to decrease the need for electricity generation at centralized power sites, therefore minimizing environmental impacts and preserving nature. The notable environmental effects of distributed and renewable power generation have initiated the rise in the number of these projects. For instance, Eurostat, a government agency based in Luxembourg, reported in an article in June 2024 that the supply of renewable energy saw a rise of 4.4% in 2023 compared to 2022, amounting to an approximate 10.9 million terajoule (TJ). The escalating number of distributed and renewable power generation projects, therefore, is fuelling the expansion of the digital utility market.
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Which Emerging Trends Are Transforming the Digital Utility Market in 2025?
Leading firms in the digital utility market are forging strategic alliances to enhance their product offerings and create cutting-edge solutions. To illustrate, in October 2024, ELES or Elektro-Slovenija, d.o.o., Slovenia's state-run electricity transmission system operator, joined forces with Siemens Energy to propel digital progress in electricity grids. The agreement centers around the creation of novel tools such as augmented and virtual reality technology, robotic inspection of substations, and sophisticated sensor monitoring systems. The goal of this partnership is to increase the efficacy and sustainability of energy infrastructure, contributing to efforts to slash carbon emissions. Based in Germany, Siemens Energy is an energy technology enterprise focusing on cutting-edge solutions across the entire energy value chain.
What Are the Key Segments in the Digital Utility Market?
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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Who Are the Key Players Shaping the Digital Utility Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Digital Utility Market?
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.
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