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Renewable Energy Revolution Catalyzing Growth In The Digital Power Utility Market: Powering Innovation and Expansion in the Digital Power Utility Market by 2025
Digital Power Utility Market
What Is the Expected CAGR for the Digital Power Utility Market Through 2025?
In recent times, there's been a swift growth in the size of the digital power utility market. The market is expected to expand from a size of $92.43 billion in 2024 to a larger size of $110.15 billion in 2025, at a compounded annual growth rate (CAGR) of 19.2%. The significant growth recorded in the historic period is largely due to factors such as the increased focus on renewable energy projects and energy storage devices, the expanding distribution and transmission network, escalating global warming and the degradation of natural resources, heightened environmental concerns, and a surge in the number of renewable energy facilities.
What's the Projected Size of the Global Digital Power Utility Market by 2029?
The market size of the digital power utility is poised for swift expansion in the coming years, with projections placing it at $226.97 billion in 2029 with a compound annual growth rate (CAGR) of 19.8%. Several factors propelling this anticipated growth during the forecast period include surged energy demand due to increasing urbanization and industrialization, global progression towards digitalization, escalated generation and consumption of electricity, and the rising requirement for renewable and green energy. Additionally, upcoming trends such as the digitalization of power plants globally, technological advancements, growth in the renewable energy sector and its integration, increased reliance on energy from renewable sources and the accelerating digitalization are all expected to stimulate demand for digital utility solutions.
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Top Growth Drivers in the Digital Power Utility Industry: What's Accelerating the Market?
The growth of the digital power utility market is anticipated to be driven by the escalating demand for renewable energy. Renewable energy, which comes from natural sources that are regenerated more rapidly than they are consumed, is gaining public awareness due to the environmental and societal consequences of fossil fuels and the increasingly compelling call for greener and more sustainable energy alternatives. Digital power utility plays a crucial role in renewable energy, aiding in the effective management of renewable's variable output, the optimization of energy storage, and the equilibrium of supply and demand in concurrent time. For example, the European Commission, based in Belgium, reported that in 2022, renewable energy made up 23.0% of the energy expended in the EU, a noticeable increase from 21.9% in 2021. Consequently, the surging demand for renewable energy is propelling the growth of the digital power utility market.
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What Trends Will Shape the Digital Power Utility Market Through 2029 and Beyond?
Leading corporations in the digital power utility market, such as GE Digital, are spearheading innovative solutions to revolutionize and upgrade future electric grids. Integral to these advancements is a platform known as gridos that amalgamates energy data, artificial intelligence (AI), and machine learning analytics, in turn, catalyzing a multitude of smart applications. GE Digital, an eminent U.S-based software industry entity, introduced gridos to the market in February 2023. This platform incorporates a 'zero trust' grid security model, bolstering protection against internal and external threats. The platform's partner ecosystem consists of Amazon Web Services (AWS) providing cloud services and companies like accenture* and Infosys fulfilling the role of system integrators. The grid operations portfolio of GE Digital is noticeably enhanced due to the supportive roles of the GridOS platform and application suite in grid operations mapping and design, an advanced energy management system (aems) for overseeing transmission and market management operations, an advanced distribution management system (ADMS) for managing network operations, and a distributed energy resource management system (derms) for predictions and management.
What Are the Main Segments in the Digital Power Utility Market?
The digital power utilitymarket 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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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Digital Power Utility Market Through 2029?
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.
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