Digital Utility Market
Digital Utility Market Forecasts to 2030 - Global Analysis By Network (Transmission & Distribution, Generation and Retail), Technology (Hardware and Integrated Solutions), End User and By Geography
According to Stratistics MRC, the Global Digital Utility Market is accounted for $239 billion in 2023 and is expected to reach $599 billion by 2030 growing at a CAGR of 14.0% during the forecast period. Digital utility refers to solutions that are spatially enabled and highly configurable, built from a combination of real-world, project-tested services and leveraged software. Digital utility enhances efficiency by automating processes, reducing manual tasks, and optimizing workflows. This leads to faster and more accurate outcomes, saving time and resources.
According to the Energy Information Administration of the United States (EIA), by 2050, renewable energy is expected to account for nearly half of global electricity production.
Market Dynamics:
Driver:
Energy efficiency demands
Energy efficiency demands serve as a compelling driver in the digital utility market, driving utilities to embrace advanced technologies for optimized energy consumption and distribution. With an increasing global focus on sustainability and environmental conservation, there is a growing imperative for utilities to operate more efficiently and reduce their carbon footprint. Moreover, digital solutions play a pivotal role in meeting these demands by offering sophisticated tools for monitoring, analyzing, and optimizing energy usage.
Restraint:
High initial costs
The deployment of advanced digital technologies, such as smart grids, IoT devices, and sophisticated data analytics, often requires substantial upfront investments. These costs encompass the acquisition of cutting-edge hardware, software development, integration, and comprehensive training programs for personnel. Moreover, the transition from traditional to digital utilities often involves the replacement or retrofitting of existing infrastructure, which can escalate expenses. As a result, high initial costs are a significant factor hindering market expansion.
Opportunity:
Smart grid implementation
Implementation involves the integration of sensors, communication networks, and control mechanisms, enabling real-time monitoring and control of energy flow within the grid. Smart grids enhance grid reliability by detecting and responding to issues instantly, minimizing downtime, and improving overall performance. Furthermore, they facilitate bidirectional communication between utilities and end-users, empowering consumers with insights into their energy usage and enabling participation in demand response programs.
Threat:
Data security and privacy concerns
Data security and privacy concerns constitute significant restraints in the digital utility market, hindering its expansion. The integration of smart grids, IoT devices, and data analytics platforms creates potential vulnerabilities leading to service disruptions, data breaches, or compromises of critical infrastructure. However, as utilities increasingly rely on interconnected systems and collect vast amounts of sensitive consumer data, the risk of cyber threats and unauthorized access becomes pronounced.
Covid-19 Impact
The COVID-19 pandemic has had a profound impact on the digital utility market. As lockdowns and social distancing measures were implemented globally, utilities faced challenges maintaining on-site staffing for essential operations. Additionally, the need for advanced metering infrastructure (AMI) became more apparent, allowing utilities to monitor energy consumption remotely and engage in real-time demand response during the pandemic.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is estimated to hold the largest share. Key hardware elements include smart meters, sensors, communication devices, and computing equipment. These devices provide real-time data on energy consumption, facilitating accurate billing, demand response programs, and efficient grid management. Moreover, these devices enable the seamless transfer of data, supporting functions like remote monitoring, control, and secure data transmission.
The aerospace and defence segment is expected to have the highest CAGR during the forecast period
The aerospace and defence segment is anticipated to have lucrative growth during the forecast period. The aerospace and defense industries leverage digital utilities to enhance communication, data security, and strategic decision-making. Furthermore, the integration of secure communication networks ensures reliable and encrypted data transfer, which is vital for military operations and national security. Digital utilities aid in optimizing resource management, streamlining logistics, and enhancing situational awareness.
Region with largest share:
North America commanded the largest market share during the extrapolated period owing to rapid urbanization, burgeoning populations, and increasing energy demand. Smart grid implementations, including advanced metering systems and distribution automation, have become prevalent across the region, allowing utilities to optimize grid operations and improve service reliability. As the region continues to evolve, utilities are leveraging digital advancements to meet rising energy demands and contribute to a sustainable energy landscape.
Region with highest CAGR:
Asia Pacific is expected to witness profitable growth over the projection period. The Asia-Pacific digital utility market is characterized by a strong emphasis on renewable energy integration. As countries in the region undergo rapid urbanization and economic growth, utilities are increasingly turning to digital solutions to modernize their infrastructure and improve operational efficiency. Moreover, the deployment of Internet of Things (IoT) devices and sensors further contributes to real-time monitoring, predictive maintenance, and overall grid optimization.
Key players in the market
Some of the key players in the Digital Utility Market include Accenture PLC, Cisco Systems Inc., ABB Ltd., General Electric Company, Eaton Corporation PLC, Capgemini SA, Oracle Corporation, Schneider Electric SE, Oracle Corporation and Siemens AG.
Key Developments:
In Sep 2023, Microsoft and Oracle Expand Partnership to Deliver Oracle Database Services on Oracle Cloud Infrastructure in Microsoft Azure.
In July 2023, Schneider Electric, a leader in digital transformation of energy management and industrial automation has announced its collaboration with HCLTech, a leading global technology company to develop carbon-efficient solutions for data centers in the Asia Pacific (APAC) region.
In May 2023, Eaton is collaborating with BAE systems to develop EV technology solutions for the medium-duty truck market. The collaboration combines expertise to provide integrated electric vehicle system for the market, with a Class-7 pickup and delivery demonstration vehicle in development.
Networks Covered:
• Transmission & Distribution
• Generation
• Retail
Technologies Covered:
• Hardware
• Integrated Solutions
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Aerospace and Defence
• Transportation and Logistics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Digital Utility Market, By Network
5.1 Introduction
5.2 Transmission & Distribution
5.3 Generation
5.4 Retail
6 Global Digital Utility Market, By Technology
6.1 Introduction
6.2 Hardware
6.2.1 Transformers
6.2.2 Smart Grids
6.2.3 Transformers
6.3 Integrated Solutions
6.3.1 Service
6.3.2 Cloud and Software
7 Global Digital Utility Market, By End User
7.1 Introduction
7.2 Banking, Financial Services and Insurance (BFSI)
7.3 Aerospace and Defence
7.4 Transportation and Logistics
7.5 Other End Users
8 Global Digital Utility Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Accenture PLC
10.2 Cisco Systems Inc.
10.3 ABB Ltd.
10.4 General Electric Company
10.5 Eaton Corporation PLC
10.6 Capgemini SA
10.7 Oracle Corporation
10.8 Schneider Electric SE
10.9 Oracle Corporation
10.10 Siemens AG
List of Tables
1 Global Digital Utility Market Outlook, By Region (2021-2030) ($MN)
2 Global Digital Utility Market Outlook, By Network (2021-2030) ($MN)
3 Global Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
4 Global Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
5 Global Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
6 Global Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
7 Global Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
8 Global Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
9 Global Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
10 Global Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
11 Global Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
12 Global Digital Utility Market Outlook, By Service (2021-2030) ($MN)
13 Global Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
14 Global Digital Utility Market Outlook, By End User (2021-2030) ($MN)
15 Global Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
16 Global Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
17 Global Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
18 Global Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
19 North America Digital Utility Market Outlook, By Country (2021-2030) ($MN)
20 North America Digital Utility Market Outlook, By Network (2021-2030) ($MN)
21 North America Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
22 North America Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
23 North America Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
24 North America Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
25 North America Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
26 North America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
27 North America Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
28 North America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
29 North America Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
30 North America Digital Utility Market Outlook, By Service (2021-2030) ($MN)
31 North America Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
32 North America Digital Utility Market Outlook, By End User (2021-2030) ($MN)
33 North America Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
34 North America Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
35 North America Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
36 North America Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
37 Europe Digital Utility Market Outlook, By Country (2021-2030) ($MN)
38 Europe Digital Utility Market Outlook, By Network (2021-2030) ($MN)
39 Europe Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
40 Europe Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
41 Europe Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
42 Europe Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
43 Europe Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
44 Europe Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
45 Europe Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
46 Europe Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
47 Europe Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
48 Europe Digital Utility Market Outlook, By Service (2021-2030) ($MN)
49 Europe Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
50 Europe Digital Utility Market Outlook, By End User (2021-2030) ($MN)
51 Europe Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
52 Europe Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
53 Europe Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
54 Europe Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
55 Asia Pacific Digital Utility Market Outlook, By Country (2021-2030) ($MN)
56 Asia Pacific Digital Utility Market Outlook, By Network (2021-2030) ($MN)
57 Asia Pacific Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
58 Asia Pacific Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
59 Asia Pacific Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
60 Asia Pacific Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
61 Asia Pacific Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
62 Asia Pacific Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
63 Asia Pacific Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
64 Asia Pacific Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
65 Asia Pacific Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
66 Asia Pacific Digital Utility Market Outlook, By Service (2021-2030) ($MN)
67 Asia Pacific Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
68 Asia Pacific Digital Utility Market Outlook, By End User (2021-2030) ($MN)
69 Asia Pacific Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
70 Asia Pacific Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
71 Asia Pacific Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
72 Asia Pacific Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
73 South America Digital Utility Market Outlook, By Country (2021-2030) ($MN)
74 South America Digital Utility Market Outlook, By Network (2021-2030) ($MN)
75 South America Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
76 South America Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
77 South America Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
78 South America Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
79 South America Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
80 South America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
81 South America Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
82 South America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
83 South America Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
84 South America Digital Utility Market Outlook, By Service (2021-2030) ($MN)
85 South America Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
86 South America Digital Utility Market Outlook, By End User (2021-2030) ($MN)
87 South America Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
88 South America Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
89 South America Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
90 South America Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
91 Middle East & Africa Digital Utility Market Outlook, By Country (2021-2030) ($MN)
92 Middle East & Africa Digital Utility Market Outlook, By Network (2021-2030) ($MN)
93 Middle East & Africa Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
94 Middle East & Africa Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
95 Middle East & Africa Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
96 Middle East & Africa Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
97 Middle East & Africa Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
98 Middle East & Africa Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
99 Middle East & Africa Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
100 Middle East & Africa Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
101 Middle East & Africa Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
102 Middle East & Africa Digital Utility Market Outlook, By Service (2021-2030) ($MN)
103 Middle East & Africa Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
104 Middle East & Africa Digital Utility Market Outlook, By End User (2021-2030) ($MN)
105 Middle East & Africa Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
106 Middle East & Africa Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
107 Middle East & Africa Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
108 Middle East & Africa Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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