Market Overview:
Digital Power Utility Market Size Was Valued at USD 67.56 Billion in 2022 and is Projected to Reach USD 349.3 Billion by 2030, Growing at a CAGR of 22.8% From 2023-2030.
Recent technological advancements in the power sector have spurred the adoption of digitalization by utility companies, despite their reputation for being slow to adopt new technology. Government regulations have historically discouraged the use of cutting-edge technology and planning methodologies in the industry, but digitalization is now being recognized as a way for power producers, utilities, and energy companies to reduce costs, increase revenue, and explore new business opportunities. By leveraging digital technologies and platforms, power utilities can optimize their operations and maintenance, manage assets effectively, control electrical loads, and enhance customer satisfaction by creating a more predictable energy ecosystem. The benefits of embracing digitalization in the power sector are significant and far-reaching.
Top Key Players Covered In The Digital Power Utility Market:
- ABB Ltd (Switzerland)
- General Electric Co (United States)
- Infosys Ltd (India)
- Siemens AG (Germany)
- Accenture Plc (Ireland)
- Cognizant Technology Solutions (United States)
- Capgemini SE (France)
- SAP SE (Germany)
- IBM (United States)
- Microsoft Corporation (United States)
- Oracle Corporation (United States)
- Wipro Ltd (India) and other major players
Market Dynamics and Factors:
The digital power utility market is being driven by a variety of factors, including the increasing demand for electricity, the need for improved operational efficiency, and the growing focus on renewable energy sources. As populations and economies grow, so does the demand for reliable and affordable electricity. Power utilities are turning to digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing to optimize their operations and reduce costs. The integration of these technologies allows power utilities to improve asset management, enhance grid stability, and increase customer satisfaction. The adoption of digital technologies in the power sector is further driving the growth of the digital power utility market.
The digital power utility market offers several opportunities for growth and development. The adoption of smart grid technologies, which utilize digital technologies such as IoT and AI, is a significant opportunity for power utilities to improve their operational efficiency, reduce costs, and enhance grid stability. The increasing focus on renewable energy sources, such as solar and wind, presents an opportunity for power utilities to integrate these sources into the grid using digital technologies.
The Digital Power Utility Market Report Highlight:
- By Technology, the Hardware Technology segment is anticipated to lead the growth of the Digital Power Utility market in the forecasted timeframe. Due to massive investments in smart metering and EV charging, the hardware segment dominated the global market.
- By Sector, the power consumption segment is anticipated to lead the growth of the Digital Power Utility market in the forecasted timeframe. Due to the rising demand for electricity from non-residential buildings and increased HVAC usage, the power consumption sector is likely to dominate the global market.
- The Asia Pacific region is expected to have the highest share of the Digital Power Utility market over the projected period. The countries in the region are substantially investing in the construction of a transmission line network to supply electricity to these areas.
Key Industry Development:
In March 2023, Jaguar Land Rover Partners with Tata Technologies to Accelerate The Digital Transformation Of Its Industrial Operations. Jaguar Land Rover is partnering with Tata Technologies, the global engineering, product development, and digital services company, to accelerate the digital transformation of Jaguar Land Rover’s industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations
In March 2021, Total and Microsoft partnered to drive digital innovation and Net Zero goals. Total and Microsoft announced that they have agreed to collaborate as strategic partners to further digital transformation and support progress toward net-zero emissions. The dynamic development of Microsoft and Total in their respective areas of expertise and their rich histories of innovation bring many concrete opportunities for collaboration over a multi-year timeframe
Digital Power Utility Market Segmentation:
By Technology
- Hardware
- Integrated Solutions
By Sector
- Power Generation
- Transmission & Distribution
- Power Consumption
- Energy Storage
- Energy Trading
For this report, Introspective Market Research has segmented the Digital Power Utility Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
