The global digital utility market size
is expected to reach USD 299.1 billion by 2025, according to a new study by
Grand View Research, Inc., expanding at a CAGR of 11.6% during the forecast
period. Technological advancements are leading to digitalization of businesses,
including the power industry. The power industry is increasingly realizing the
importance of digital technologies, which in turn is anticipated to augment the
market over the forecast period. Companies have recognized the benefits of
digitalization and are now focusing on two key areas, namely customer
engagement and improvement of operations and productivity, thus transforming
the way businesses are conducted in the power industry.
The growth of the digital utility market is
driven by factors such as stringent regulatory norms and increasing number of
distributed and renewable power generation projects. The demand for digital
utility solutions is increasing rapidly owing to benefits provided by
technologies such as digital asset management, digital utility maturity
assessment, and digital utility enterprise architecture.
The North America region commanded the
leading revenue share in 2016 owing to factors such as rapid technological
advancements, enhanced network connectivity, and high adoption rate of digital
services.Some of the prominent companies operating in the market are ABB Ltd.,
IBM Corporation, International Business Machine Corporation, Microsoft
Corporation, Oracle Corporation, and SAP SE.
Access Research Report of Digital Utility
Market@ https://www.grandviewresearch.com/industry-analysis/digital-utility-market
Further Key Findings from the Study Suggest:
· The hardware segment is likely to gain the
highest share in the market over the forecast period. Hardware is extensively
used in next generation equipment such as smart meters and transformers.
· The transmission & distribution segment
is poised to dominate the market over the forecast period. Digital utility
solutions enable users to effectively perform the transmission &
distribution activities.
· North America was the leading revenue
contributor in 2016owing to increasing number of renewable power plants and
rising investments in electrical infrastructure.
Grand View Research has segmented the
global digital utility market report based on technology, network, and region:
Digital Utility Technology Outlook (Revenue,
USD Million, 2014 - 2025)
·
Hardware
·
Integrated Solutions
Digital Utility Network Outlook (Revenue,
USD Million, 2014 - 2025)
·
Generation
·
Transmission & Distribution
·
Retail
Digital Utility Regional Outlook (Revenue,
USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Rest of The World
Access Press Release of Digital Utility Market@ https://www.grandviewresearch.com/press-release/global-digital-utility-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
