Digital Power Utility Market
Digital Power Utility Market
Digital Power Utility Market to Reach US$ 282.4 Bn by 2032, driven by rising demand for digital technology to manage and operate its infrastructure
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Digital Power Utility Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 282.4 Billion by 2032.
A digital power utility is a power utility that uses digital technology to manage and operate its infrastructure. This includes the use of digital devices and systems to monitor and control the generation, distribution, and consumption of electricity. The digital power utility is a relatively new concept, and its adoption is still in its early stages. However, its proponents believe that it has the potential to revolutionize the way power utilities operate. By leveraging digital technology, a digital power utility can improve efficiency, optimize operations, and better manage resources.
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Digital Power Utility Market: Key Trends and Drivers
Growing number of renewable power generation projects and energy efficiency mandates is one of the key trends stoking market growth. Stringent regulatory policies are further stimulating the growth of the market. Rising need for green energy and rapid digitalization are fueling the demand for digital utility solutions. Increasing penetration of digital technologies and spiraling demand for domestic electricity in countries such as China and India are anticipated to provide a fillip to the market. Moreover, increasing number of renewable energy plants and growing environmental concerns are supplementing the growth of the market. Additionally, rising number of government initiatives supporting digital transformation is projected to support the growth of the market in the country.
Digital Power Utility Market: Restraints & Challenges
The high cost involved in the collaboration and integration of diverse applications of digital utility hinders the growth of the digital utility market in the global market. The lack of awareness is another major factor that restricts market growth. Also, the issue of cyber security is a major shortcoming in the growth of the digital utility market.
Digital Power Utility Market Report Findings
The hardware segment is likely to hold a dominant Digital Power Utility Market share and grow at a substantial CAGR during the forecast period.
By technology, the Digital Power Utility Market is segmented into Hardware, and Integrated Solutions. The hardware segment held the largest market share of xx% in 2022 and is expected to grow at a significant CAGR over the forecast period. Digital utility technology includes communication equipment, electronic equipment, networking equipment, mobile devices, and other electronic devices. Hardware and integrated solutions in digital utility are designed to cater to the needs of users related to utility operations and processes. These solutions scan, record, and maintain asset performance. Technological developments taking place in hardware and extensive use of smart meters, transformers, and other intelligent equipment are contributing to the growth of the segment. Smart grid solutions are sought after by organizations since they enable predictive maintenance, real-time analytics, and effective asset management.
The integrated solutions segment is expected to register the highest CAGR over the forecast period. Integrated solutions offered in the market include cloud and software services. The software solution assists in digitizing assets, optimizing operations, providing flexibility, and improving reliability.
The transmission and distribution segment is likely to hold a dominant Digital Power Utility Market share and grow at a substantial CAGR during the forecast period.
By network, the Digital Power Utility Market is segmented into Power Generation, Transmission and Distribution (T&D), Energy Storage, Energy Trading, and Others. The transmission & distribution segment is anticipated to dominate the market over the forecast period. Transmission & distribution solutions are widely used across the utility industry owing to increasing emphasis on monitoring and management of electric transmission and distribution systems. The retail segment is estimated to witness the highest CAGR over the forecast years. Data extraction and analytics techniques are widely used for efficient customer management, which is projected to drive the growth of the segment over the forecast period.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the Digital Power Utility Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is the regional hotspot for the power market, owing to governmental support, numerous incentives, and national targets. In 2020, the primary energy consumption reached 556.63 exajoules all over the world. Major countries in Asia-Pacific have inadequate transmission and distribution (T&D) networks, and hence, electricity is not available in some of the remote and rural areas. To bring electricity to these areas, the countries in the region are investing heavily in building a transmission line network.
According to IEA, in 2020, China was the largest market for power sector investment, supported by increased demand for power in the industrial and commercial sectors. Also, the power transmission and distribution grid of China has been experiencing major upgrades and modifications to make it capable of transmitting higher electricity and coping with future demand. Energy investment in India has grown most rapidly over the past four years, up by more than 10%. In 2020, renewable spending continued to exceed that for fossil fuel-based power generation, supported by tendering of solar PV and wind projects. This is expected to drive the digital power utility market during the forecast period. Also, as of 2020, nuclear power plants of 7,000 MW capacity were under various phases of construction in India.
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The key players in the market are Siemens AG, General Electric, IBM, Oracle Corporation, SAP SE, Schneider Electric SE, ABB LTD, Eaton Corporation, and Capgemini, among others.
Recent Developments in the Digital Power Utility Market:
- In September 2021, Infosys Ltd and Microsoft Corp. signed a multi-year strategic deal with Ausgrid to accelerate the cloud transformation of the largest electricity distributor on Australia’s east coast.
- In October 2021, SP Group partnered with the Energy Market Authority (EMA) and the Science and Technology Policy and Plans Office to develop the country’s first digital twin for the national grid. The digital twin is expected to help improve the resilience and reliability of the Singapore grid through real-time monitoring of events.
- In March 2021, ABB reached the cumulative 5-gigawatt (GW) mark in providing Programmable Logic Controller-based (PLC) solar plant automation solutions in India.
- In February 2021, General Electric Company (GE), CTCI Corporation (CTCI), and Southern Power Generation Sdn Bhd (SPG) announced the start of their commercial operation for Southern Power Generation’s Track 4A Power Plant, a 1,440 MW combined-cycle gas power plant in Pasir Gudang, Johor, Malaysia. GE is expected to provide a full spectrum of digital solutions and plant improvement services, major inspections of the 9HA.02 gas turbines, and technical advisory services.
Digital Power Utility Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Digital Power Utility Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Digital Power Utility Market potential from 2022 to 2032 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Digital Power Utility Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Digital Power Utility Market Segmentation
- Integrated Solutions
- Power Generation
- Transmission and Distribution (T&D)
- Energy Storage
- Energy Trading
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Microsoft Corporation
- Siemens AG
- General Electric
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- ABB LTD
- Eaton Corporation