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Digital Power Utility Market Size By Network (Consumption, Generation, Retail, Transmission & Distribution and Others), By Technology (Integrated Solutions, Hardware, and Others), Regions, Segmentation, and Projection till 2030

CAGR: 23.5%Current Market Size: USD 77.5 BillionFastest Growing Region: APAC

Largest Market: North AmericaProjection Time: 2023-2030Base Year:

Global Digital Power Utility Market- Market Overview:

The global digital power utility market is expected to grow from USD 77.5 billion in 2022 to USD 419.4 billion by 2030, at a CAGR of 23.5% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand for renewable resources and technological advancements.

Using technology to transform the utility industry is the digital power utility. It uses technology that can simplify the entire process of performing work, changing the working process as a result. Business goals can be improvised using digital power utilities, which will streamline operations towards the business's goal more effectively. A notable impact on the global business outlook was the disruption of supply chains in emerging and advanced economies. The next few years could offer growth opportunities, despite fluctuations in demand and supply in 2020 and 2021. The demand for power plants has decreased, so renewable energy projects could pick up. Leading companies are expected to increase their investments in power plants. Several nations have transitioned from conventional power-focused policies to renewable-focused policies, which have resulted in an increase in renewable energy share in the digital power utility market. Digital platforms will be a major change in the power sector in the future, and the renewable energy sector has embraced this technology from the outset. In the Projection period, the market for digital power utilities is expected to be driven by factors such as the increasing electricity generation and energy consumption demand, especially the consumption of renewable energy. Digital power utility market growth is expected to be restrained by soaring operating costs for transmission and distribution infrastructure.

Sample Request: - Global Digital Power Utility Market

Market Dynamics:

Drivers:                          

  • Technological advancements

As buildings become more digitally advanced, energy efficiency and power management will improve. Using sensors as part of the digitalization of buildings, we will be able to detect energy and power demand, temperature, air quality, moisture presence, and its effects on buildings. We will need digital technologies and solutions to achieve energy-efficient, automated buildings. Standards and guidelines will emerge for future-oriented, integrated investment plans for building-related digitalization technologies both in new construction and existing buildings.

Restraints:                                             

  • Effects of COVID-19 on the market’s growth

Industries worldwide were affected by the onset of Covid-19. Several restrictions were imposed by the government, and manufacturing units were temporarily closed. This affected the growth of the digital power utility market as the need for energy dropped instantly. The high risk of infection made group gatherings were forbidden, which hindered market growth.

Opportunities:

  • Increasing demand for renewable energy resources

Several industries have grown and their demand for energy has increased. However, fossil fuels, the main source of energy, are depleting rapidly. As a result, renewable energy is becoming more important. Technology's use of renewable energy serves to fill the increasing demand for electricity in a variety of sectors, and the digital power utility is expected to satisfy the energy needs of the industries during the Projection period.

Challenges:

  • High cost

Creating a digital transformation of the existing infrastructure of renewable energy extraction units could hinder the market's growth due to its high operating costs. To use digital electricity delivery systems, infrastructure must be transformed or upgraded, which will require a substantial infusion of funds. This high level of investment is a challenge to the growth of the digital power utility industry.

Segmentation Analysis:

The global digital power utility market has been segmented based on network, technology, and region.

By Network

The network segment includes consumption, generation, retail, transmission & distribution and others. The consumption segment led the largest share of the digital power utility market with a market share of around 29% in 2022. With a market share of around 23% in 2021, the power consumption segment dominated the market. The rising population is driving the demand for electricity. During the Projection period, the demand for electricity is expected to grow rapidly in the residential and non-residential sectors.

By Technology

The technology segment includes integrated solutions, hardware, and others. The hardware segment led the largest share of the digital power utility market with a market share of around 47% in 2022. A significant portion of the revenue will be generated by hardware in the market. As a result of technological developments in hardware and the widespread use of smart meters, transformers, and other intelligent equipment, the segment is expected to grow. Because smart grid solutions enable predictive maintenance, real-time analytics, and effective asset management, organizations are searching for them.

Global Digital Power Utility Market- Sales Analysis.

The sale of digital power utilities expanded at a CAGR of 23% from 2016 to 2022.

Industry processes are being revolutionized by the integration of digital infrastructure with physical infrastructure. By transforming utilities into digital infrastructures, power generation, transmission, and distribution are becoming more efficient. With the digital utility, physical systems are becoming more productive and autonomous, and energy use options are increasing.

With a growing population, the demand for renewable power plants is driving the growth of the digital utility market. In developed as well as developing economies, green energy is being increasingly absorbed by regulations and government policies related to utilities.

Moreover, with the growing demand for smart grids, renewable energy sources, and reducing carbon emissions, the global market for digital power utilities has been growing. A number of government initiatives for smart city development contribute to the growth of the global digital power utility market. It has a number of advantages, including managing electricity loads and increasing demand.

Thus, owing to the aforementioned factors, the global digital power utility market is expected to grow at a CAGR of 23.5% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the digital power utility market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the digital power utility market and held a 39.1% share of the market revenue in 2022.

  • The North American region witnessed a major share. In North America, digital platforms are being used to strengthen power utilities, and the United States and Canada are among the first to do so. Utilities in North America are changing their business models, operating models, and information models in response to digital transformation. It is also very competitive in the North American power utility market, and any improvement to its existing services is very much appreciated. Utility companies are facing a situation where they will have to innovate and evolve their supply mix in order to protect their customers' interests, as renewable energy and shale gas are becoming more prevalent in North America.
  • Asia Pacific is anticipated to experience significant growth during the predicted period. In the same period, the Asia Pacific region is expected to be among the most promising regional markets. Growing demand for domestic electricity and changing regulatory norms in the region will boost demand for digital utility solutions. In addition, APAC's infrastructure development activities and growing energy needs are driving the region's market to gain remarkable momentum.

Global Digital Power Utility Market - Country Analysis:

  • Germany

Germany's digital power utility market size was valued at USD 5.3 billion in 2022 and is expected to reach USD 28.8 billion by 2030, at a CAGR of 23.6% from 2023 to 2030.

In order to meet the growing population's needs, it is essential to increase the potential of renewable energy sources, as the demand for electricity has increased due to an increase in disposable income and a growing population. Technology has improved people's lifestyles, leading to the idea of smart cities, which is boosting the market growth in the country.

  • China

China’s digital power utility market size was valued at USD 5.8 billion in 2022 and is expected to reach USD 32 billion by 2030, at a CAGR of 23.8% from 2023 to 2030.

A growing industrial and commercial demand for electricity in China prompted the International Energy Agency (IEA) to rank China as the largest market for power investment in 2020. In addition, China's transmission and distribution grid has been upgraded and modified significantly to ensure it is capable of transmitting more electricity and meeting future demands.

  • India

India's digital power utility market size was valued at USD 4.49 billion in 2022 and is expected to reach USD 24.6 billion by 2030, at a CAGR of 23.7% from 2023 to 2030.

The Indian government has invested more than 10 percent in energy over the past four years, the highest rate of any country. In 2020, solar photovoltaic (PV) and wind energy projects will contribute to the continued outspending of fossil fuel-based power generation, which is expected to drive the market for digital power utilities throughout the Projection period. At the end of 2020, nuclear power plants with a capacity of 7,000 megawatts were in various stages of construction in India.

Key Industry Players Analysis:  

To increase their market position in the global digital power utility market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

  • Infosys Ltd
  • Siemens
  • Capgemini Ltd
  • Wipro Ltd
  • IBM Corporation
  • Oracle Corporation
  • Accenture Plc
  • ABB
  • General Electric Company
  • Cognizant Technology Solutions
  • SAP SE

Latest Development:

  • In March 2021, In India, ABB provided programming logic controller-based (PLC) automation solutions for solar plants totaling five gigawatts (GW).
  • In October 2021, To develop the country's first digital twin for the national grid, SP Group partnered with the Energy Market Authority (EMA) and the Science and Technology Policy and Plans Office. This digital twin is expected to help improve the reliability and resilience of the Singapore grid by monitoring events in real-time.

Report Metrics

Report Attribute 

Details

Study Period

2022-2030

Base year

2022

CAGR (%)

23.5%

Market Size

77.5 billion in 2022

Projection period

2023-2030

Projection unit

Value (USD)

Segments covered

By Network, By Technology, and By Region.

Report Scope

Revenue Projection, competitive landscape, company ranking, growth factors, and trends

Companies covered

Infosys Ltd, Siemens, Capgemini Ltd, Wipro Ltd, IBM Corporation, Oracle Corporation, Accenture Plc, ABB,

General Electric Company, Cognizant Technology Solutions, and SAP SE.

By Network

  • Consumption
  • Generation
  • Retail
  • Transmission & Distribution
  • Others             

By Technology

  • Integrated Solutions
  • Hardware
  • Others                               

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Digital Power Utility Market by Network:

  • Consumption
  • Generation
  • Retail
  • Transmission & Distribution
  • Others

Global Digital Power Utility Market by Technology:

  • Integrated Solutions
  • Hardware
  • Others

Global Digital Power Utility Market by Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What will be the expected market size of the digital power utility market in 2030?

Global digital power utility market is expected to reach USD 419.4 billion by 2030, at a CAGR of 23.5% from 2023 to 2030.

What are the driving factors of the digital power utility market?

Technological advancements and increasing demand for renewable energy resources.

Which region will witness more growth in the digital power utility market?

North American region will witness more growth in the digital power utility market.

What are the segments covered in the digital power utility market report?

The segments covered in the digital power utility market are; network, technology, and region.

Which are the leading market players active in the digital power utility market?

Leading players in the digital power utility market are Infosys Ltd, Siemens, Capgemini Ltd, Wipro Ltd, IBM Corporation, Oracle Corporation, Accenture Plc, ABB, General Electric Company, Cognizant Technology Solutions, SAP SE among others.

Political Factors- The digital power utility market should evaluate current trade legislation when deciding where to expand its activities, and management should choose locations with free or flexible trade agreements. The area in issue is currently lowering trade laws to create a more welcoming environment for foreign business players, which boosts its appeal to the digital power utility industry, which is looking for prospects for international firm expansion. Before deciding whether to expand, the digital power utility market should thoroughly investigate the right taxation rules. Tax policy will favor industries that are high on the government's priority list.

Economic Factors- Rising inflation reduces the purchasing power of money and inhibits people from spending on goods and services, thereby limiting the digital power utility Market's ability to grow revenue. Exchange rate fluctuations can have an impact on a company's profitability. This study should be conducted by the digital power utility market in order to correctly assess exchange rate variations and avoid unforeseen trade and business performance consequences. A high-interest rate necessitates the digital power utility Market to make interest-only payments, which raises the entire cost of the loans obtained.

Social Factors- The research and development trend in the chosen industry or region illustrates how proactive firms are in providing cutting-edge solutions to their consumers' needs. In addition to giving value to customers, the digital power utility market must gain a better knowledge of how new technological advances can benefit the company. In markets defined by disruptive technology, significant investment in research and development would be necessary. However, the digital power utility Market must take a long-term perspective and not expect a quick return on its R&D investments.

Technological Factors- The development of renewable technologies to lessen dependency on natural resources has become a prominent trend in various industries. In order to benefit on this environmental trend, the digital power utility industry should assess how effectively a country's technological infrastructure supports the usage of renewable technologies. Certain governments around the world provide enticing incentives for the use of renewable energy sources. The digital power utility industry may achieve its goals of sustainable company development by seizing the opportunity and investing in renewable energy sources.

Environmental Factors- As a result of stringent environmental legislation in a number of nations, businesses are under pressure to limit their environmental impact. As a result, the digital power utility market should encourage ethical consumption among its target market, work to improve its brand's sustainability reputation, and ensure full compliance with local and international environmental laws, as failure to do so, may result in severe, reputation-damaging criticism from relevant stakeholders. Because of better brand impression, this investment will result in increased stakeholder satisfaction and a broader consumer base.

Legal Factors- Employment law encompasses a wide range of regulations that protect employees' rights, including the right to a living wage, equality, equity, inclusion, fairness, and physical and mental safety. While some countries do not police employment laws effectively, others impose severe fines for violating any of the listed employee rights. The digital power utility market should ensure the safety of the working environment when entering or operating in such nations. Appropriate procedures must be in place to prevent both direct and indirect discrimination. Good adherence to employment rules can help the digital power utility industry strengthen its employer brand reputation, which is critical for attracting and maintaining top personnel in the ongoing struggle for talent.

  1. Introduction
    • 1. Objectives of the Study
    • 2. Market Definition
    • 3. Research Scope
  2. Research Methodology and Assumptions
  3. Executive Summary
  4. Premium Insights
    • 1. Porter’s Five Forces Analysis
    • 2. Value Chain Analysis
    • 3. Top Investment Pockets
      • 3.1. Market Attractiveness Analysis by Network
      • 3.2. Market Attractiveness Analysis by Technology
      • 3.3. Market Attractiveness Analysis by Region
    • 4. Industry Trends
  5. Market Dynamics
    • 1. Market Evaluation
    • 2. Drivers
      • 2.1. Technological advancements
    • 3. Restraints
      • 3.1. Effects of COVID-19 on the market’s growth
    • 4. Opportunities
      • 4.1. Increasing demand for renewable energy resources
    • 5. Challenges
      • 5.1. High cost
  1. Global Digital Power Utility Market Analysis and Projection, By Network
    • 1. Segment Overview
    • 2. Consumption
    • 3. Generation
    • 4. Retail
    • 5. Transmission & Distribution
    • 6. Others
  2. Global Digital Power Utility Market Analysis and Projection, By Technology
    • 1. Segment Overview
    • 2. Integrated Solutions
    • 3. Hardware
    • 4. Others
  3. Global Digital Power Utility Market Analysis and Projection, By Regional Analysis
    • 1. Segment Overview
    • 2. North America
      • 2.1. U.S.
      • 2.2. Canada
      • 2.3. Mexico
    • 3. Europe
      • 3.1. Germany
      • 3.2. France
      • 3.3. U.K.
      • 3.4. Italy
      • 3.5. Spain
    • 4. Asia-Pacific
      • 4.1. Japan
      • 4.2. China
      • 4.3. India
    • 5. South America
      • 5.1. Brazil
    • 6. Middle East and Africa
      • 6.1. UAE
      • 6.2. South Africa
  1. Global Digital Power Utility Market-Competitive Landscape
    • 1. Overview
    • 2. Market Share of Key Players in the Digital Power Utility Market
      • 2.1. Global Company Market Share
      • 2.2. North America Company Market Share
      • 2.3. Europe Company Market Share
      • 2.4. APAC Company Market Share
    • 3. Competitive Situations and Trends
      • 3.1. Technology Launches and Developments
      • 3.2. Partnerships, Collaborations, and Agreements
      • 3.3. Mergers & Acquisitions
      • 3.4. Expansions
  1. Company Profiles
    • Infosys Ltd
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • Siemens
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • Capgemini Ltd
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • Wipro Ltd
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • IBM Corporation
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Oracle Corporation
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Accenture Plc
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • ABB
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis
    • General Electric Company
      • 9.1. Business Overview
      • 9.2. Company Snapshot
      • 9.3. Company Market Share Analysis
      • 9.4. Company Technology Portfolio
      • 9.5. Recent Developments
      • 9.6. SWOT Analysis
    • Cognizant Technology Solutions
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • SAP SE
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

  1. Global Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  2. Global Consumption, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  3. Global Generation, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  4. Global Retail, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  5. Global Transmission & Distribution, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  6. Global Others, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  7. Global Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  8. Global Integrated Solutions, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  9. Global Hardware, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  10. Global Others, Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  11. Global Digital Power Utility Market, By Region, 2023–2030 (USD Billion)
  12. North America Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  13. North America Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  14. USA Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  15. USA Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  16. Canada Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  17. Canada Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  18. Mexico Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  19. Mexico Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  20. Europe Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  21. Europe Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  22. Germany Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  23. Germany Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  24. France Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  25. France Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  26. UK Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  27. UK Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  28. Italy Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  29. Italy Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  30. Spain Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  31. Spain Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  32. Asia Pacific Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  33. Asia Pacific Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  34. Japan Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  35. Japan Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  36. China Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  37. China Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  38. India Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  39. India Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  40. South America Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  41. South America Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  42. Brazil Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  43. Brazil Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  44. Middle East and Africa Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  45. Middle East and Africa Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  46. UAE Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  47. UAE Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)
  48. South Africa Digital Power Utility Market, By Network, 2023–2030 (USD Billion)
  49. South Africa Digital Power Utility Market, By Technology, 2023–2030 (USD Billion)

List of Figures 

  1. Global Digital Power Utility Market Segmentation
  2. Digital Power Utility Market: Research Methodology
  3. Market Size Estimation Methodology: Bottom-Up Approach
  4. Market Size Estimation Methodology: Top-Down Approach
  5. Data Triangulation
  6. Porter’s Five Forces Analysis
  7. Value Chain Analysis
  8. Global Digital Power Utility Market Attractiveness Analysis by Network
  9. Global Digital Power Utility Market Attractiveness Analysis by Technology
  10. Global Digital Power Utility Market Attractiveness Analysis by Region
  11. Global Digital Power Utility Market: Dynamics
  12. Global Digital Power Utility Market Share by Network (2023 & 2030)
  13. Global Digital Power Utility Market Share by Technology (2023 & 2030)
  14. Global Digital Power Utility Market Share by Regions (2023 & 2030)
  15. Global Digital Power Utility Market Share by Company (2021)

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