Digital Utility Market, By Component (Hardware, Software, Services), Deployment Type (On Premises, Cloud, Hybrid), End-Users (Residential, Commercial, Retail) and Region- Forecast 2027

Digital Utility Market Overview:

The global digital utility market is expected to boost at a CAGR of 12% with a value of USD 253 billion during the estimated forecast year of 2020-2027.

The growing electricity generation and energy consumption demand, especially renewable energy consumption demand, is expected to drive the digital utility market during the forecasting year. However, soaring operating costs for transmission and distribution infrastructure are expected to restrain the digital utility market during the forecasting period. The power generation segment is expected to witness significant growth in the global digital utility market during the estimated forecasting year.

The increasing demand for renewable energy, rising electric vehicles and adoption of heat pumps will provide immense opportunities for the digital utility market. The power generation uses a variety of sources ranging from fossil fuels like coal, oil and natural gas, with the three constituting almost 60% of the global energy mix. The power generation mix is heavily skewed towards coal, contributing significantly to cheaper domestic fuel availability. Its share in the mix has increased over the years due to constraints in adding other conventional generation sources such as hydro, nuclear and gas. Also, China's power transmission and distribution grid has been experiencing major upgrades and modifications to make it capable of transmitting higher electricity.

COVID 19 Analysis:With the growing outbreak of the global pandemic of COVID 19 businesses have suffered huge losses which have pushed the economies towards forced recession. The growing wave of the global pandemic has suffocated the individual to fight between the financial crises along with health concerns. The situation of lockdown has resulted in shut down of most of the manufacturing units. But the digital utility market has observed a steep rise in its revenue owing to increasing online working. With the introduction of the work from home concept during this pandemic, the digital utility market has grown very far.

Moreover, it is expected that the digital utility market will grow furthermore owing to this global pandemic of the COVID 19 situation by strategizing properly to meet the requirements of their customers.

Market DynamicsDrivers:The demand for the digital utility market is growing incredibly in the global market owing to increasing demand for distributed generation, smart grids, and renewable source of energy coupled with increasing demand for reduction of carbon emission are the major factors that drive the demand for the digital utility market in the global market. Initiatives taken by the government for developing smart cities are another contributing factor in the development of the digital utility market in the global market.

Opportunities:The demand for the digital utility market is growing rapidly in the global market. With the advancement of technology, there is an improvement in the infrastructure of utilities coupled with the increasing use of asset provides various growth opportunities for the digital utility market in the global market. Moreover, increasing efficiency in the distribution of power utilities coupled with productivity improvement provides various growth opportunities in the digital utility market during the forecasted period in the global market.

Restraints:The demand for the digital utility market is growing constantly in the global market but some factors restrict the growth of the digital utility market in the global market. 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 its growth. Also, the issue of cybersecurity is a major shortcoming in the growth of the digital utility market.

Value Chain Analysis:The demand for the digital utility market is growing tremendously in the global market due to its various benefits that add value to society. The use of digital utility helps in improving asset management more efficiently. It also helps in managing electricity loads. Since the customer is the most important asset, it provides higher customer satisfaction benefits.

Market Segmentation:The digital utility market in the global market has been divided based on the component, deployment type, network, end-users, and region.

Based on the Component:The digital utility market in the global market has been divided based on the component into hardware, software, and services.

Based on the Deployment Type:The digital utility market in the global market has been divided based on the deployment type into cloud services, on-premises services, and hybrid services.

Based on the Network:The digital utility market in the global market has been divided based on the network into generation, transmission and distribution, and retail.

Based on the End-Users:The digital utility market in the global market has been divided based on the end-users into residential purposes, commercial purposes, retail purposes, and others.

Based on the Region:The digital utility market in the global market has been divided based on the region into European region, North American region, Asia-Pacific region, Latin American region, and the Middle East and African region.

Regional Analysis:The digital utility market in the global market has been divided based on the region into European region, North American region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the digital utility market in the global market is held by the North American region owing to increasing renewable power generation infrastructure and distributed networks.

The second-largest market share in the digital utility market in the global market is held by the European region owing to increasing demand for uninterrupted and cost-effective electricity supply. Infrastructural development is another major reason.

The third-largest market share in the digital utility market in the global market is held by the Asia-Pacific region being the fastest region and highly populated region, it requires a high cost-effective electricity supply. Moreover, the increasing adoption of utility service providers is another major reason.

The Latin American region and the Middle East and African region are showing a steady growth rate in the digital utility market owing to low infrastructural development in these regions. Recently, the government is spending a huge amount on IT services and cloud technology.

Competitive Landscape:The most prominent major key players in the digital utility market in the global market are mentioned below:

• Capgemini SA (France)


• International Business Machine Corporation (US)


• Accenture PLC (Ireland)


• Microsoft Corporation (US)


• Cognizant Technology Solutions Corporation (US)


• Cisco Systems Inc. (US)


• Oracle Corporation (US)


• SAP SE (Germany)


• Siemens AG (Germany)


• General Electric Company (US)


• ABB Ltd. (Switzerland)

These major key players use various strategies to sustain their market position in the digital utility market in the global market by collaborating, by going for mergers, and acquisitions, setting up a new joint venture, establishing a partnership, developing a new production process, innovation in the existing product, developing a new product line, and many others to expand their customer base in the untapped market of the digital utility all across the globe.

February 2020:

The Indian government announced to allocate INR 19,500 crore to boost the manufacturing of solar modules under the government's flagship production linked incentive scheme. This is expected to drive the digital utility market.

The energy investment in India has grown most rapidly in the last few years, up by more than 10%. In 2020, the renewable spending continued to exceed fossil-fuel-based power generation, supported by tendering solar PV and wind projects. This is expected to raise the digital utility market during the estimated projected quarters.

Report Overview:This global digital utility market research report consists of the following elements mentioned below:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

This global digital utility market research report contains factors that drive the growth of the digital utility market in the global market along with the factors that restrict the growth of the digital utility market in the global market. The opportunities available for the growth of the digital utility market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the digital utility market all across the globe is mentioned. The future growth rate of the digital utility market during the forecasted period is estimated and mentioned.

Intended Audience:System integrators, technology investors, technology standards organizations, solution providers, market research and consulting firms, research and development companies, IT vendors, electric infrastructure providers, electric utilities, digital utility providers, product sales and distribution companies, digital utility manufacturing companies, and many others.