Digital Utility Market Research Report- Global Forecast 2027

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

ID: MRFR/SEM/2796-HCR | February 2021 | Region: Global | 100 pages

Market Overview:
The growing advancement of technology and increasing work from home culture triggers new business models that include investment in wearables l, big data, cloud services, internet of things, artificial intelligence, and many others which helps in the digital transformation of industry and hence called as a digital utility. Recently various digital utilities are used in different fields like distribution industries, transmission industries, and power generation industries. With the increasing number of renewable power generation projects, the digital utility market grows in the global market.


Moreover, the digital utility market in the global market is expected to grow at a higher CAGR of 12% during the forecasted period to account for a higher market value of approximately USD 253 billion by the end of the forecasted period in the global market.


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 Dynamics
Drivers:
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.


Recent Developments:


  • In May 2019, a new partnership agreement has been sewn between Snam S.p.A. (France) and Cisco Systems Inc. for innovating and developing a market for the Internet of Things in the industrial sector.

  • In October 2017, Microsoft and General Electric joined hands to promote the internet of things to cater to the increasing demand in

  • North American customers. Moreover, in 2018, they started using GE’s software, Microsoft’s cloud, and Predix in the industrial sector.

  • In 2017, SAP SE (Germany) has been promoting the importance and advantages of digital utility for increasing customer base in the Latin American region and the Middle East and African region.

  • Oracle Corporation (US) has been investing a large sum of money in research and development to tap the untapped market for an increasing customer base.

  • The largest market share in the digital utility market in the global market is held by the North American region followed by the European region and the Asia-Pacific region.


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.



Frequently Asked Questions (FAQ) :


Global digital utility market is projected to grow at approximately 12% CAGR during the assessment period (2017-2023).

The valuation of the global digital utility market is estimated to increase to USD 253 BN by the end of 2023.

Rising proliferation of renewable power generations, distributed generations, and smart grids required by new business models and regulatory frameworks, are major tailwinds pushing the growth of the global digital utility market.

North America holds the largest share in the global digital utility market, followed by Europe and the Asia Pacific region, respectively.

International Business Machine Corporation (U.S.), Capgemini SA (France), Accenture PLC (Ireland), Cognizant Technology Solutions Corporation (U.S.), Microsoft Corporation (U.S.), Cisco Systems Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Siemens AG (Germany), ABB Ltd.(Switzerland), and General Electric Company (U.S.), are some of the top players operating in the global digital utility market.