The Asia Pacific Digital Power Utility Market was valued at USD 17.33 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 10.2% over the forecast period.
Market Definition:
Digital power utility solutions provide real-time asset management for power distributors using cloud-based systems and Internet of Things (IoT) applications. These solutions enhance security, flexibility, and data storage, while cloud capabilities streamline delivery processes. The Asia Pacific Digital Power Utility Market is segmented by technology, sector, and country. Technology segments include hardware, software, and services. Sector-wise, the market covers power generation, transmission and distribution, and power consumption. Geographically, the market spans India, China, Japan, Australia, and the rest of the Asia Pacific region. Market size and forecasts are provided for each segment in USD billions.
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Market Dynamics:
Fastest Growth in Energy Investment: Asia Pacific has been experiencing rapid growth in energy investments, particularly in India, which saw an over 10% increase in investment over the past four years. By 2021, investment in renewable energy had surpassed that in fossil fuel-based power generation, driven by competitive bidding for solar photovoltaic (PV) and wind projects. This shift is expected to propel the digital power utility market during the forecast period.
Government Initiatives Fueling Growth: Government programs such as India’s Production Linked Incentive (PLI) scheme are significantly boosting market growth. In February 2022, the Indian government allocated INR 19,500 crore to ramp up solar module production, further driving the digital power utility market. With nuclear power plants in development across India, adding up to a combined capacity of 7,000 MW, growing energy demand will positively impact the market, particularly in the Asia Pacific region.
Infrastructure Costs as a Market Constraint: The high costs of modernizing existing infrastructure could limit market expansion. According to estimates, India will require between $60 and $80 billion over the next five years to upgrade its grid infrastructure. In the Asia Pacific, electric utilities are projected to invest USD 3.2 trillion in both new and replacement transmission and distribution systems.
Segment Analysis:
By Technology: The market is segmented into hardware and software & services. The hardware segment led the market, driven by large-scale investments in smart metering and electric vehicle (EV) charging infrastructure. Additionally, the software & services segment is seeing significant growth as utility companies increasingly adopt advanced software solutions such as artificial intelligence and machine learning, which are essential for supporting automated systems.
By Sector: Electricity generation utilizes both fossil fuels—such as coal, oil, and natural gas—and renewable energy sources, including wind and solar. Fossil fuels currently dominate the global energy mix for electricity production, accounting for about 60% of the total. Coal, in particular, is a major energy source in power generation due to its availability and cost-effectiveness, especially in countries like India and China.
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Regional Insights:
In 2023, the Asia Pacific region held a 24% share of the global digital power utility market, and is expected to grow at a CAGR of 10.2% from 2024 to 2030. The rapid growth is driven by substantial investments in key industries and infrastructure projects, such as India’s over 300 smart city initiatives valued at USD 1.549 billion in 2021. Increased government support, adoption of sustainable building practices, and investments in renewable energy further contribute to market expansion. Moreover, continued reliance on fossil fuel-based power generation in countries like China and India is expected to support regional market growth.
Asia Pacific Digital Power Utility Market Key Players:
Wipro Ltd (India)
Infosys Ltd (India)
IBM Corporation (U.S.)
Capgemini Ltd (France)
Accenture Plc (Ireland)
Microsoft Corporation (U.S.)
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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