Digital Power Utility Market Key Trends, Insights, Analysis 2024-2033: A Comprehensive Report

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Overview and Scope

Digital power utility refers to the integration of advanced technologies, data analytics, and communication systems within the traditional utilities infrastructure to enhance efficiency, reliability, and sustainability. This concept involves the use of digital devices and systems to monitor and control the generation, distribution and consumption of electricity.

Sizing and Forecast

The digital power utility market size has grown exponentially in recent years. It will grow from $76.68 billion in 2023 to $92.43 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to the rising focus on renewable energy projects and energy storage devices, rising distribution and transmission network, the increasing global warming and degradation of natural resources, growing environmental concerns, increasing number of renewable energy plants.

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Segmentation & Regional Insights

The digital power utility market covered in this report is segmented –

1) By Type: Hardware Service, Software Service

2) By Sector: Power Generation, Transmission And Distribution, Energy Storage, Energy Trading

3) By Organization Size: Large Enterprises, Small-sized Enterprises, Medium-sized Enterprises

North America was the largest region in the digital power utility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising need for renewable energy is expected to propel the growth of the digital power utility market going forward. Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed. There is a growing public awareness of the environmental and social impacts of fossil fuels and increasing demand for cleaner and more sustainable energy solutions. Digital power utility is used in renewable energy to efficiently manage the fluctuating output of renewables, optimizing energy storage, and balancing supply and demand in real time. For instance, according to the European Commission, a Belgium-based governing body, in 2022, renewable energy accounted for 23.0% of energy consumed in the EU, up from 21.9% in 2021. Therefore, the rising need for renewable energy is driving the growth of the digital power utility market.

Key Industry Players

Major companies operating in the digital power utility market report are Microsoft Corporation, Siemens AG, General Electric Company, Accenture PLC, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini Ltd., Eaton Corporation plc, Cognizant, Infosys Ltd., Vestas Wind Systems A/S , Emerson Electric Co., Hitachi Energy Ltd., Wipro Ltd., Siemens Gamesa Renewable Energy S.A., Rockwell Automation Inc. , Nordex SE , PTC Inc., National Instruments Corporation, Mitsubishi Power Ltd., Toshiba Energy Systems & Solutions Corporation

The digital power utility market report table of contents includes: