Digital Utility Market worth $11.3 Billion by 2028 | Top Keyplayers Are Bosch.IO GmbH, Siemens AG, General Electric Company, Accenture PLC, IBM Corporation

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Overview and Scope

Digital utility refers to solutions that are spatially enabled and highly configurable, built from a combination of real-world, project-tested services and leveraged software. Digitization has long been at the heart of the strategy of large utilities and has contributed to organizational transformation and reinvention. The digital utility sector improves customer interactions, enables uninterrupted operation, ensures quick resolution of defects, ensures timely compliance with maintenance activities, and increases productivity.

Sizing and Forecast

The digital utility market size has grown rapidly in recent years. It will grow from $227.85 billion in 2023 to $253.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increase in renewable energy sources, stricter regulations and compliance, aging infrastructure, rising energy demand, growth in data generation, increase in natural disasters.

The digital utility market size is expected to see rapid growth in the next few years. It will grow to $406.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rapid urbanization, growing threat of cyber attacks, expansion of electric vehicle infrastructure, increased adoption of cloud computing, implementation of 5G network. Major trends in the forecast period include grid digitalization, AI and machine learning applications, energy storage integration, customer-centric solutions, transition to smart cities.

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Segmentation & Regional Insights

The digital utility market covered in this report is segmented –

1) By Deployment: On-Premise, Hybrid, Cloud

2) By Network: Generation, Transmission And Distribution, Retail

3) By Technology: Hardware, Integrated Solutions

4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defense, Transportation And Logistics, Government And Utilities, Other End-Users

North America was the largest region in the global digital utility market in 2023. The regions covered in the digital 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 growing number of distributed and renewable power generation projects is expected to drive growth in the digital utility market during the forecast period. Distributed generation refers to the production of electricity from several sources, frequently from renewable energy sources. The number of distributed projects has grown because renewable and distributed power generation reduce the amount of electricity that needs to be generated at centralized power facilities, protecting the environment and thereby lowering the environmental impacts of centralized generation. The significant environmental impact of distributed and renewable energy generation projects is driving an increase in the number of these projects. For instance, in May 2021, in an article published by the Climate Policy Initiative, an India-based analysis and advisory organization with expertise in finance and policy, India’s goals to increase the proportion of renewable energy (RE) in its energy mix were described as ambitious. 175 GW of renewable energy projects will be installed by the Government of India (GoI) by 2022 and 450 GW by 2030. Therefore, the growing number of distributed and renewable power generation projects is driving the growth of the digital utility market.

Key Industry Players

Major companies operating in the digital utility market report are Bosch.IO GmbH, Siemens AG, General Electric Company, Accenture plc, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini SE, Eaton Corporation plc, Rockwell Automation Inc., Trimble Inc., Itron Inc., Landis+Gyr Group AG, Enel X North America Inc., Schweitzer Engineering Laboratories, Ipswitch Inc., Kalkitech Inc., Aclara Technologies LLC, Open Systems International Inc., OSIsoft LLC, Sensus USA Inc., C3.ai Inc., Trilliant Holdings Inc., Utilidata Inc., Echelon Corporation, Utilitech Engineering LLP

The digital utility market report table of contents includes: