Digital Utility Market to Reach $594.2 Million, Globally, by 2032 at 10.8% CAGR: Allied Market Research

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Jun 30, 2023, 11:24 ET

The global digital utility market is driven by a rise in focus on energy utility operations efficiency and an increase in investments in renewable energy.

PORTLAND, Ore., June 30, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Digital Utility Market by Technology (Hardware and Integrated Solutions) by Network (Power Generation, Transmission and Distribution, and Retail): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global digital utility industry was valued at $214.2 million in 2022 and is projected to reach $594.2 million by 2032, growing at a CAGR of 10.8% from 2023 to 2032.

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Prime Determinants of Growth:

The global digital utility market is driven by a rise in focus on energy utility operations efficiency and an increase in investments in renewable energy. However, the high operating costs hinder market growth to some extent. Moreover, the increase in digital power plants and digital buildings offers remunerative opportunities for the expansion of the digital utility market.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$214.2 Million
Market Size in 2032	$594.2 Million
CAGR	10.8 %
No. of Pages in Report	450
Segments Covered	Technology, Network, and Region
Drivers	Rise in focus on energy utility operations efficiency
Drivers	Increase in investments in renewable energy
Opportunities	Increase in digital power plants and digital buildings
Restraints	High operating cost

Impact of Russia-Ukraine War on the Digital Utility Market:

Infrastructure disruption was a major consequence, as utility infrastructure such as power grids, communication networks, and water management systems were damaged or disrupted. This caused interruptions in the operations of digital utility systems and impeded the implementation of new technologies.
Security concerns were heightened due to the conflict, particularly in terms of cybersecurity. Utilities faced increased risks of cyberattacks and data breaches, necessitating the implementation of stronger security measures to safeguard critical infrastructure and customer data. The conflict also led to delays in utility modernization efforts. Investments and projects related to smart grids, energy management systems, and data analytics were put on hold or delayed due to the uncertainty caused by the geopolitical situation.

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The hardware segment is expected to lead the trail by 2032:

Based on technology, the hardware segment held the highest market share in 2022, accounting for three-fifths of the global digital utility market revenue, and is expected to lead the trail by 2032. The same segment would also display the fastest CAGR of 10.9% during the forecast period. This is attributed to the substantial investments in smart metering and EV charging. In addition, the hardware is extensively used in next-generation equipment. The declining demand for traditional metering systems has increased the preference for technology and intelligent meters.

The transmission and distribution segment to maintain its dominance throughout the forecast period:

Based on the network, the transmission and distribution segment held the highest market share in 2022, accounting for nearly three-fifths of the global digital utility market, and is expected to maintain its dominance throughout the forecast period. The same segment would also showcase the fastest CAGR of 10.9% during the forecast period. This can be attributed to the fact that the new digital devices and communications and control systems increase the effectiveness of assets and facilitate the monitoring and management of electric transmission and distribution networks. Due to the increasing importance of monitoring and administering electric transmission and distribution systems, the utility industry makes extensive use of transmission and distribution solutions.

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Asia-Pacific to rule the roost by 2032:

Based on region, Asia-Pacific held the highest market share in 2022, accounting for more than one-third of the global digital utility market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same region would also portray the fastest CAGR of 11.5% from 2023 to 2032. Increasing domestic electricity demand and shifting regional regulatory standards are anticipated to drive demand for digital utility solutions. Increasing infrastructure development activities and energy demand also contribute to the expansion of the regional market in Asia-Pacific.

Leading Market Players:

ABB LTD.
GENERAL ELECTRIC COMPANY
SAP SE
ORACLE CORPORATION.
CISCO SYSTEMS INC.
ACCENTURE PLC
MICROSOFT CORPORATION
SCHNEIDER ELECTRIC SE.
SIEMENS
CAPGEMINI

The report provides a detailed analysis of these key players in the global digital utility market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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