PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438017
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438017
Digital Utility Market Forecasts to 2030 - Global Analysis By Network (Transmission & Distribution, Generation and Retail), Technology (Hardware and Integrated Solutions), End User and By Geography
According to Stratistics MRC, the Global Digital Utility Market is accounted for $239 billion in 2023 and is expected to reach $599 billion by 2030 growing at a CAGR of 14.0% during the forecast period. 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. Digital utility enhances efficiency by automating processes, reducing manual tasks, and optimizing workflows. This leads to faster and more accurate outcomes, saving time and resources.
According to the Energy Information Administration of the United States (EIA), by 2050, renewable energy is expected to account for nearly half of global electricity production.
Market Dynamics:
Driver:
Energy efficiency demands
Energy efficiency demands serve as a compelling driver in the digital utility market, driving utilities to embrace advanced technologies for optimized energy consumption and distribution. With an increasing global focus on sustainability and environmental conservation, there is a growing imperative for utilities to operate more efficiently and reduce their carbon footprint. Moreover, digital solutions play a pivotal role in meeting these demands by offering sophisticated tools for monitoring, analyzing, and optimizing energy usage.
Restraint:
High initial costs
The deployment of advanced digital technologies, such as smart grids, IoT devices, and sophisticated data analytics, often requires substantial upfront investments. These costs encompass the acquisition of cutting-edge hardware, software development, integration, and comprehensive training programs for personnel. Moreover, the transition from traditional to digital utilities often involves the replacement or retrofitting of existing infrastructure, which can escalate expenses. As a result, high initial costs are a significant factor hindering market expansion.
Opportunity:
Smart grid implementation
Implementation involves the integration of sensors, communication networks, and control mechanisms, enabling real-time monitoring and control of energy flow within the grid. Smart grids enhance grid reliability by detecting and responding to issues instantly, minimizing downtime, and improving overall performance. Furthermore, they facilitate bidirectional communication between utilities and end-users, empowering consumers with insights into their energy usage and enabling participation in demand response programs.
Threat:
Data security and privacy concerns
Data security and privacy concerns constitute significant restraints in the digital utility market, hindering its expansion. The integration of smart grids, IoT devices, and data analytics platforms creates potential vulnerabilities leading to service disruptions, data breaches, or compromises of critical infrastructure. However, as utilities increasingly rely on interconnected systems and collect vast amounts of sensitive consumer data, the risk of cyber threats and unauthorized access becomes pronounced.
Covid-19 Impact
The COVID-19 pandemic has had a profound impact on the digital utility market. As lockdowns and social distancing measures were implemented globally, utilities faced challenges maintaining on-site staffing for essential operations. Additionally, the need for advanced metering infrastructure (AMI) became more apparent, allowing utilities to monitor energy consumption remotely and engage in real-time demand response during the pandemic.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is estimated to hold the largest share. Key hardware elements include smart meters, sensors, communication devices, and computing equipment. These devices provide real-time data on energy consumption, facilitating accurate billing, demand response programs, and efficient grid management. Moreover, these devices enable the seamless transfer of data, supporting functions like remote monitoring, control, and secure data transmission.
The aerospace and defence segment is expected to have the highest CAGR during the forecast period
The aerospace and defence segment is anticipated to have lucrative growth during the forecast period. The aerospace and defense industries leverage digital utilities to enhance communication, data security, and strategic decision-making. Furthermore, the integration of secure communication networks ensures reliable and encrypted data transfer, which is vital for military operations and national security. Digital utilities aid in optimizing resource management, streamlining logistics, and enhancing situational awareness.
Region with largest share:
North America commanded the largest market share during the extrapolated period owing to rapid urbanization, burgeoning populations, and increasing energy demand. Smart grid implementations, including advanced metering systems and distribution automation, have become prevalent across the region, allowing utilities to optimize grid operations and improve service reliability. As the region continues to evolve, utilities are leveraging digital advancements to meet rising energy demands and contribute to a sustainable energy landscape.
Region with highest CAGR:
Asia Pacific is expected to witness profitable growth over the projection period. The Asia-Pacific digital utility market is characterized by a strong emphasis on renewable energy integration. As countries in the region undergo rapid urbanization and economic growth, utilities are increasingly turning to digital solutions to modernize their infrastructure and improve operational efficiency. Moreover, the deployment of Internet of Things (IoT) devices and sensors further contributes to real-time monitoring, predictive maintenance, and overall grid optimization.
Key players in the market
Some of the key players in the Digital Utility Market include Accenture PLC, Cisco Systems Inc., ABB Ltd., General Electric Company, Eaton Corporation PLC, Capgemini SA, Oracle Corporation, Schneider Electric SE, Oracle Corporation and Siemens AG.
Key Developments:
In Sep 2023, Microsoft and Oracle Expand Partnership to Deliver Oracle Database Services on Oracle Cloud Infrastructure in Microsoft Azure.
In July 2023, Schneider Electric, a leader in digital transformation of energy management and industrial automation has announced its collaboration with HCLTech, a leading global technology company to develop carbon-efficient solutions for data centers in the Asia Pacific (APAC) region.
In May 2023, Eaton is collaborating with BAE systems to develop EV technology solutions for the medium-duty truck market. The collaboration combines expertise to provide integrated electric vehicle system for the market, with a Class-7 pickup and delivery demonstration vehicle in development.
Networks Covered:
- Transmission & Distribution
- Generation
- Retail
Technologies Covered:
- Hardware
- Integrated Solutions
End Users Covered:
- Banking, Financial Services and Insurance (BFSI)
- Aerospace and Defence
- Transportation and Logistics
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Digital Utility Market, By Network
- 5.1 Introduction
- 5.2 Transmission & Distribution
- 5.3 Generation
- 5.4 Retail
6 Global Digital Utility Market, By Technology
- 6.1 Introduction
- 6.2 Hardware
- 6.2.1 Transformers
- 6.2.2 Smart Grids
- 6.2.3 Transformers
- 6.3 Integrated Solutions
- 6.3.1 Service
- 6.3.2 Cloud and Software
7 Global Digital Utility Market, By End User
- 7.1 Introduction
- 7.2 Banking, Financial Services and Insurance (BFSI)
- 7.3 Aerospace and Defence
- 7.4 Transportation and Logistics
- 7.5 Other End Users
8 Global Digital Utility Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Accenture PLC
- 10.2 Cisco Systems Inc.
- 10.3 ABB Ltd.
- 10.4 General Electric Company
- 10.5 Eaton Corporation PLC
- 10.6 Capgemini SA
- 10.7 Oracle Corporation
- 10.8 Schneider Electric SE
- 10.9 Oracle Corporation
- 10.10 Siemens AG
List of Tables
- Table 1 Global Digital Utility Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 3 Global Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 4 Global Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 5 Global Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 6 Global Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 7 Global Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 8 Global Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 9 Global Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 10 Global Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 11 Global Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 12 Global Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 13 Global Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 14 Global Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 15 Global Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 16 Global Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 17 Global Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 18 Global Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 19 North America Digital Utility Market Outlook, By Country (2021-2030) ($MN)
- Table 20 North America Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 21 North America Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 22 North America Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 23 North America Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 24 North America Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 25 North America Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 26 North America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 27 North America Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 28 North America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 29 North America Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 30 North America Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 31 North America Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 32 North America Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 33 North America Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 34 North America Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 35 North America Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 36 North America Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 37 Europe Digital Utility Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Europe Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 39 Europe Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 40 Europe Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 41 Europe Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 42 Europe Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 43 Europe Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 44 Europe Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 45 Europe Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 46 Europe Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 47 Europe Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 48 Europe Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 49 Europe Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 50 Europe Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 51 Europe Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 52 Europe Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 53 Europe Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 54 Europe Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 55 Asia Pacific Digital Utility Market Outlook, By Country (2021-2030) ($MN)
- Table 56 Asia Pacific Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 57 Asia Pacific Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 58 Asia Pacific Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 59 Asia Pacific Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 60 Asia Pacific Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 61 Asia Pacific Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 62 Asia Pacific Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 63 Asia Pacific Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 64 Asia Pacific Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 65 Asia Pacific Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 66 Asia Pacific Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 67 Asia Pacific Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 68 Asia Pacific Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 69 Asia Pacific Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 70 Asia Pacific Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 71 Asia Pacific Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 72 Asia Pacific Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 73 South America Digital Utility Market Outlook, By Country (2021-2030) ($MN)
- Table 74 South America Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 75 South America Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 76 South America Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 77 South America Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 78 South America Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 79 South America Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 80 South America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 81 South America Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 82 South America Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 83 South America Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 84 South America Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 85 South America Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 86 South America Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 87 South America Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 88 South America Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 89 South America Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 90 South America Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 91 Middle East & Africa Digital Utility Market Outlook, By Country (2021-2030) ($MN)
- Table 92 Middle East & Africa Digital Utility Market Outlook, By Network (2021-2030) ($MN)
- Table 93 Middle East & Africa Digital Utility Market Outlook, By Transmission & Distribution (2021-2030) ($MN)
- Table 94 Middle East & Africa Digital Utility Market Outlook, By Generation (2021-2030) ($MN)
- Table 95 Middle East & Africa Digital Utility Market Outlook, By Retail (2021-2030) ($MN)
- Table 96 Middle East & Africa Digital Utility Market Outlook, By Technology (2021-2030) ($MN)
- Table 97 Middle East & Africa Digital Utility Market Outlook, By Hardware (2021-2030) ($MN)
- Table 98 Middle East & Africa Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 99 Middle East & Africa Digital Utility Market Outlook, By Smart Grids (2021-2030) ($MN)
- Table 100 Middle East & Africa Digital Utility Market Outlook, By Transformers (2021-2030) ($MN)
- Table 101 Middle East & Africa Digital Utility Market Outlook, By Integrated Solutions (2021-2030) ($MN)
- Table 102 Middle East & Africa Digital Utility Market Outlook, By Service (2021-2030) ($MN)
- Table 103 Middle East & Africa Digital Utility Market Outlook, By Cloud and Software (2021-2030) ($MN)
- Table 104 Middle East & Africa Digital Utility Market Outlook, By End User (2021-2030) ($MN)
- Table 105 Middle East & Africa Digital Utility Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
- Table 106 Middle East & Africa Digital Utility Market Outlook, By Aerospace and Defence (2021-2030) ($MN)
- Table 107 Middle East & Africa Digital Utility Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
- Table 108 Middle East & Africa Digital Utility Market Outlook, By Other End Users (2021-2030) ($MN)
