Digital Utility Global Market Report 2024

Digital utility denotes solutions that are spatially enabled and highly adaptable, constructed from a blend of real-world, project-tested services, and leveraged software. The adoption of digitization has long been integral to the strategies of major utilities, contributing to organizational transformation and reinvention. The digital utility sector enhances customer interactions, ensures uninterrupted operations, facilitates swift defect resolution, complies promptly with maintenance activities, and amplifies overall productivity.

Digital utility comes in three primary types such as on-premise, hybrid, and cloud. On-premise entails deploying tools and approaches locally to address suboptimal and non-scalable software needs. This involves hosting hardware and software applications on-site. The networks supporting digital utility include generation, transmission, distribution, and retail, utilizing technologies such as hardware and integrated solutions. The digital economy serves various sectors, including banking, financial services, and insurance (BFSI), media and communication services, manufacturing and natural resources, aerospace and defense, transportation and logistics, government and utilities, along with other end-users.

The digital utility market research report is one of a series of new reports from The Business Research Company that provides digital utility market statistics, Including digital utility industry global market size, regional shares, competitors with a digital utility market share, detailed digital utility market segments, market trends and opportunities, and any further data you may need to thrive in the digital utility industry. This digital utility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed in the historic period can be attributed to the increase in renewable energy sources, stricter regulations and compliance, aging infrastructure, rising energy demand, growth in data generation, and an 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 increase projected during the forecast period is due to rapid urbanization, the escalating threat of cyber attacks, the expansion of electric vehicle infrastructure, a rise in the adoption of cloud computing, and the implementation of 5G networks. Key trends expected in this period encompass grid digitalization, the integration of AI and machine learning applications, the incorporation of energy storage, the development of customer-centric solutions, and the transition to smart cities.

The growth of distributed and renewable power generation projects is anticipated to propel the digital utility market during the forecast period. Distributed generation involves the production of electricity from multiple sources, often from renewable energy sources. The increasing number of distributed projects is attributed to the advantages of renewable and distributed power generation, which reduce the reliance on centralized power facilities, thereby benefiting the environment and mitigating the environmental impacts associated with centralized generation. The notable environmental benefits of distributed and renewable energy generation projects are contributing to the rising adoption of such initiatives. For example, in May 2021, a Climate Policy Initiative article highlighted India's ambitious goals to increase the share of renewable energy in its energy mix, with plans to install 175 GW of renewable energy projects by 2022 and 450 GW by 2030. Consequently, the increasing prevalence of distributed and renewable power generation projects is a key driver for the growth of the digital utility market.

The increasing trend towards electrified transportation is anticipated to drive the growth of the digital utility market in the coming years. Electrified transportation involves the use of electric power, typically from batteries or fuel cells, to propel vehicles, including electric cars, buses, trucks, and bicycles. This shift towards electrified mobility is driven by the aim to promote more environmentally friendly and sustainable forms of transportation. Digital utility technologies play a crucial role in managing charging infrastructure, optimizing energy distribution, and ensuring grid resilience, facilitating the seamless integration of electric vehicles into the utility ecosystem. As an illustration, in April 2023, the International Energy Agency reported that ten million electric cars were sold worldwide in 2022, with the overall market share of electric automobiles expected to increase from 4% to 14% in the past two years. Consequently, the growing trend towards electrified transportation is a significant driver for the digital utility market.

Technological advancements are playing a pivotal role in shaping the digital utility market for the forecast period. An illustrative example is the partnership between Ausgrid, the largest distributor of electricity on Australia's east coast, and technology leaders Infosys and Microsoft in September 2021. This collaboration aims to accelerate Ausgrid's cloud transformation journey, positioning it as a leading digital utility. The cloud program is strategically designed to reduce operating costs for Ausgrid and enhance the performance of its IT systems and applications. Infosys and Microsoft, as key collaborators, are actively contributing to this initiative by modernizing Ausgrid's application landscape and optimizing its IT infrastructure. This exemplifies how technological advancements, particularly in cloud computing, are being harnessed to drive digital transformation and efficiency in the utility sector.

Major companies in the digital utility market are actively focusing on introducing innovative products, with a notable example being mobile workforce management (MWM) solutions, to better cater to the needs of their existing consumers. Mobile workforce management involves the use of tools and processes to support and empower employees who work outside of traditional office settings. An instance of this is seen in the launch of ARCOS LLC's premium MWM software, ARCOS Mobile Workbench, in February 2022. This solution consolidates all work assignments, changes, and reports into a single, user-friendly interface, streamlining processes and reducing manual effort. ARCOS Mobile Workbench offers the flexibility to either integrate with existing legacy systems or run all processes through ARCOS, providing options that align with workflow preferences. The information within the Mobile Workbench is kept confidential, accessible only to authorized users determined by the server. Moreover, data encryption ensures security both at rest and in transit, providing complete control over access to sensitive information. This example underscores the commitment of major companies to delivering cutting-edge solutions that enhance workforce management in the digital utility sector.

In April 2022, American Electric Power (AEP), a major electric energy company based in the United States, completed the acquisition of Sempra Renewables LLC for $1.05 billion. This strategic transaction has significantly augmented AEP's portfolio of competitive renewable energy assets across 11 states in the US, reaching a total capacity of 1,075 megawatts. Upon the completion of the Santa Rita project, this capacity is expected to further increase to 1,302 megawatts. Sempra Renewables LLC, the acquired company, operates in the energy infrastructure sector and is based in the US. This acquisition aligns with AEP's commitment to expanding its presence and capabilities in the renewable energy space.

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

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.

The countries covered in the digital utility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The digital utility market Includes revenues earned by entities in telecommunications, electrical utilities, natural gas, transportation services, and water and wastewater treatment services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Digital Utility Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on digital utility market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for digital utility ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital utility market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Bosch.IO GmbH; Siemens AG; General Electric Company; Accenture plc; IBM Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.