MarkWide Research

Sale!

Digital Power Utility Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Digital Power Utility Market
1.Overview of the digital power utility market
The digital power utility market is expected to grow at a CAGR of around 9% during the forecast period of 2020-2025.

This growth is attributed to the increasing demand for digitalization of power utilities and the need to reduce operational costs. Additionally, the rapid growth of the renewable energy sector is also expected to propel the growth of the digital power utility market.

Digital power utilities are those which have adopted digital technologies for the various operations of the power utility. This includes the use of digital technologies for generation, transmission, and distribution of electricity.

Some of the benefits of digital power utilities include improved operational efficiency, reduced operational costs, and improved customer experience.

The digital power utility market is segmented by component, by application, and by geography.

On the basis of component, the digital power utility market is divided into hardware, software, and services. The hardware segment is further classified into substation automation, distribution automation, and grid automation.

The software segment is further sub-segmented into enterprise resource planning (ERP), advanced distribution management system (ADMS), grid management system (GMS), and others.

The services segment is further sub-segmented into integration and deployment, consulting, and support and maintenance.

On the basis of application, the digital power utility market is classified into generation, transmission, and distribution.

On the basis of geography, the digital power utility market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Some of the key players in the digital power utility market include ABB Ltd., Siemens AG, General Electric Company, Schneider Electric SE, Hitachi Ltd., Cisco Systems, Inc., Oracle Corporation, and Huawei Technologies Co., Ltd.

2.Growth drivers of the digital power utility market
The digital power utility market is expected to grow at a CAGR of 6.7% from 2019 to 2024 to reach USD 51.4 billion by 2024. The major drivers for this market are the need for advanced grid management, modernization of the power grid, and the increasing adoption of renewable energy sources.

Advanced grid management refers to the use of digital technologies to manage the electricity grid. This includes the use of smart meters, advanced sensors, and data analytics to improve the efficiency of the grid. Modernization of the power grid refers to the upgrading of the existing power grid infrastructure to accommodate the increasing demand for electricity. This includes the upgrading of transmission and distribution systems, as well as the construction of new power plants. The increasing adoption of renewable energy sources is also driving the growth of the digital power utility market. Renewable energy sources such as solar and wind are intermittent in nature and require effective management to ensure a steady supply of electricity. Digital technologies can help in the effective management of renewable energy sources and help utilities meet their renewable energy targets.

3.Restraints of the digital power utility market
The digital power utility market is still in its early stages of development and there are many restraints that are currently holding back its growth. Here are three of the most significant restraints that are currently impacting the digital power utility market:

1. Lack of standardization: One of the biggest challenges facing the digital power utility market is the lack of standardization. There are a variety of different technologies and platforms being used by different utilities, which makes it difficult for vendors to develop products that can be used by all utilities. This lack of standardization is also making it difficult for utilities to interoperate with each other.

2. High costs: Another significant restraint of the digital power utility market is the high costs associated with implementing and maintaining a digital infrastructure. These costs can be prohibitive for many utilities, especially those that are smaller or located in less developed countries.

3. Lack of awareness: A third restraint of the digital power utility market is the lack of awareness among utilities of the benefits of digitalization. Many utilities are still using legacy systems and have not yet made the switch to digital technologies. This lack of awareness can make it difficult for vendors to sell their products and services to utilities.

4.Opportunities of the digital power utility market
In a rapidly digitizing world, the electric power utility industry is being disrupted by new technologies, new competitors, and new customer expectations. As the industry enters a new era of digitalization, there are a number of opportunities that are emerging for utilities to capitalize on.

1) Increasing operational efficiency: One of the key benefits of digitization is the ability to increase operational efficiency through the use of data and analytics. By collecting data on everything from power generation and consumption to grid infrastructure and customer usage patterns, utilities can gain valuable insights that can help them optimize their operations.

2) Enhancing customer engagement: Another key opportunity for utilities is to enhance customer engagement through the use of digital technologies. By providing customers with online portals and mobile apps, utilities can give them greater visibility into their energy usage and allow them to manage their accounts more easily. Additionally, utilities can use data analytics to segment customers and tailor their engagement strategies accordingly.

3) Developing new products and services: As the power utility industry evolves, there will be an increasing demand for new products and services that meet the needs of a more digital world. Utilities that are able to develop innovative new offerings will be well-positioned to succeed in the future.

4) Improving grid resiliency: One of the biggest challenges facing the power utility industry is the need to improve grid resiliency in the face of extreme weather events and other threats. By digitizing the grid, utilities can create a more flexible and responsive system that is better able to withstand disruptions.

The power utility industry is undergoing a major transformation and there are a number of opportunities emerging for utilities to capitalize on. By increasing operational efficiency, enhancing customer engagement, developing new products and services, and improving grid resiliency, utilities can position themselves for success in the digital age.

5.Key players in the digital power utility market
The digital power utility market is growing rapidly as utilities look to modernize their operations and better meet the needs of their customers. There are a number of key players in this market, each with their own strengths and weaknesses. Here is a look at five of the most important players in the digital power utility market:

1. GE Power: GE Power is one of the largest players in the digital power utility market. They offer a wide range of products and services, including digital substations, grid management software, and smart meters. GE Power has a strong global presence and is a trusted partner for many utilities.

2. Siemens: Siemens is another large player in the digital power utility market. They offer a wide range of products, including digital substations, grid management software, and smart meters. Siemens has a strong global presence and is a trusted partner for many utilities.

3. ABB: ABB is a leading provider of digital power solutions for utilities. They offer a wide range of products, including digital substations, grid management software, and smart meters. ABB has a strong global presence and is a trusted partner for many utilities.

4. Schneider Electric: Schneider Electric is a leading provider of digital power solutions for utilities. They offer a wide range of products, including digital substations, grid management software, and smart meters. Schneider Electric has a strong global presence and is a trusted partner for many utilities.

5. Eaton: Eaton is a leading provider of digital power solutions for utilities. They offer a wide range of products, including digital substations, grid management software, and smart meters. Eaton has a strong global presence and is a trusted partner for many utilities.

6.Future outlook of the digital power utility market
The digital power utility market is expected to grow at a CAGR of around 9% during the forecast period of 2020-2025. The major factor driving the growth of the market is the increasing adoption of smart grid technologies by utilities across the globe. Additionally, government initiatives to promote renewable energy sources are also expected to contribute to the growth of the market.

However, the high initial investment required for the deployment of smart grid technologies is expected to restrain the growth of the market to some extent.

The digital power utility market is segmented by type, application, and geography.

By type, the market is divided into hardware, software, and services. The services segment is expected to hold the largest share of the market, owing to the increasing demand for managed services and consulting services.

By application, the market is categorized into distribution automation, demand response management, grid analytics, and others. The demand response management segment is expected to grow at the fastest rate during the forecast period, owing to the increasing need for effective energy management.

Geographically, the market is divided into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to hold the largest share of the market, owing to the early adoption of smart grid technologies in the region. However, Asia-Pacific is expected to grow at the fastest rate during the forecast period, owing to the increasing investments in the power sector in the region.

Some of the key players in the digital power utility market are ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Eaton Corporation PLC, and Cisco Systems, Inc.

LIST OF KEY COMPANIES PROFILED:

    • ABB  (Switzerland)
    • General Electric Company (U.S.)
    • Siemens (Germany)
    • Accenture Plc (Ireland)
    • Capgemini Ltd (France)
    • SAP SE (Germany)s
    • IBM Corporation (U.S.)
    • Microsoft Corporation (U.S.)
    • Oracle Corporation (U.S.)
    • Wipro Ltd (India)
    • Infosys Ltd (India)
    • Cognizant Technology Solutions (U.S.)

Report Scope & Segmentation

 

c

 

 

DETAILS

 

 

Study Period

 

 

2017-2028

 

 

Base Year

 

 

2020

 

 

Estimated Year

 

 

2021

 

 

Forecast Period

 

 

2021-2028

 

 

Historical Period

 

 

2017-2019

 

 

Unit

 

 

Value (USD Billion)

 

 

Segmentation

 

 

By Technology, By Sector, and By Region

 

 

By Technology

 

 

    • Hardware
    • Software & Service
 

By Sector

 

 

    • Power Generation
    • Transmission & Distribution
    • Power Consumption
 

By Geography

 

 

    • North America (By Technology, By Sector, By Country)
        • U.S. (By Sector)

       

        • Canada (By Sector)

       

    • Europe (By Technology, By Sector, By Country)
        • U.K. (By Sector)

       

        • Germany (By Sector)

       

        • France (By Sector)

       

        • Italy (By Sector)

       

        • Spain (By Sector)

       

        • Russia (By Sector)

       

        • Rest of Europe (By Sector)

       

    • Asia Pacific (By Technology, By Sector, By Country)
        • China (By Sector)

       

        • India (By Sector)

       

        • Japan (By Sector)

       

        • Australia (By Sector)

       

        • Southeast Asia (By Sector)

       

        • Rest of Asia Pacific (By Sector)

       

    • Latin America (By Technology, By Sector, By Country)
        • Brazil (By Sector)

       

        • Mexico (By Sector)

       

        • Rest of Latin America (By Sector)

       

    • Middle East & Africa (By Technology, By Sector, By Country)
        • GCC (By Sector)

       

        • South Africa (By Sector)

       

        • Rest of Middle East & Africa (By Sector)

       

 

By Technology

 

 

    • Hardware
    • Software & Service
 

By Sector

 

 

    • Power Generation
    • Transmission & Distribution
    • Power Consumption
    • ABB  (Switzerland)
    • General Electric Company (U.S.)
    • Siemens (Germany)
    • Accenture Plc (Ireland)
    • Capgemini Ltd (France)
    • SAP SE (Germany)s
    • IBM Corporation (U.S.)
    • Microsoft Corporation (U.S.)
    • Oracle Corporation (U.S.)
    • Wipro Ltd (India)
    • Infosys Ltd (India)
    • Cognizant Technology Solutions (U.S.)

Why Choose MWR

Quality Research

Our goal is to provide high-quality data that stimulates growth and creates a win-win situations

Unlimited User Access 

We offer Corporate User license access on all our reports in which you can share the report with your entire team without any restrictions

Free Company Inclusion 

We give you an option to include 3-4 additional company players of your choice in our report without any extra charges

Post Sale Assistance

Unlimited post sales service with an account manager dedicated to making sure that all your needs are met

Covid-19 Impact Analysis

All our research report includes latest Covid-19 Impact and its analysis

Download Free Sample PDF

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 424 360 2221

24/7 Customer Support

Download Free Sample PDF