by The global digital utility market size was estimated to be around US$ 179.2 billion in 2023 and is projected to reach US$ 446.12 billion by 2033, indicating a CAGR of 9.60% from 2023 to 2033.
Key Takeaways
- North America contributed more than 31% of market share in 2023.
- Asia-Pacific is estimated to expand the fastest CAGR between 2024 and 2033.
- By network, the transmission & distribution segment has held the largest market share of 47% in 2023.
- By network, the retail segment is anticipated to grow at a remarkable CAGR of 12.9% between 2024 and 2033.
- By technology, the hardware segment generated over 62% of market share in 2023.
- By technology, the integrated solutions segment is expected to expand at the fastest CAGR over the projected period.
The Digital Utility Market is a dynamic sector at the forefront of technological transformation within the utility industry. It encompasses the integration of advanced digital technologies to enhance the efficiency, reliability, and sustainability of utility services. Key components include smart grids, digital substations, and advanced metering infrastructure. This evolution is driven by the increasing demand for optimized energy management, grid modernization initiatives, and the growing importance of renewable energy sources in the global energy landscape.
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Growth Factors
Several factors contribute to the robust growth of the Digital Utility Market. The rising adoption of smart technologies, such as IoT devices and sensors, facilitates real-time monitoring and data analytics, enabling utilities to make informed decisions. Additionally, the increasing focus on reducing carbon footprints and achieving energy sustainability goals propels the implementation of digital solutions. Integration of artificial intelligence (AI) and machine learning (ML) further augments operational efficiency, predictive maintenance, and grid resilience, fostering significant market expansion.
Digital Utility Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 9.60% |
| Global Market Size in 2023 | USD 179.2 Billion |
| Global Market Size by 2033 | USD 446.12 Billion |
| U.S. Market Size in 2023 | USD 38.89 Billion |
| U.S. Market Size by 2033 | USD 98.59 Billion |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Network and By Technology |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Read More: Adaptive AI Market Size to Garner USD 24.63 Billion by 2033
Opportunities
The Digital Utility Market presents promising opportunities for innovation and collaboration. Utility companies have the chance to leverage data-driven insights for proactive grid management, demand response optimization, and predictive maintenance. Partnerships with technology providers and startups offer avenues for developing cutting-edge solutions, while government initiatives supporting digital infrastructure development create a conducive environment for market growth. As the demand for cleaner and more efficient energy solutions rises, there is ample room for players in the Digital Utility Market to explore and capitalize on emerging opportunities.
Challenges
Despite its potential, the Digital Utility Market faces certain challenges. Cybersecurity concerns pose a significant threat as digital systems become more interconnected. Ensuring the robustness of digital infrastructure against cyber-attacks is imperative. Moreover, the transition from traditional to digital utilities requires substantial investments in technology and workforce training, which may strain resources for some utility companies. Regulatory hurdles and the need for standardization also present challenges that need to be addressed for the seamless integration of digital technologies in the utility sector.
Reasons to Purchase this Report:
- Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
- In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
- Market size in USD million and volume in million units provided for each segment and sub-segment.
- Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
- Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.
Digital Utility Market Companies
- General Electric
- Siemens AG
- ABB Ltd.
- Schneider Electric SE
- IBM Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- Itron, Inc.
- Honeywell International Inc.
- Eaton Corporation
- Landis+Gyr AG
- Sensus (Xylem Inc.)
- Huawei Technologies Co., Ltd.
- Toshiba Corporation
- Aclara Technologies LLC
Segments Covered in the Report
By Network
- Generation
- Transmission & Distribution
- Retail
By Technology
- Hardware
- Integrated Solutions
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Digital Utility Market
5.1. COVID-19 Landscape: Digital Utility Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Digital Utility Market, By Network
8.1. Digital Utility Market, by Network, 2024-2033
8.1.1. Generation
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Transmission & Distribution
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Retail
8.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Digital Utility Market, By Technology
9.1. Digital Utility Market, by Technology, 2024-2033
9.1.1. Hardware
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Integrated Solutions
9.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Digital Utility Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Network (2021-2033)
10.1.2. Market Revenue and Forecast, by Technology (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.1.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.1.4.2. Market Revenue and Forecast, by Technology (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Network (2021-2033)
10.2.2. Market Revenue and Forecast, by Technology (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.2.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.2.4.2. Market Revenue and Forecast, by Technology (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Network (2021-2033)
10.2.5.2. Market Revenue and Forecast, by Technology (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Network (2021-2033)
10.2.6.2. Market Revenue and Forecast, by Technology (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.3.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.3.4.2. Market Revenue and Forecast, by Technology (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Network (2021-2033)
10.3.5.2. Market Revenue and Forecast, by Technology (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Network (2021-2033)
10.3.6.2. Market Revenue and Forecast, by Technology (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.4.2. Market Revenue and Forecast, by Technology (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.4.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.4.4.2. Market Revenue and Forecast, by Technology (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Network (2021-2033)
10.4.5.2. Market Revenue and Forecast, by Technology (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Network (2021-2033)
10.4.6.2. Market Revenue and Forecast, by Technology (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Network (2021-2033)
10.5.2. Market Revenue and Forecast, by Technology (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Network (2021-2033)
10.5.3.2. Market Revenue and Forecast, by Technology (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Network (2021-2033)
10.5.4.2. Market Revenue and Forecast, by Technology (2021-2033)
Chapter 11. Company Profiles
11.1. General Electric
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Siemens AG
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. ABB Ltd.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Schneider Electric SE
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. IBM Corporation
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Cisco Systems, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Oracle Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Itron, Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Honeywell International Inc.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Eaton Corporation
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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