Digital Utility Market to Grow with a CAGR of 19.10% through 2028
Growing demand for renewable energy and increased
adoption of smart meters are likely to drive the market in the forecast period.
According to TechSci Research report, “Digital Utility
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Digital Utility Market stood at USD 208.12
billion in 2022 and is anticipated to grow with a CAGR of 19.10% in the
forecast period. One
of the primary drivers propelling the global Digital Utility market is the
escalating demand for energy efficiency and sustainability. As concerns about
climate change and environmental conservation intensify, both consumers and
governments are pressuring utility providers to transition to cleaner, more
sustainable energy sources and reduce greenhouse gas emissions. Digital
utilities play a pivotal role in achieving these objectives. They enable
utilities to monitor energy usage in real-time, identify inefficiencies, and
optimize distribution. Smart meters and advanced metering infrastructure (AMI)
allow customers to track and manage their energy consumption, encouraging more
responsible usage patterns. Additionally, digital technologies facilitate the
integration of renewable energy sources, such as solar and wind, into the grid,
reducing reliance on fossil fuels. Governments worldwide are implementing
stringent regulations and incentives to promote sustainability. Utilities that
invest in digital solutions to meet these requirements not only reduce their
environmental footprint but also position themselves as leaders in a changing
energy landscape. As a result, the growing emphasis on energy efficiency and
sustainability serves as a powerful driver for the continued expansion of the
global Digital Utility market.
Another significant driver of the global
Digital Utility market is the rapid pace of technological advancements and
innovation. The utility industry is undergoing a digital transformation, driven
by breakthroughs in hardware, software, and communication technologies. These
innovations are enabling utilities to modernize their infrastructure, improve
operational efficiency, and enhance customer experiences. Advanced Sensors and
IoT: The proliferation of advanced sensors and Internet of Things (IoT) devices
is revolutionizing how utilities monitor and manage their assets. These sensors
provide real-time data on equipment performance, enabling predictive maintenance
and reducing downtime. Big Data Analytics: Utilities are harnessing the power
of big data analytics to gain valuable insights from the vast amount of data
generated daily. This data-driven approach helps utilities optimize grid
operations, improve load forecasting, and enhance customer services. Smart Grid
Technologies: The development of smart grid technologies allows utilities to
remotely control and manage the distribution of electricity. This enhances grid
reliability, minimizes losses, and enables faster response to outages. Blockchain
for Energy Trading: Blockchain technology is being explored for peer-to-peer
energy trading, allowing consumers to buy and sell excess energy securely and
transparently, further democratizing the energy market. These technological
advancements not only enable utilities to meet the demands of a changing energy
landscape but also open up new revenue streams and business models. As
utilities continue to invest in innovative digital solutions, the global
Digital Utility market is poised for sustained growth and transformation.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Digital Utility Market.”
The Global Digital Utility Market is segmented into technology,
network, deployment type, end users and region. Based on technology. The Hardware segment had the
largest market share in 2022 & expected to maintain in the forecast period.
Hardware plays a crucial role in the global Digital Utility market, as it forms
the foundation for the implementation of various digital technologies. Smart
meters and sensors are fundamental hardware components in the Digital Utility
market. Smart meters, such as advanced electricity, gas, and water meters,
enable two-way communication between utilities and customers, providing real-time
consumption data. The adoption of smart meters is increasing worldwide due to
their ability to enhance energy efficiency, reduce operational costs, and
improve customer engagement. These devices are critical for utilities aiming to
implement demand response programs and manage energy distribution more
efficiently. Based on end
users, The
retail segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. The retail segment in the
global Digital Utility market refers to the transformation of customer-facing
operations within the utility industry. It involves the use of digital
technologies to enhance customer engagement, improve service delivery, and
optimize billing and payment processes. Digital utilities leverage various
channels, including mobile apps, websites, and social media, to engage with
customers more effectively. These platforms offer self-service options,
allowing customers to access account information, report issues, and receive
real-time updates. Improved customer engagement enhances customer satisfaction
and loyalty. Digital utilities can provide personalized experiences, offer
energy-saving tips, and respond quickly to customer inquiries, ultimately
leading to better customer retention.
Major companies operating in the Global Digital
Utility Market are:
- ABB Ltd
- General
Electric Company
- Siemens
AG
- SAP SE
- Oracle
Corporation
- Cisco
Systems Inc.
- Accenture
plc
- Capgemini
SE
- Microsoft
Corporation
- Schneider
Electric SE
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“The Global Digital Utility market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. Smart meters are devices that can measure and transmit energy usage
data in real time. This data can be used by utilities to improve efficiency,
optimize operations, and provide better customer service. The demand for
renewable energy is increasing, as governments and businesses look to reduce
their carbon emissions. Digital technologies can help utilities to integrate
renewable energy sources into their grids and manage them more efficiently.
Additionally, The aging electricity grid needs to be modernized to meet the
demands of the 21st century. Digital technologies can help utilities to upgrade
their grids and make them more reliable and efficient. Therefore, the market of
Digital Utility is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Digital Utility Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented
By Technology (Hardware, Integrated Solutions), by Network (Power Generation,
Transmission & Distribution), By Deployment Type (On-Premises, Cloud, and
Hybrid), By End Users (Residential, Commercial, and Retail), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Digital Utility Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Digital Utility Market.
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