Digital Utility Market to Witness Massive Growth in Near Future
Posted by Siddhant on August 9th, 2022
The global digital utility market is expected to grow from an estimated 5.16 billion in 2017 to 4.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. The North America is currently the largest market for digital utility, closely followed by the Europe and Asia-Pacific market. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. The Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.
The digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.
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The transmission and distribution segment is expected to lead the digital utility
The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the market during the forecast period.
North America is expected to be the largest market for digital utility
The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of 8.5 billion, in 2016, in smart cities in the region; this is expected to increase to 4.5 billion by 2021.
Hence, the North American market presents a greater opportunity for the digital utility market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.
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Some of the leading players in the Digital Utility Market include Accenture (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.
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About the AuthorSiddhant
Joined: July 26th, 2022
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