May 21, 2024
ICT

Digital Utility Market Size To Attain USD 446.12 Billion By 2033

The digital utility market size is poised to grow by USD 446.12 billion by 2033 from USD 179.2 billion in 2023, exhibiting a CAGR of 9.60% during the forecast period 2023-2033.

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.

Digital Utility Market Size 2024 To 2033

The digital utility market is witnessing a transformative shift as traditional utilities embrace digital technologies to enhance their operational efficiency and customer service. In this dynamic landscape, utilities are integrating smart grids, IoT devices, and advanced analytics to create a more intelligent and responsive infrastructure. The digital utility concept extends beyond mere technological integration, encompassing a comprehensive approach towards sustainability, resilience, and improved resource management. As the demand for cleaner and more reliable energy solutions grows, digital utilities play a pivotal role in shaping the future of the energy sector.

To begin with, the Digital utility Market report features an executive summary that offers a concise overview of the marketplace. It outlines the key players and industry categories expected to have an impact on the market in the coming years. The executive summary provides an unbiased summary of the market.

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Growth Factors

Several key factors are fueling the growth of the digital utility market. The increasing need for real-time monitoring and control of energy distribution, coupled with the rising adoption of renewable energy sources, is driving the demand for digital solutions. Smart metering, predictive analytics, and grid optimization technologies contribute to efficient energy management. Additionally, the growing awareness of environmental sustainability and regulatory initiatives promoting the digitization of utilities further propel market expansion. The integration of artificial intelligence (AI) and machine learning (ML) into utility operations enhances decision-making processes, contributing to overall industry growth.

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 Rake USD 24.63 Bn By 2032

Opportunities

Amid the digital transformation sweeping through the utility sector, various opportunities emerge for stakeholders. The deployment of advanced metering infrastructure (AMI) enables utilities to gather valuable data for optimizing energy distribution and improving customer service. The development of smart cities presents a significant opportunity, as digital utilities can play a central role in creating energy-efficient urban environments. Furthermore, partnerships between utilities and technology providers offer avenues for innovation, fostering the creation of new solutions and services. As the demand for decentralized energy systems rises, there is an opportunity for utilities to explore and implement innovative business models.

Challenges

Despite the promising outlook, the digital utility market faces certain challenges. Cybersecurity concerns pose a significant threat, as increased connectivity makes utility infrastructure vulnerable to cyber-attacks. Legacy systems and the high initial costs of digitalization present obstacles to widespread adoption. The complexity of integrating diverse technologies and ensuring interoperability can also impede progress. Additionally, addressing the skill gap and facilitating a smooth transition for the workforce towards digital proficiency are crucial challenges that need attention. Overcoming these hurdles is essential for the sustainable growth of the digital utility market.

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

Data Sources and Methodology

To gather comprehensive insights on the Global Digital utility Market, we relied on a range of data sources and followed a well-defined methodology. Our approach involved interactions with industry experts and key stakeholders across the market’s value chain, including management organizations, processing organizations, and analytics service providers.

We followed a rigorous data analysis process to ensure the quality and credibility of our research. The gathered information was carefully evaluated, and relevant quantitative data was subjected to statistical analysis. By employing robust analytical techniques, we were able to derive meaningful insights and present a comprehensive overview of the Global Digital utility Market.

The most resonating, simple, genuine, and important causes because of which you must decide to buy the Digital utility market report exclusively from precedence research

  • The research report has been meticulously crafted to provide comprehensive knowledge on essential marketing strategies and a holistic understanding of crucial marketing plans spanning the forecasted period from 2023 to 2032.

Key Features of the Report:

  • Comprehensive Coverage: The report extensively encompasses a detailed explanation of highly effective analytical marketing methods applicable to companies across all industry sectors.
  • Decision-Making Enhancement: It outlines a concise overview of the decision-making process while highlighting key techniques to enhance it, ensuring favorable business outcomes in the future.
  • Articulated R&D Approach: The report presents a well-defined approach to conducting research and development (R&D) activities, enabling accurate data acquisition on current and future marketing conditions.

Market Segmentation:

By Network

  • Generation
  • Transmission & Distribution
  • Retail

By Technology

  • Hardware
  • Integrated Solutions

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Reasons to Consider Purchasing the Report:

  • Enhance your market research capabilities by accessing this comprehensive and precise report on the global Digital utility market.
  • Gain a thorough understanding of the overall market landscape and be prepared to overcome challenges while ensuring robust growth.
  • Benefit from in-depth research and analysis of the latest trends shaping the global Digital utility market.
  • Obtain detailed insights into evolving market trends, current and future technologies, and strategic approaches employed by key players in the global Digital utility market.
  • Receive valuable recommendations and guidance for both new entrants and established players seeking further market expansion.
  • Discover not only the cutting-edge technological advancements in the global Digital utility market but also the strategic plans of industry leaders.

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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