The digital power utility global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Digital Power Utility Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The digital power utility market size has grown exponentially in recent years. It will grow from $76.68 billion in 2023 to $92.43 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to the rising focus on renewable energy projects and energy storage devices, rising distribution and transmission network, the increasing global warming and degradation of natural resources, growing environmental concerns, increasing number of renewable energy plants.
The digital power utility market size is expected to see exponential growth in the next few years. It will grow to $191.34 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to the growing industrialization and urbanization have led to a surge in energy demand, the growing digitalization worldwide, increasing electricity generation and energy demand consumption, the rising need for renewable energy, rising need for green energy . Major trends in the forecast period include digitalization of power plants worldwide, technological advancements, increase in renewable energy sector and renewable integration, increased demand for energy from renewable sources, rapid digitalization are fueling the demand for digital utility solutions.
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Scope Of Digital Power Utility Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Digital Power Utility Market Overview
Market Drivers –
The rising need for renewable energy is expected to propel the growth of the digital power utility market going forward. Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed. There is a growing public awareness of the environmental and social impacts of fossil fuels and increasing demand for cleaner and more sustainable energy solutions. Digital power utility is used in renewable energy to efficiently manage the fluctuating output of renewables, optimizing energy storage, and balancing supply and demand in real time. For instance, according to the European Commission, a Belgium-based governing body, in 2022, renewable energy accounted for 23.0% of energy consumed in the EU, up from 21.9% in 2021. Therefore, the rising need for renewable energy is driving the growth of the digital power utility market.
Market Trends –
Major companies operating in the digital power utility market are developing innovative solutions such as gridos to modernize and transform electricity grids for the future. This platform integrates energy data, network modeling, and AI and machine learning-driven analytics to power a suite of intelligent applications. For instance, in February 2023, GE Digital, a US-based Software industry corporation, launched gridos. The platform includes a ‘zero trust’ grid security model to protect resources from inside and outside threats. The partner ecosystem includes amazon web services (AWS) as a cloud provider and Accenture and Infosys among others as system integrators. The GridOS platform and application suite support GE Digital’s grid operations portfolio mapping and design, advanced energy management system (aems) for transmission and market management operations, advanced distribution management system (ADMS) for distribution network operations, and distributed energy resource management system (derms) for forecasting and management.
The digital power utility market covered in this report is segmented –
1) By Type: Hardware Service, Software Service
2) By Sector: Power Generation, Transmission And Distribution, Energy Storage, Energy Trading
3) By Organization Size: Large Enterprises, Small-sized Enterprises, Medium-sized Enterprises
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Regional Insights –
North America was the largest region in the digital power utility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Microsoft Corporation, Siemens AG, General Electric Company, Accenture PLC, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini Ltd., Eaton Corporation plc, Cognizant, Infosys Ltd., Vestas Wind Systems A/S , Emerson Electric Co., Hitachi Energy Ltd., Wipro Ltd., Siemens Gamesa Renewable Energy S.A., Rockwell Automation Inc. , Nordex SE , PTC Inc., National Instruments Corporation, Mitsubishi Power Ltd., Toshiba Energy Systems & Solutions Corporation
Table of Contents
1. Executive Summary
2. Digital Power Utility Market Report Structure
3. Digital Power Utility Market Trends And Strategies
4. Digital Power Utility Market – Macro Economic Scenario
5. Digital Power Utility Market Size And Growth
…..
27. Digital Power Utility Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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