How large is the digital utility market, and what is its growth trajectory?
The digital utility market size has grown rapidly in recent years. It will grow from $248.33 billion in 2024 to $273.84 billion in 2025 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increase in renewable energy sources, stricter regulations and compliance, aging infrastructure, rising energy demand, growth in data generation, increase in natural disasters.
The digital utility market size is expected to see rapid growth in the next few years. It will grow to $470.9 billion in 2029 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to rapid urbanization, growing threat of cyber attacks, expansion of electric vehicle infrastructure, increased adoption of cloud computing, implementation of 5G network. Major trends in the forecast period include grid digitalization, AI and machine learning applications, energy storage integration, customer-centric solutions, transition to smart cities.
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What have been the primary factors driving the digital utility market’s growth?
The growing number of distributed and renewable power generation projects is expected to drive growth in the digital utility market during the forecast period. Distributed generation refers to the production of electricity from several sources, frequently from renewable energy sources. The number of distributed projects has grown because renewable and distributed power generation reduce the amount of electricity that needs to be generated at centralized power facilities, protecting the environment and thereby lowering the environmental impacts of centralized generation. The significant environmental impact of distributed and renewable energy generation projects is driving an increase in the number of these projects. For instance, in June 2024, in an article published by Eurostat, a Luxembourg-based government agency, in 2023, the supply of renewable energies grew by 4.4% compared to 2022, totalling approximately 10.9 million terajoule (TJ). Therefore, the growing number of distributed and renewable power generation projects is driving the growth of the digital utility market.
What are the key segments within the digital utility market?
The digital utility market covered in this report is segmented –
1) By Deployment: On-Premise, Hybrid, Cloud
2) By Network: Generation, Transmission And Distribution, Retail
3) By Technology: Hardware, Integrated Solutions
4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defense, Transportation And Logistics, Government And Utilities, Other End-Users
Subsegments:
1) By On-Premise: Installed Software, On-Premise Infrastructure
2) By Hybrid: Combination Of On-Premise And Cloud Services, Integrated Systems
3) By Cloud: Public Cloud, Private Cloud, Multi-Cloud Solutions
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Which key players are shaping the digital utility market?
Major companies operating in the digital utility market include Bosch.IO GmbH, Siemens AG, General Electric Company, Accenture plc, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini SE, Eaton Corporation plc, Rockwell Automation Inc., Trimble Inc., Itron Inc., Landis+Gyr Group AG, Enel X North America Inc., Schweitzer Engineering Laboratories, Kalkitech Inc., Aclara Technologies LLC, Open Systems International Inc., OSIsoft LLC, Sensus USA Inc., C3.ai Inc., Trilliant Holdings Inc., Utilidata Inc., Echelon Corporation
How will emerging trends drive the digital utility market throughout the forecast period?
Major companies in the digital utility market are entering into strategic partnerships to strengthen their product offering and develop innovative solutions. For example, in October 2024, ELES, or Elektro-Slovenija, d.o.o., the state-owned electricity transmission system operator in Slovenia, entered into a partnership with Siemens Energy to boost digital advancements in electricity grids. The memorandum of understanding focuses on developing innovative solutions such as augmented and virtual reality tools, robotic substation inspections, and advanced sensor monitoring systems. This collaboration aims to improve the efficiency and sustainability of energy infrastructure, supporting efforts to reduce carbon emissions. Siemens Energy is a Germany-based energy technology company focusing on innovative solutions across the entire energy value chain.
How do regional factors impact the digital utility market, and which region is the largest contributor?
The countries covered in the digital utility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Digital Utility Market Report 2025 Offer?
The digital utility market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Digital utility refers to solutions that are spatially enabled and highly configurable, built from a combination of real-world, project-tested services and leveraged software. Digitization has long been at the heart of the strategy of large utilities and has contributed to organizational transformation and reinvention. The digital utility sector improves customer interactions, enables uninterrupted operation, ensures quick resolution of defects, ensures timely compliance with maintenance activities, and increases productivity.
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