- Report ID: BMRC 777 | Number of pages: 200 | Publish Date: Feb 2020
Status: Published | Category: Technology And Media | Delivery Timeline:
Digital Utility Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Digital Utility Market place for the forecast 2020– 2025.
Growing environmental concerns and rising number of renewable energy hubs are powering the market growth.
In the midst of rapid digitalization in the energy sector and increasing requirement for green energy, the requirement for digital utility solutions is augmenting. Rising penetration of digital techs in the energy industry and initiatives in nations such as India and China to elevate production of electricity to fulfill domestic requirements are expected to stoke requirement for digital utility solutions.
The global digital utility market can be divided by technology, deployment, industry, network, and geography. By deployment, the digital utility market can be divided into hybrid, on premise, and cloud. The cloud section is predicted to develop at a substantial rate owing to the rising employment of cloud-based applications. By technology, the digital utility market can be divided into integrated solutions and hardware. Integrated solutions are further divided into software and services. The hardware section is predicted to lead the market during the coming period as hardware is mainly used in tools such as smart meters and smart transformers.
By network, the digital utility market can be divided into retail, generation, distribution, and transmission. The distribution and transmission section is predicted to have the biggest market share during the coming period owing to the increase in management and monitoring of distribution systems and electric transmission. Moreover, the retail section is predicted to grow at the max development rate owing to the fact that with the assistance of customer data analytics, energy providers can elevate up selling and cross selling. By industry, the digital utility market can be divided into financial services, banking, retail, institutions, healthcare, power and utility, and others
The major players included in the global digital utility market forecast are,
By Network: Generation, Transmission and Distribution, Retail
By Technology: Hardware, Integrated Solutions, Cloud and Software, Services
Rapid Digitalization And Increasing Requirement For Green Energy Are Powering The Requirement For The Digital Utility Solutions
Rapid digitalization and increasing requirement for green energy are powering the requirement for the digital utility solutions. Rising penetration of digital techs and spiraling requirement for domestic electricity in nations such as India and China are predicted to offer a fillip to the market. Digital utility solutions allow power creation plants to efficiently manage operations and assist in lowering greenhouse gases emission. Strict regulatory rules are also predicted to power the market over the coming period.
Increase in the amount of data exchanged and collected paired with a rise in the number of linked devices is expected to offer a tremendous push to the growth of market. Moreover, technological factors such as information exchange, predictive maintenance, and operational control solutions are having a major role in the market development.
North America Is The Dominating Digital Utility Market In Terms Of Revenue
North America is the dominating digital utility market in terms of revenue. This is due to vast investments for upgrading electrical infrastructure and rising number of renewable power plants. Moreover, increasing connectivity of devices and growing digitalization due to IoT (Internet of Things) are predicted to power the digital utility market.
The market in the US is predicted to have the biggest market share in the North America during the coming period. Growing environmental concerns and rising number of renewable energy hubs are powering the market growth. Moreover, increasing number of government initiatives backing digital transformation is predicted to power the market growth in the nation.
Market by Regional Analysis
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
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Digital Utility Market 2020 By Network (Generation, Transmission and Distribution, Retail), By Technology (Hardware, Integrated Solutions, Cloud and Software, Services) Forecast to 2025