Market Size of Digital Power Utility Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Digital Power Utility Market Analysis
forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 has severely depressed electricity demand across the globe. Also, led to declining investments in the energy industry and delayed the ongoing projects. Factors such as the growing electricity generation and energy consumption demand, especially renewable energy consumption, are expected to drive the digital power utility market during the forecast period. However, soaring operating costs for transmission and distribution infrastructure are expected to restrain the digital power utility market during the forecast period.
- The power generation segment is expected to witness significant growth in the global digital power utility market during the forecast period.
- Increasing demand for renewable energy, rising electric vehicles, and the adoption of heat pumps are expected to provide immense opportunities for the digital power utility market.
- Asia-Pacific is expected to be the dominating market during the forecast period, owing to the high urbanization growth rate and growing electricity demand, mainly from China and India.
Digital Power Utility Industry Segmentation
The digital power utility market report includes:
| Technology | |
| Integrated Solutions | |
| Hardware |
| Sector | |
| Power Generation | |
| Transmission and Distribution (T&D) | |
| Energy Storage | |
| Energy Trading |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Digital Power Utility Market Size Summary
The digital power utility market is poised for growth, driven by increasing electricity generation and energy consumption demands, particularly in renewable energy. The market is expected to expand as the power generation segment experiences significant growth, fueled by the rising demand for renewable energy, electric vehicles, and heat pumps. However, the market faces challenges due to high operating costs associated with transmission and distribution infrastructure. Asia-Pacific is anticipated to dominate the market, supported by rapid urbanization and growing electricity demand, especially in China and India. The region's investment in building transmission networks to reach remote areas further bolsters market prospects.
The global energy mix for electricity generation remains heavily reliant on fossil fuels, with coal thermal power plants continuing to play a significant role. Despite this, advancements in technologies like ultra-supercritical coal are expected to enhance efficiency and reduce pollution. The digital power utility market is moderately fragmented, with key players such as General Electric Company, Siemens AG, ABB Ltd., IBM Corporation, and Microsoft Corporation actively contributing to market developments. Strategic partnerships and investments in digital solutions and infrastructure improvements are expected to drive market growth, particularly in regions like Asia-Pacific, where demand for power is on the rise.
Digital Power Utility Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Integrated Solutions
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2.1.2 Hardware
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2.2 Sector
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2.2.1 Power Generation
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2.2.2 Transmission and Distribution (T&D)
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2.2.3 Energy Storage
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2.2.4 Energy Trading
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle East & Africa
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Digital Power Utility Market Size FAQs
What is the current Digital Power Utility Market size?
The Digital Power Utility Market is projected to register a CAGR of greater than 5.80% during the forecast period (2024-2029)
Who are the key players in Digital Power Utility Market?
General Electric Company, ABB Ltd., IBM Corporation, Microsoft Corporation and Siemens AG are the major companies operating in the Digital Power Utility Market.
