April 22, 2024
ICT

Digital Utility Market Size To Grow USD 446.12 Billion By 2033

The global digital utility market size was estimated to be around US$ 179.2 billion in 2023 and is projected to reach US$ 446.12 billion by 2033, indicating a CAGR of 9.60% from 2023 to 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 a dynamic sector at the forefront of technological transformation within the utility industry. It encompasses the integration of advanced digital technologies to enhance the efficiency, reliability, and sustainability of utility services. Key components include smart grids, digital substations, and advanced metering infrastructure. This evolution is driven by the increasing demand for optimized energy management, grid modernization initiatives, and the growing importance of renewable energy sources in the global energy landscape.

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Growth Factors

Several factors contribute to the robust growth of the Digital Utility Market. The rising adoption of smart technologies, such as IoT devices and sensors, facilitates real-time monitoring and data analytics, enabling utilities to make informed decisions. Additionally, the increasing focus on reducing carbon footprints and achieving energy sustainability goals propels the implementation of digital solutions. Integration of artificial intelligence (AI) and machine learning (ML) further augments operational efficiency, predictive maintenance, and grid resilience, fostering significant market expansion.

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 Garner USD 24.63 Billion by 2033

Opportunities

The Digital Utility Market presents promising opportunities for innovation and collaboration. Utility companies have the chance to leverage data-driven insights for proactive grid management, demand response optimization, and predictive maintenance. Partnerships with technology providers and startups offer avenues for developing cutting-edge solutions, while government initiatives supporting digital infrastructure development create a conducive environment for market growth. As the demand for cleaner and more efficient energy solutions rises, there is ample room for players in the Digital Utility Market to explore and capitalize on emerging opportunities.

Challenges

Despite its potential, the Digital Utility Market faces certain challenges. Cybersecurity concerns pose a significant threat as digital systems become more interconnected. Ensuring the robustness of digital infrastructure against cyber-attacks is imperative. Moreover, the transition from traditional to digital utilities requires substantial investments in technology and workforce training, which may strain resources for some utility companies. Regulatory hurdles and the need for standardization also present challenges that need to be addressed for the seamless integration of digital technologies in the utility sector.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

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

Segments Covered in the Report

By Network

  • Generation
  • Transmission & Distribution
  • Retail

By Technology

  • Hardware
  • Integrated Solutions

By Geography

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

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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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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