Global Digital Utility Market is segmented based on Technology, Network, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Digital Utility Market is segmented based on Technology, Network, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis
Introduction

The Global Digital Utility Market is estimated to be USD 112.36 Bn in 2023 and is expected to reach USD 164.64 Bn by 2028, growing at a CAGR of 7.94%.

The digital utility market refers to the application of digital technologies and solutions in the utility industry to improve operational efficiency, enhance customer experience, and enable the integration of renewable energy sources and smart grid systems. It encompasses a various range of digital tools such as advanced metering infrastructure, data analytics, Internet of Things (IoT) devices, cloud computing, and others. This is for transforming traditional utility operations into more agile, intelligent, and sustainable systems.

The growing demand for efficient and reliable energy management systems is boosting market growth. With the rising adoption of renewable energy sources and smart grid technologies, digital utility solutions have become critical to managing energy supply and demand. Utilities use digital utility solutions to manage energy generation, distribution, and consumption more effectively, enabling them to deliver reliable and affordable energy to consumers.

However, the high initial investment required to implement digital utility solutions remains a significant restraint to the growth of the market. Many utilities do not have the financial resources to make large investments in digital infrastructure, and regulatory barriers also hinder the adoption of new technologies. The cost of upgrading existing infrastructure and integrating new technologies is a significant restraint, particularly for smaller utilities.

Despite these restraints, the increasing trend towards digitization and the integration of advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), and blockchain presents a significant opportunity for the market. These technologies enable utilities to achieve greater operational efficiency, reduce costs, and provide more personalized services to customers. For example, IoT sensors provide real-time data on energy consumption, allowing utilities to manage energy usage more effectively and reduce waste.

However, the cybersecurity risks associated with digital utility solutions pose a challenge to the industry. As utilities become more connected and data-driven, they also become more vulnerable to cyberattacks. Cybersecurity threats range from data breaches to attacks on critical infrastructure, posing a risk to both utilities and their customers. Therefore, it is crucial to implement robust cybersecurity measures to protect critical infrastructure and customer data.

Market Segmentations

The Global Digital Utility Market is segmented based on Technology, Network, and Geography.

By Technology, the market is classified into Integrated Hardware and Integrated Solutions. The integrated solutions segment is expected to grow by the highest CAGR over the forecast period. Integrated solutions include cloud and software services. The software solution assists in digitizing assets, providing flexibility, optimizing operations, and improving reliability.

By Network, the market is classified into Generation, Transmission & Distribution, and Retail. The transmission & distribution segment is expected to dominate the market over the forecast period. Transmission & distribution solutions are widely used across the utility industry due to increasing emphasis on monitoring and management of electric transmission & distribution systems.

By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. The Americas has the largest market share. This is due to the increasing number of renewable power plants and further, rising investments in electrical infrastructure. Additionally, growing digitalization and the emergence of several connected devices are likely to trigger market growth over the forecast period.

Recent Development

Siemens announced a new partnership with IBM to develop a cloud-based energy management system for utilities. The system, called EnergyIP with Watson, uses artificial intelligence and advanced analytics to provide utilities with insights into energy consumption patterns and predictive maintenance capabilities. - February 2022

GE Digital announced the launch of a new digital twin software platform for the energy sector. The platform, called Digital Twin for Power and Utilities, enables utilities to create a digital replica of their assets and simulate various operating scenarios to optimize performance and reduce downtime. This development is expected to drive growth in the global digital utility market, particularly in the areas of asset management and predictive maintenance. - March 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are SAP SE, Schneider Electric SE, Siemens Ag, Toshiba Corp., etc.

Countries Studied

America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)

Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)

Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)

Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Digital Utility Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

Infogence Global Research analyses the Global Digital Utility Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, Infogence Global Research has devised suitable strategies for market growth.

Why buy this report?The report offers a comprehensive evaluation of the Global Digital Utility Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.Excel data sheet for the market size will also be provided with the report.The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitorsThe report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.Report Highlights:A complete analysis of the market, including the parent industryImportant market dynamics and trendsImpact Analysis – a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.Market segmentationCompetitive Analysis: Comparative analysis of competitorHistorical, current, and projected size of the market based on value and volumeMarket size of the US statesMarket shares and strategies of key playersRecommendations to companies for strengthening their foothold in the market