Pune, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The Global Digital Power Utility Market size was valued at around USD 50.82 billion in 2020. The market is projected to rise from USD 55.02 billion in 2021 to USD 239.38 billion by 2028 at 23.4% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep dived into these insights in its latest research report, titled, "Digital Power Utility Market, 2021-2028."
According to the study, an increased focus on sustainability and environmentally friendly energy portfolios will act as a catalyst towards robust growth. Amidst prevailing challenges stemming from transmission & distribution and power generation processes, digital power solutions are expected to be sought-after globally. However, the COVID-19 pandemic could change the global dynamics.
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Companies Operating in Digital Power Utility Market
- ABB (Switzerland)
- General Electric Company (U.S.)
- Siemens (Germany)
- Accenture Plc (Ireland)
- Capgemini Ltd (France)
- SAP SE (Germany)
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- Wipro Ltd (India)
- Infosys Ltd (India)
- Cognizant Technology Solutions (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 23.4% |
| 2028 Value Projection | USD 239.38 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 50.82 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | Technology, Sector and Region |
| Growth Drivers | Soaring Demand for Energy, Investments in Renewable Projects to Boost RoI |
| North America to Provide Lucrative Growth Opportunities with the Trend for Smart Buildings | |
| Stakeholders Invest in Strategic Engagement to Gain a Competitive Edge |
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COVID-19 Impact
Dip in Industrial Demand Dents Growth Prospect
Supply chain disruptions across emerging and advanced economies had a notable influence on the global business outlook. While 2020 and 2021 witnessed fluctuation in demand and supply, the next few years could unlock growth opportunities. Renewable energy projects could pick pace amidst reduced demand for power plants. Leading companies are expected to up their investments across power plant sectors.
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Report Coverage
The report is prepared rigorously with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping
Segmentation
In terms of technology, the digital power utility market is segregated into software & service and hardware.
Based on sector, the market is segmented into power generation, power consumption and transmission & distribution.
With respect to geography, the market is fragmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa.
Drivers and Restraints
Soaring Demand for Energy, Investments in Renewable Projects to Boost RoI
Digital power utility market share will gain traction from burgeoning industrialization and urbanization across advanced- and emerging economies. The U.N. predicts around 68% of the global population to live in urban areas by 2050. Stakeholders expect substantial investments in renewable energy at a time when electricity demand has peaked dramatically. According to the U.S. Energy Information Administration (EIA), renewable energy would contribute close to 50% towards global electricity output by 2050. Moreover, growth in renewable energy projects, as well as robust government policies, will augur well for the business outlook.
However, soaring operating costs for transmission and distribution infrastructure could dent the market growth.
Regional Insights
North America to Provide Lucrative Growth Opportunities with the Trend for Smart Buildings
The rising trend for intelligent buildings and building automation across the U.S. and Canada will boost North America digital power utility market growth. The installation of sensors and smart metering is likely to be noticeable in the ensuing period. Additionally, robust government policies will bolster the penetration of smart solutions. Prominently, investments to expand smart cities and electric vehicles will add fillip to the regional growth.
Stakeholders envisage Asia Pacific to emerge as a happy hunting ground in the wake of surging investments in infrastructure development. Commercial and industrial projects are expected to be pronounced across China, India and Japan. Governments are expected to invest in green building models and renewables.
The Middle East and Africa industry forecast will be bullish during the assessment period, mainly due to investments in augmented data analytics integrated distributed energy resource (iDER). Key industry players could infuse funds into smart grids and artificial intelligence in UAE, Saudi Arabia and South Africa to tap lucrative markets.
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Competitive Landscape
Stakeholders Invest in Strategic Engagement to Gain a Competitive Edge
Industry players are poised to infuse funds into mergers & acquisitions, R&D activities and technological advancements. The competitiveness of the market indicates leading players could invest in geographical expansion and product portfolio expansion.
Key Industry Developments
- September 2021 –Infosys and Microsoft entered into multi-year agreement with Ausgrid to expedite the cloud transformation of the largest electricity distributor on Australia east coast.
- March 2021 – The Swiss multinational corporation ABB Ltd reached the cumulative 5- gigawatt mark in providing Programmable Logic Controller based (PLC) solar plant automation solution in India.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Digital Power Utility Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Hardware
- Software & Services
- Market Analysis, Insights and Forecast – By Sector
- Power Generation
- Transmission & Distribution
- Power Consumption
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Hardware
- Software & Services
- Market Analysis, Insights and Forecast – By Sector
- Power Generation
- Transmission & Distribution
- Power Consumption
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Sector
- Power Generation
- Transmission & Distribution
- Power Consumption
- Canada Market Analysis, Insights and Forecast – By Sector
- Power Generation
- Transmission & Distribution
- Power Consumption
- U.S. Market Analysis, Insights and Forecast – By Sector
- Europe Digital Power Utility Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Hardware
- Software & Services
- Market Analysis, Insights and Forecast – By Sector
- Power Generation
- Transmission & Distribution
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