ICT

Digital Utility Market Size To Rise USD 446.12 Billion By 2033

-According to a recent research report titled “Digital Utility Market (By Network: Generation, Transmission & Distribution, Retail; By Technology: Hardware, Integrated Solutions) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033″ published by Precedence Research, the global digital utility market size is projected to touch around USD 446.12 billion by 2033 and growing at a CAGR of 9.60% over the forecast period 2023 to 2033. This comprehensive study examines various factors and their impact on the growth of the digital utility market.

Digital Utility Market Size 2024 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.

The digital utility market is a dynamic sector at the forefront of technological innovation, transforming traditional utility services through digitalization. This industry encompasses a range of digital technologies and solutions aimed at optimizing utility operations, improving efficiency, and enhancing overall service delivery. Key components include smart grids, advanced metering infrastructure, and innovative data analytics platforms, creating a seamless and interconnected ecosystem for utilities.

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Growth Factors

The digital utility market is experiencing robust growth, driven by several key factors. The increasing demand for sustainable energy solutions and the need to modernize aging utility infrastructure are primary drivers. Smart technologies, such as IoT-enabled devices and real-time monitoring systems, are enhancing grid management and reliability. Additionally, the rise of renewable energy sources, coupled with government initiatives promoting digital transformation in the utility sector, contributes significantly to the market’s 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

Also read: Adaptive AI Market Size To Cross USD 24.63 Billion By 2033

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the electric vehicle fuel cell market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the electric vehicle fuel cell market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Electric vehicle fuel cell market.

Market Segments: This part of the report discusses product, application and other segments of the electric vehicle fuel cell market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

Opportunities

Amid the ongoing digital transformation, the digital utility market presents numerous opportunities for stakeholders. The integration of artificial intelligence (AI) and machine learning in utility operations offers the potential for predictive maintenance, fault detection, and improved energy forecasting. The adoption of cloud-based solutions further opens avenues for scalability and cost-efficiency. Additionally, partnerships between utilities and technology providers can lead to innovative solutions, creating a fertile ground for new business models and revenue streams.

Challenges

Despite its promising outlook, the digital utility market faces several challenges. Cybersecurity concerns are paramount, as the increased connectivity and reliance on digital platforms make utilities susceptible to cyber threats. Interoperability issues among different systems and legacy infrastructure pose integration challenges. Furthermore, the initial capital investment required for digital upgrades may be a barrier for some utilities, necessitating careful financial planning and strategic implementation to overcome these hurdles.

Market Key Players

The report incorporates company profiles of key players in the market. These profiles encompass vital information such as product portfolio, key strategies, and a comprehensive SWOT analysis for each player. Additionally, the report presents a matrix illustrating the presence of each prominent player, enabling readers to gain actionable insights. This facilitates a thoughtful assessment of the market status and aids in predicting the level of competition in the digital utility market.

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

Why should you invest in this report?

This report presents a compelling investment opportunity for those interested in the global digital utility market. It serves as an extensive and informative guide, offering clear insights into this niche market. By delving into the report, you will gain a comprehensive understanding of the various major application areas for digital utility. Furthermore, it provides crucial information about the key regions worldwide that are expected to experience substantial growth within the forecast period of 2023-2030. Armed with this knowledge, you can strategically plan your market entry approaches.

Moreover, this report offers a deep analysis of the competitive landscape, equipping you with valuable insights into the level of competition prevalent in this highly competitive market. If you are already an established player, it will enable you to assess the strategies employed by your competitors, allowing you to stay ahead as market leaders. For newcomers entering this market, the extensive data provided in this report is invaluable, providing a solid foundation for informed decision-making.

Some of the key questions answered in this report:       

  • What is the size of the overall Digital utility market and its segments?
  • What are the key segments and sub-segments in the market?
  • What are the key drivers, restraints, opportunities and challenges of the Digital utility market and how they are expected to impact the market?
  • What are the attractive investment opportunities within the Digital utility market?
  • What is the Digital utility market size at the regional and country-level?
  • Who are the key market players and their key competitors?
  • What are the strategies for growth adopted by the key players in Digital utility market?
  • What are the recent trends in Digital utility market? (M&A, partnerships, new product developments, expansions)?
  • What are the challenges to the Digital utility market growth?
  • What are the key market trends impacting the growth of Digital utility market?

 

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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.

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.

View all posts by Prathamesh →

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