Massive growth of Digital Utility Market 2022 with high CAGR In Coming Years: Market Intelligence Assessment

The digital utility market is expected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 billion by 2022. Strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects are the major factors driving the market.

Market Ecosystem:

The digital utility market ecosystem comprises system integrators such as Accenture plc (Ireland), Cognizant Technology Solutions Corporation (U.S.), and Cap Gemini S.A. (France), among others; automation and integrated solutions providers such as ABB Ltd (Switzerland), Siemens AG (Germany), and General Electric Company (U.S.), among others; cloud platform companies such as SAP SE (Germany), International Business Machines Corporation (U.S.), and Oracle Corporation (U.S.), among others.

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Target Audience:

The target audience of this report includes:

  • Electric utilities
  • Distributed energy resource (DER) companies
  • Electrical infrastructure providers
  • IT vendors
  • Transmission and distribution systems operators
  • Systems integrators
  • Government agencies
  • Investors and financial community professionals

The retail segment is estimated to be the fastest growing segment of the digital utility market, by network, from 2017 to 2022. This segment is expected to witness growth because of the increase in the distributed and renewable energy projects. Apart from this, prosumers, who are digitally transforming the power industry by using analytics and digital platforms to forecast usage and two-way grid flows, are also a key factor driving the growth of retail segment of the digital utility market.

Based on region, the digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

Based on technology, the integrated solutions segment is estimated to grow at the fastest rate during the forecast period. The integrated solutions segment, which encompasses cloud platforms, analytics and data management, and related services, is a key aspect that enables the digital transformation of utilities. These solutions improve efficiency and productivity in the utilities sector which can drive the digital utility market.

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Upcoming smart cities and the need to improve productivity and efficiency of utilities are expected to create new opportunities for integrated solutions providers and cloud platform companies in the digital utility market. Utilities are also focusing on deploying digital technologies in restructuring their businesses. All these factors will drive the digital utility market during the forecast period.