The Global Digital Utility Market is projected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 Billion by 2022. An increase in the number of distributed and renewable power generation projects, energy efficiency mandates demanding carbon emission reduction, and strict regulatory requirements for electric utilities will drive the digital utility market during the forecast period.
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The report segments the Digital Utility Market, by network, into generation, transmission and distribution, and retail. The transmission and distribution subsegment dominated the network segment as it accounted for the largest part of the spending on aged infrastructure. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems.
Based on technology, the digital utility market is segmented into integrated solutions and hardware. Hardware is the largest segment of the digital utility market, by technology. Hardware covers all the equipment in a digital substation, such as smart meters, smart thermostats, programmable logic controllers, and smart transformers, among others. The cost of hardware is high and, hence, the segment accounts for a larger share of the market.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the Top Players In The Digital Utility Market. The key players include Accenture plc (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others. The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of USD 118.5 billion, in 2016, in smart cities in the region; this is expected to increase to USD 244.5 billion by 2021. Hence, the North American market presents a greater opportunity for the digital utility market.
Upcoming smart cities and a need to improve the productivity and efficiency of power utilities can lead to opportunities in the Digital Utility Market. But, high initial costs could be a restraint for the digital utility market, leading to declining profits.