The global digital utility market size is expected to reach USD 299.1 billion by 2025, according to a new study by Grand View Research, Inc., expanding at a CAGR of 11.6% during the forecast period. Technological advancements are leading to the digitalization of businesses, including the power industry. The power industry is increasingly realizing the importance of digital technologies, which in turn is anticipated to augment the market over the forecast period. Companies have recognized the benefits of digitalization and are now focusing on two key areas, namely customer engagement and improvement of operations and productivity, thus transforming the way businesses are conducted in the power industry.
The growth of the digital utility market is driven by factors such as stringent regulatory norms and an increasing number of distributed and renewable power generation projects. The demand for digital utility solutions is increasing rapidly owing to benefits provided by technologies such as digital asset management, digital utility maturity assessment, and digital utility enterprise architecture.
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The North America region commanded the leading revenue share in 2016 owing to factors such as rapid technological advancements, enhanced network connectivity, and high adoption rate of digital services. Some of the prominent companies operating in the market are ABB Ltd., IBM Corporation, International Business Machine Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE.
Further Key Findings From the Study Suggest:
• The hardware segment is likely to gain the highest share in the market over the forecast period. Hardware is extensively used in next-generation equipment such as smart meters and transformers.
• The transmission & distribution segment is poised to dominate the market over the forecast period. Digital utility solutions enable users to effectively perform transmission & distribution activities.
• North America was the leading revenue contributor in 2016owing to an increasing number of renewable power plants and rising investments in electrical infrastructure.
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Grand View Research has segmented the global digital utility market report based on technology, network, and region:
Digital Utility Technology Outlook (Revenue, USD Million, 2014 - 2025)
• Hardware
• Integrated Solutions
Digital Utility Network Outlook (Revenue, USD Million, 2014 - 2025)
• Generation
• Transmission & Distribution
• Retail
Digital Utility Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o Germany
o France
• Asia Pacific
o China
o India
o Japan
• Rest of The World
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.