The Global Digital Utility Market size is estimated at US$ 187.5 billion in 2021 and is projected to reach a valuation of US$ 454.16 billion by 2027 and is predicted to register a CAGR of 12.47% during the forecast period 2022-2027.

Digital Utility is most commonly known as architected from a combination of real-world, project-tested services, and leveraged software, designed to be spatially-enabled, and highly configurable; these are the main factors that have considerably increased the demand for Digital Utility in the market, thereby driving the huge growth of the Digital Utility market in the upcoming years.

Market Drivers and Restraints:

The main factors that have considerably increased demand for Digital Utility in the market are mainly due to increasingly huge number of renewable power generation projects and energy efficiency mandates are the main factors that have considerably increased the demand for Digital Utility in the market. In addition, an increasing number of government initiatives supporting digital transformation is projected to support the growth of the market in the country these are the main factors that have considerably increased the demand for Digital Utility in the market, thereby driving the huge growth of the Digital Utility market in the upcoming years.

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The report is segmented as:

Digital Utility Market is segmented on the basis of Technology; the Market is segmented on the basis of Networks:

By Technology (Hardware and Integrated Solutions),

By Network (Transmission and Distribution, Generation and Retail)

Geographical Segmentation:

Digital Utility Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the rest of the world.

The Asia Pacific has the dominant share in Digital Utility due to the Increasing penetration of digital technologies and spiraling demand for domestic electricity in countries such as China and India these are the main factors that have considerably increased the demand for Digital Utility in the Asia Pacific.

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Impact of COVID-19 on the Market

Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Digital Utility market growth. Due to covid-19 many companies have shut down and stopped their production which has decreased the availability of Digital Utility. The government restrictions like lockdowns in many countries have stopped the production of products by manufacturing companies.

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