Newark, July 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global digital power utility market is expected to grow from USD 60.6 billion in 2021 to USD 204.9 billion by 2030, at a CAGR of 14.5% during the forecast period 2022-2030.
Get a Sample PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/12739
The recent advancement of technology in the power sector is helping in the digitalizing of power utilities. Several big companies and startups provide platforms and technologies that will help boost the power-producing capability in the energy sector, reducing the companies' operating costs. Some benefits of digital power utility include optimized maintenance and operation, efficient management of assets, managing the load of electricity, and high satisfaction of customers. The growing population and rise in disposable income have increased the electricity demand, increasing the demand for renewable energy sources. It is essential to increase the potential of renewable energy to meet the needs of the growing population.
Competitive Strategy
To enhance their market position in the global digital power utility market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In June 2019, General Electric signed a three-year agreement with Enel green power to provide on-site sensor assessment, centralized data collection, and remote monitoring services. This was done to enhance its maintenance and operation services.
Inquiry Before Purchase: https://www.thebrainyinsights.com/enquiry/buying-inquiry/12739
Market Growth & Trends
With technological advancement, there has been an improvement in people's lifestyles, and the concept of smart cities has come into being. The increasing use of assets in the technologically advanced buildings in smart cities and improved infrastructure are driving the market's growth. However, the demand for the digital power utility market is restricted by certain factors, including the high cost involved in integrating and collaborating with different applications of the digital power utility. The increasing efficiency of digital power utilities for distributing electricity evenly is an opportunity for growth and productivity improvement in the market. But the lack of awareness and cybersecurity concerns is a challenge for the market's growth during the forecast period.
Key Findings
● In 2021, the power consumption segment dominated the market with the largest market share of 23% and market revenue of 13.9 billion.
The network segment is divided into generation, transmission and distribution, consumption, retail, and others. In 2021, the power consumption segment dominated the market with the largest market share of 23% and market revenue of 13.9 billion. The rising population and urbanization increase the demand for electricity in the urban area, which needs proper electricity distribution to meet the growing electricity needs. This increases the demand for electricity consumption and thus drives the growth of the digital power utility market in the segment.
● In 2021, the hardware segment accounted for the largest share of the market, with 43% and a market revenue of 26.0 billion.
The technology segment is divided into hardware, integrated solutions, and others. In 2021, the hardware segment accounted for the largest share of the market, with 43% and market revenue of 26.0 billion. The electricity sector is increasingly using digitally advanced equipment, which is driving the growth of the hardware segment. The increasing demand for digital meters, sensors, wearables, coolers, geysers, and other home appliances increases the demand for hardware. The rising inclination toward technologically advanced electrical equipment helps in the healthy growth of the segment.
To read the summary of the report, visit the website at: https://www.thebrainyinsights.com/report/digital-power-utility-market-12739
Regional Segment Analysis of the Digital Power Utility Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global digital power utility market, with a market share of around 39% and 23.6 billion of the market revenue in 2021. The market for digital power utility in the North American region has been rising due to prominent market players and a well-developed infrastructure for developing digital power utility. The North American region has a distributed network of power supplies that propels the market's growth. Several industries in the North American region are looking for a cleaner energy supply to reduce their carbon emission and shifting toward renewable energy sources for power generation. This offers lucrative growth opportunities for the digital power utility market in the region.
Have a question? Speak to Research Analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/12739
Key players operating in the global digital power utility market are:
● ABB LTD
● Schneider Electric SE
● Microsoft Corporation
● IBM
● General Electric
● SAP SE
● Eaton Corporation
● Capgemini
● Oracle Corporation
● Siemens AG
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global digital power utility market based on the below-mentioned segments:
Global Digital Power Utility Market by Network Type:
● Generation
● Transmission and Distribution
● Consumption
● Retail
● Others
Global Digital Power Utility Market by Technology:
● Hardware
● Integrated Solutions
● Others
About the report:
The global digital power utility market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
Directly Purchase Premium Copy of Digital Power Utility Market Growth Report at: https://www.thebrainyinsights.com/buy-now/12739/single
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
