Digital Power Utility Market Current Trends & Lucrative Opportunities
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. The North American region emerged as the largest market for the global digital power utility market, with a 39% share of the market revenue in 2021.? Countries in North America, like the US and Canada, are among the first few countries to improve their power utilities sector using digital platforms. Further, the North American market for power utility is highly competitive, and any new features to its existing services will provide an added advantage to the consumers. This provides healthy growth to the digital power utility market in the North American region.
For more information: https://www.thebrainyinsights.com/enquiry/sample-request/12739
Leading companies in the industry include ABB LTD, Schneider Electric SE, Microsoft Corporation, IBM, General Electric, SAP SE, Eaton Corporation, Capgemini, Oracle Corporation, and Siemens AG, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The network segment is divided into generation, transmission and distribution, consumption, retail, and others. The power consumption segment dominated the market, with a market share of around 23% in 2021. The increasing population increases the demand for high power consumption in rural and urban areas. Electricity is also being widely used in industries as there has been an increase in industries globally, increasing its consumption, driving the segment’s growth. 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. Digital devices are increasingly used in power generation, transmission and distribution, consumption, and retail to improve reliability, productivity, and protection. Hardware devices such as sensors, smart grids, and smart meters are used to get a more precise and real-time detail regarding power consumption. This drives the growth of the hardware segment by increasing productivity, safety, reliability, performance, and enforcement.
The increasing need for renewable energy sources to generate power as fossil fuels are depleting rapidly is driving the growth of the digital power utility market. Further, the growing pressure of reducing carbon emissions is driving the growth of the digital power utility market. However, the high cost involved in restructuring the infrastructure to fulfill the need of the digital power utility market restrains the growth of the market. Lack of awareness among consumers and concerns about cybersecurity also restrains the market's growth.