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 in the coming future.
The growth of the Digital Utility Market can be attributed to the Increasing Number of Distributed and Renewable Power Generation Projects, Strict Regulatory Requirements for Electric Utilities and Need to Improve the Productivity and Efficiency of Utilities.
In the coming years, the market is expected to witness the highest growth rate in the Asia-Pacific region. The high growth in the region can be attributed to the growth in Increasing investment in the electrical infrastructure and growing decentralized power generation. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.
The research study of Digital Utility further segmented into Network and Technology
Network is classified into generation, transmission and distribution, and retail. The transmission and distribution sub segment 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.
Technology 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.
Upcoming smart cities and the need to improve productivity and efficiency of utilities are expected to create new opportunities for integrated solutions providers and cloud platform companies in the digital utility market. Utilities are also focusing on deploying digital technologies in restructuring their businesses. All these factors will drive the digital utility market during the forecast period.
Key players:
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.)
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