DUBLIN--(BUSINESS WIRE)--The "Digital Utility Market by Network (Generation, Transmission and Distribution, and Retail), Technology (Hardware and Integrated Solutions (Cloud and Software, Services)), and Region (North America, Europe, and Asia-Pacific) - Global Forecast to 2022" report has been added to Research and Markets' offering.
The digital utility market is projected to reach USD 244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022.
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 are the major drivers of the digital utility market. High initial costs can hinder the growth of the digital utility market.
The retail subsegment of the network segment is expected grow at the highest CAGR, during the forecast period. Electric utilities are gradually transforming from being electricity suppliers to energy service providers, and the customers are also becoming involved in the electric value chain. End-users are installing power generating sources such as solar panels and small wind, among others, to become self-sufficient, and also actively participating in demand response programs.
The market in North America is currently the largest market for digital utility, closely followed by the European market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.
- Increasing Number of Distributed and Renewable Power Generation Projects
- Strict Regulatory Requirements for Electric Utilities
- Need to Improve the Productivity and Efficiency of Utilities
- High Initial Costs
- Upcoming Smart Cities
- Cybersecurity Threats in the Power and Utilities Sector
- Challenges Associated With New Technology Implementation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Digital Utility Market, By Network
7 Digital Utility Market, By Technology
8 Digital Utility Market, By Region
9 Competitive Landscape
10 Company Profiles
- ABB Ltd.
- Accenture PLC
- Capgemini SA
- Cisco Systems Inc.
- Eaton Corporation PLC
- General Electric Company
- International Business Machine Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/research/zcn3xt/digital_utility