DUBLIN--(BUSINESS WIRE)--The "Global Digital Utility Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The digital utility market was valued at US$ 141.41 Bn in 2018 and expected to reach US$ 381.38 Bn by 2027 at a CAGR of 11.7% throughout the forecast period from 2019 to 2027.
Technological advancement will spur revenue growth during the forecast period
Rapid technological advancements coupled with industrial revolution 4.0 is leading the business towards digitalization including the power industry. The power industry is increasingly adopting digital technologies which in turn is augmenting the growth of the digital utility market. Additionally, significant changes in energy demand coupled with strains on growth in capital asset investment are weakening the rise in utilities. Such shifts drive the need to adopt a new business model with digital capacities that can help utilities respond to changes in utility management and consumption. Organizations have realized the importance of digitalization and are now focused on two aspects namely customer guarantee and advancement of efficiency. Thereby propelling the demand for the digital utility market.
In addition, the combination of factors including an increasing number of distributed and renewable power generation projects globally, stringent regulation for electric utilities and need to improve productivity and efficiency among others are major factors driving the growth of the digital utility market. The increasing penetration of digital technology, upcoming smart city projects globally and demand for domestic electricity in countries including China and India among others are expected to proliferate the digital utility market growth.
- In May 2019, Cisco Systems Inc. has entered into a partnership agreement with Snam S.p.A a major European utility company to develop and innovate the Industrial Internet of Things in the sector.
Key Market Movements
- Globally, the digital utility market is growing at a CAGR of 11.7% for the period of 2019 to 2027. In 2018, the revenue generated globally for the digital utility market was 141.41 Bn and is expected to reach US$ 381.38 Bn by 2027.
- Many utility companies are investing heavily in the digitalization of their firms and changing their core business model to gain a competitive edge, which is acting as a key factor for the growth of the market.
- However, a high initial cost is associated to transform digitally which is hindering the growth of the market.
- Companies are collaborating with service providers in adopting industry revolution 4.0. For instance, Accenture has launched Amelia to help companies accelerate the adoption of the industrial internet of things and artificial intelligence to improve their business and create lucrative opportunities.
- North America region is dominating the global digital utility market in terms of market revenue. This can be associated with the rapid adoption of digital technologies including artificial intelligence, industrial internet of things among others and the presence of state-of-the-art infrastructure among others.
Key Topics Covered:
1.1. Report Description
1.2. Research Scope
1.3. Research Methodology
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Digital Utility (DU) Market
2.2. Global DU Market, by Network, 2018 (US$ Bn)
2.3. Global DU Market, by Technology, 2018 (US$ Bn)
2.4. Global DU Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.2. Market Dynamics
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Digital Utility (DU) Market, by Network , 2017-2027 (US$ Bn)
4.2. Transmission & Distribution
5. Global Digital Utility (DU) Market, by Technology, 2017-2027 (US$ Bn)
5.3. Integrated Solutions
6. North America Digital Utility (DU) Market Analysis, 2017-2027 (US$ Bn)
6.1.1. North America DU Market Value and Growth, 2017-2027, (US$ Bn)
6.2. North America DU Market Value, By Network, 2017-2027 (US$ Bn)
6.2.1. Market Analysis
6.3. North America DU Market Value, By Technology, 2017-2027 (US$ Bn)
6.3.1. Market Analysis
6.4. North America DU Market Value, By Region/Country, 2017-2027 (US$ Bn)
6.4.1. Market Analysis
6.4.3. Rest of North America
7. Europe Digital Utility (DU) Market Analysis, 2017-2027 (US$ Bn)
8. Asia Pacific Digital Utility (DU) Market Analysis, 2017-2027 (US$ Bn)
9. Rest of the World Digital Utility (DU) Market Analysis, 2017-2027 (US$ Bn)
10. Company Profiles
10.1. General Electric Co.
10.2. Siemens AG
10.3. ABB Ltd.
10.4. Accenture Plc
10.5. Capegemini SE
10.6. Sap SE
10.7. IBM Corporation
10.8. Microsoft Corporation
10.9. Oracle Corporation
10.10. Wipro Ltd
10.11. Infosys Ltd
For more information about this report visit https://www.researchandmarkets.com/r/7guxgv