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Digital Utility Market to exceed $244.31 Billion by 2022

Jun 27, 2019 12:01 AM ET

Global digital utility market is projected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 billion by 2022. North American market held the largest share in 2016 followed by the markets in Europe and Asia-Pacific. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.

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.

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Based on region, the digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

Based on technology, the integrated solutions segment is estimated to grow at the fastest rate during the forecast period. The integrated solutions segment, which encompasses cloud platforms, analytics and data management, and related services, is a key aspect that enables the digital transformation of utilities. These solutions improve efficiency and productivity in the utilities sector which can drive the digital utility market.

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The digital utility market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the digital utility market includes Accenture plc (Ireland), Cap Gemini S.A. (France), Cognizant Technology Solutions Corporation (U.S.), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), International Business Machines Corporation (U.S.), and Oracle Corporation (U.S.), among others.

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Tags: Digital Utility, Digital Utility Market, Electrical, Energy, Power, technology, Utilities