(MENAFN- Ameliorate Digital Consultancy) Market Overview:
The Global digital power utility Market Size Was Valued at USD 60.78 Billion in 2021 and is Projected to Reach USD 212.75 Billion by 2028, Growing at A CAGR of 19.6% From 2022 to 2028. Recent technological advancements in the power sector have spurred the adoption of digitalization by utility companies, despite their reputation for being slow to adopt new technology. Government regulations have historically discouraged the use of cutting-edge technology and planning methodologies in the industry, but digitalization is now being recognized as a way for power producers, utilities, and energy companies to reduce costs, increase revenue, and explore new business opportunities. By leveraging digital technologies and platforms, power utilities can optimize their operations and maintenance, manage assets effectively, control electrical loads, and enhance customer satisfaction by creating a more predictable energy ecosystem. The benefits of embracing digitalization in the power sector are significant and far-reaching.
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The Report Will Include A Major Chapter
Patent Analysis Regulatory Framework Technology Roadmap BCG Matrix Heat Map Analysis Price Trend Analysis Investment Analysis Company Profiling and Competitive Positioning Industry Value Chain Analysis Market Dynamics and Factors Porter's Five Forces Analysis Pestle Analysis SWOT Analysis
Market Dynamics and Factors:
The digital power utility market is being driven by a variety of factors, including the increasing demand for electricity, the need for improved operational efficiency, and the growing focus on renewable energy sources. As populations and economies grow, so does the demand for reliable and affordable electricity. Power utilities are turning to digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing to optimize their operations and reduce costs. The integration of these technologies allows power utilities to improve asset management, enhance grid stability, and increase customer satisfaction. The adoption of digital technologies in the power sector is further driving the growth of the digital power utility market.
The digital power utility market offers several opportunities for growth and development. The adoption of smart grid technologies, which utilize digital technologies such as IoT and AI, is a significant opportunity for power utilities to improve their operational efficiency, reduce costs, and enhance grid stability. The increasing focus on renewable energy sources, such as solar and wind, presents an opportunity for power utilities to integrate these sources into the grid using digital technologies.
Top Key Players Covered In The Digital Power Utility Market:
ABB Ltd (Switzerland) General Electric Co (United States) Infosys Ltd (India) Siemens AG (Germany) Accenture Plc (Ireland) Cognizant Technology Solutions (United States) Capgemini SE (France) SAP SE (Germany) IBM (United States) Microsoft Corporation (United States) Oracle Corporation (United States) Wipro Ltd (India) and other major players
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The Digital Power Utility Market Report Highlight:
By Technology, the Hardware Technology segment is anticipated to lead the growth of the Digital Power Utility market in the forecasted timeframe. Due to massive investments in smart metering and EV charging, the hardware segment dominated the global market. By Sector, the power consumption segment is anticipated to lead the growth of the Digital Power Utility market in the forecasted timeframe. Due to the rising demand for electricity from non-residential buildings and increased HVAC usage, the power consumption sector is likely to dominate the global market. The Asia Pacific region is expected to have the highest share of the Digital Power Utility market over the projected period. The countries in the region are substantially investing in the construction of a transmission line network to supply electricity to these areas.
Key Industry Development:
In March 2023 , Jaguar Land Rover Partners with Tata Technologies to Accelerate The Digital Transformation Of Its Industrial Operations. Jaguar Land Rover is partnering with Tata Technologies, the global engineering, product development, and digital services company, to accelerate the digital transformation of Jaguar Land Rover's industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations
In March 2021, Total and Microsoft partnered to drive digital innovation and Net Zero goals. Total and Microsoft announced that they have agreed to collaborate as strategic partners to further digital transformation and support progress toward net-zero emissions. The dynamic development of Microsoft and Total in their respective areas of expertise and their rich histories of innovation bring many concrete opportunities for collaboration over a multi-year timeframe
Digital Power Utility Market Segmentation:
By Technology
Hardware Integrated Solutions
By Sector
Power Generation Transmission & Distribution Power Consumption Energy Storage Energy Trading
For this report, Introspective Market Research has segmented the Digital Power Utility Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
Eastern Europe Bulgaria The Czech Republic Hungary Poland Romania Rest of Eastern Europe
Western Europe Germany UK France Netherlands Italy Russia Spain Rest of Western Europe
Asia Pacific China India Japan South Korea Malaysia Thailand Vietnam The Philippines Australia New Zealand Rest of APAC
Middle East & Africa Turkey Bahrain Kuwait Saudi Arabia Qatar UAE Israel South Africa
South America Brazil Argentina Rest of SA
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Scope of the Report:
The latest research on the Digital Power Utility market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Digital Power Utility industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Digital Power Utility market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
Table of Content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2: Executive Summary
Chapter 3: Growth Opportunities By Segment
3.1 By Technology
3.2 By Sector
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
3.5.1 Drivers
3.5.2 Restraints
3.5.3 Opportunities
3.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 4: Digital Power Utility Market by Technology
4.1 Digital Power Utility Market Overview Snapshot and Growth Engine
4.2 Digital Power Utility Market Overview
4.3 Hardware
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size (2016-2028F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Hardware: Geographic Segmentation
4.4 Integrated Solutions
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size (2016-2028F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Integrated Solutions: Geographic Segmentation
Chapter 5: Digital Power Utility Market by Sector
5.1 Digital Power Utility Market Overview Snapshot and Growth Engine
5.2 Digital Power Utility Market Overview
5.3 Power Generation
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2028F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Power Generation: Geographic Segmentation
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