Global Digital Utility Market: Overview
Amidst rising need for green energy and rapid digitalization in the energy sector, the demand for digital utility solutions is on the rise. Increasing penetration of digital technologies in the energy sector and initiatives in countries such as China and India to increase electricity production to fulfill domestic needs are likely to stoke demand for digital utility solutions.
Global Digital Utility Market: Trends and Opportunities
Increasing number of distributed and renewable power generation projects, mandates for utility companies pertaining to carbon emissions, and strict regulatory requirements for electric utilities are some key factors driving the worldwide digital utility market.
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Digital utility solutions serve to enable power generation plants to manage operations efficiently that helps reduce energy loss and curb greenhouse gas emissions. Stringent regulations in place in several countries pertaining to tapping of renewable sources for energy generation is likely to strengthen the digital utility market.
With the increasing adoption of digital devices leading to vast amount of information exchange between connected devices, the digital utility market is likely to be immensely benefitted. Additionally, technological factors such as information exchange, predictive maintenance, and operational control solutions are playing a crucial role in the growth of digital utility market.
Development of smart cities and need to improve productivity and distribution efficiency of power utilities could serve to provide opportunities to the digital utility market.
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Global Digital Utility Market: Market Potential
In a recent industry announcement, C3 IoT – the leading artificial intelligence (AI) and IoT software platform for digital transformation, has been selected by the New York Power Authority (NYPA). This is to provide artificial intelligence software foundation for NYPA’s strategic plan to certify customers to be smart and to be seriously engaged in energy efficiency goals. NYPA’s state level energy efficiency program is a part of the strategy of New York State Energy Vision Strategy to pilot on climate change and grow New York’s energy economy.
Global Digital Utility Market: Geographical Outlook
North America is the leading regional market for digital utility vis-à-vis revenue. This is because of increasing number of renewable power plants and vast investments for upgrade of electrical infrastructure. In addition, growing digitalization and increasing connectivity of devices because of Internet of Things (IoT) are likely to fuel the digital utility market.
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Asia Pacific is poised to emerge as the most attractive market for digital utility solutions over the forecast period. In emerging economies, soaring demand for domestic electricity to lessen dependence on import and changing regulations applicable to the energy sector are likely to boost the demand for digital utility solutions. Furthermore, in emerging economies, initiatives for infrastructural development and rising energy needs with economic development are helping the Asia Pacific digital utility market to witness growth.
Global Digital Utility Market: Competitive Landscape
Some of the leading players in the digital utility market are Accenture plc, ABB Ltd., General Electric Company, SAP SE, Cap Gemini S.A., Siemens AG, Oracle Corporation, and International Business Machines Corporation among others.