The global digital power utility market is expected to grow from USD 60.6 billion in 2021 to USD 204.9 billion by 2030, at a CAGR of 14.5% during the forecast period 2022-2030. The increasing need for renewable energy sources to produce electricity to meet the rising electricity demand is driving the market’s growth. The technological advancement providing aid to developing better infrastructure for digital power utility coupled with increasing usage of assets in our everyday lives is driving the market’s growth. However, the lack of awareness among consumers regarding the digital power utility market is restraining the market’s growth, coupled with rising concern for cybersecurity issues.
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The power consumption segment dominated the market with a market revenue of 13.9 billion in 2021
The network segment of digital power utility market is divided into generation, transmission and distribution, consumption, retail, and others. In 2021, the power consumption segment dominated the market with a market revenue of 13.9 billion. With the surge in population, there has been a rise in electricity consumption in urban and rural areas. The electricity consumption also increased due to a rise in industrialization, propelling the market’s growth.
The hardware segment is expected to grow at the fastest CAGR of 18.7% over the forecast period.
The technology segment is divided into hardware, integrated solutions, and others. Over the forecast period, the hardware segment is expected to grow at the fastest CAGR of 18.7%. There has been an increase in the number of assets used in our daily lives. The rising demand for smart meters, sensors, and smart grids in the residential and non-residential buildings drive the segment’s growth during the forecast period.
Regional Segmentation Analysis:
The market is analyzed based on five regions, namely North America, Europe, Asia Pacific, South America, and Middle East, and Africa. The North American region is expected to be the largest market during the forecast period. The surge in shale gas consumption in North America propels the segment’s growth. The rising demand for electricity in the region also drives the market’s growth. Countries like the US and Canada are technologically advanced and use electricity for most household chores. Several smart cities and smart buildings also boost the demand for electricity in the region, leading to the digital power utility market growth.
The major players in the market include ABB LTD, Schneider Electric SE, Microsoft Corporation, IBM, General Electric, SAP SE, Eaton Corporation, Capgemini, Oracle Corporation, and Siemens AG, among others.