The global digital utility market is estimated to grow at a significant CAGR of XX% during the forecast period. The market is mainly driven due to the increasing use of unpredictable renewable energy sources in power generation which has caused an imbalance of energy demand and supply. For managing this, utilities, independent power producers and other energy companies are exploring effective ways. The companies are leveraging digital technology for improving the accessibility and efficiency of renewable energy technologies. Moreover, growing smart city projects further provide substantial opportunity to market growth during the forecast period. However, the high initial cost of installation further expected to hinder the market growth.  

 Segmental Outlook  

The global digital utility market is segmented on the basis of product type and network. Base on product type the global digital utility market is segmented into hardware and software & services. On the basis of network, the global digital utility market is segregated into retail, generation, transmission, and distribution. As per IFR, the estimated annual supply of industrial robots in the automotive industry has increased from 103,000 units in 2016 to 116,000 in 2018. Electrical and electronic held the second-largest position in industrial robots with 113,000 units’ installation in 2018.  The rising demand for industrial robots and industry 4.0 further contributes to the growth of the hardware segment. On the basis of industry, the global digital utility market is segregated into automotive, aerospace & defense, electrical & electronics, energy & power, chemical industry, and others. 

Global Digital utility Market Share by Product Type, 2018(%)

Global Digital utility market to be driven by Hardware Segment

The hardware segment is projected to have a considerable share in the market. The automobile industry constantly uses advanced technologies to bring innovative, efficient and safe vehicles to market, while constantly working to reduce manufacturing costs. Currently, these technologies comprise AI and high-performance computing. Over the decades, the industry has invested significantly in high-performance computing (HPC) systems to power modeling, design and simulation applications. The automotive manufacturers across the globe recognize that smart vehicles are the future where smart solutions are extensively used to increase its capabilities and offer a better driving experience. The automobile manufacturers are using smart systems in the manufacturing processes. These systems are used to manage workflows and create schedules as well as allow robots to work safely together with humans on factory assembly lines and floors.

Regional Outlook 

Geographically, the global digital utility market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market in Asia-Pacific is largely driven by the investment from the private technology company towards smart technology development owing to the availability of economical workforces coupled with large volume and a broad range of data generated by the e-commerce companies and logistics companies. 

Global Digital utility Market Growth, by Region 2019-2025

North America to hold a considerable share in the global Digital utility market

North America is projected to have a significant market share in the global market owing to R&D, and high expenditure by the government as well as a private organization for smart technology such as AI. The US and Canada are the major economies of North America. The region has well-developed information communication technology (ICT) and employs the adoption of a large number of connected devices. In February 2019, the President signed an Executive order 13859, Maintaining American Leadership in AI. The signing of the order was aimed to launch the American AI initiative in order to promote and protect AI technology in the US. The initiatives implement a whole-of-government strategy in collaboration and engagement with the private sector, academia, and major private manufacturers. 

Market Players Outlook

The key players in the Digital utility market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include ABB Ltd., General Electric Co., IBM Corp., Siemens AG, Accenture PLCSchneider Electric SE, Capgemini Service SAS, Eaton Corp., and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, In June 2019 Schneider Electric SE launched the first Digital utility in the US to establish in real-time how its EcoStruxure architecture and related suite of offerings can enable increase operational efficiency and reduce costs for its customers. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global digital utility market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.