The global digital utility market is projected to grow from an estimated $135.16 billion in 2017 to $244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022.
Northbrook, IL — (SBWIRE) — 01/11/2022 — The global digital utility market is expected to grow from an estimated $135.16 billion in 2017 to $244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. North America is currently the largest market for digital utility, closely followed by the Europe and Asia-Pacific market. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. The Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and an increase in the number of distributed and renewable power generation projects.
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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=230978516
The transmission and distribution segment is expected to lead the digital utility
The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the market during the forecast period.
North America is expected to be the largest market for digital utility
The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of $118.5 billion, in 2016, in smart cities in the region; this is expected to increase to $244.5 billion by 2021.
Hence, the North American market presents a greater opportunity for the digital utility market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=230978516
Some of the leading players in the Digital Utility Market include Accenture (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Content Source: https://www.marketsandmarkets.com/PressReleases/digital-utility.asp
For more information on this press release visit: http://www.sbwire.com/press-releases/digital-utility-market-size-to-reach-24431-billion-by-2022-1351593.htm
Media Relations Contact
Email: Click to Email Amish Keswani