The global digital power utility market is slated for a healthy growth period owing to the persistent fossil fuel-based power generation around the world. Although there are sustained efforts that are being undertaken to switch energy reliance from fossil fuels to renewable energy sources, power production using coal is still rising, especially in developing countries. According to the International Energy Agency (IEA), coal power generation rose by 3% in 2018 from 2017 levels and has, in fact, reached a new high in 2018. The IEA also states that coal still remains the leading source of power in 2018, accounting for 38% of the overall power generation. This rise in power generation using coal, which is mainly seen in India and China, is expected to considerably contribute to the demand for digital power utility. More importantly, power infrastructure in these countries is evolving at a rapid pace as more number of people are getting access to electricity, which bodes well for this market.
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Key Market Driver – Growth in the automation of the processes
Key Market Restraint – Service and updating of technology increases the operational cost of the technology
Fortune Business Insights provides an in-depth evaluation of the various factors and aspects that will shape the market in its report, titled “Digital Power Utility Market Size, Share and Global Trend By Type (Hardware, Software, Service) By Application (Power Generation, Power Transmission and Distribution, Smart Grids and Energy Automation, Others) and Geography Forecast till 2026”. The report also contains an exhaustive analysis of the key industry trends and competitive landscape that are likely to emerge during the forecast period.
Fortune Business Insights profiles some of the major players in the digital power utility market:
- UDC Inc.
- Capgemini SE
- IBM Corporation
- Siemens AG
- Wipro Limited
- Accenture plc
- SNC Lavalin Group
- ABB Ltd.
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Rising Application of Internet of Things (IoT) in Power Sector to Fuel the Market
Internet of Things is becoming an increasingly popular technology which is gaining ground across the industrial landscape. In the power sector, it is revolutionizing power distribution and regulation and has given rise to smart grids. Collection of data from grids, controlling the functioning of grids remotely, and digitization of assets are three most critical functions that IoT enables for power suppliers. Further, IoT can prove to be extremely profitable for power companies. According to a report by the Asian Development Bank, by 2025, around $1.3 trillion of value of electricity generation can be generated globally with the integration of IoT in power distribution. The positive impacts of the technology are already being witnessed in some parts of the world. For example, in California, installation of advanced metering infrastructure resulted in a staggering 87% reduction in field visits to customers for solving their meter-related issues. Thus, IoT application can result in enhanced efficiency of digital power utility solutions and boost sales. This also bolsters the fact that the software ‘by type’ segment will dominate the digital power utility market trends in the forecast period.
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