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 2028”. 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.
- By Type
- By Application
- Power Generation
- Power Transmission and Distribution
- Smart Grids and Energy Automation
- By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Faster Adoption of New Technologies to Stimulate the Market in North America
North America is projected to exhibit impressive growth in the forecast period on account of higher adoption rate of advanced technologies and a well-entrenched power infrastructure in the region. European countries are actively installing smart grids and sophisticating their digital power utility systems, thereby, driving the market in the region. In Asia-Pacific, coal-based power generation is dominant, which will further expand this market. Increasing rate of laying power transmission lines in the developing countries of Latin America, mainly Brazil, Mexico, and Argentina, holds promising growth opportunities during the forecast period. In the Middle East and Africa, rising access to electricity will significantly enlarge the digital power utility market size till 2026.
Key Industry Developments
- In June 2019, IBM Corporation has signed a 10-year contract with Naturgy Energy Group S.A. to design and implement a hybrid cloud strategy which would help the company to secure its network and transform into a future utility
- In June 2019, General Electric Company has signed a 3-year agreement with Enel Green Power to provide the company with centralized data collection, remote monitoring services, on-site sensor assessment, and predictive analytics solutions to advance its operation and maintenance activities
- In May 2019, Microsoft Corporation and Snam S.p.A have signed an agreement to optimize the safety and efficiency of the energy networks. The two companies will develop cloud-based inter of things and artificial intelligence solutions to boost the management and development of the energy networks
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