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Access to power or energy is a vital factor for different regions in order to gain traction in their economic development and well-being of the local people. The companies involved in the power generation industry are now focused on delivering sustainable and environmentally friendly energy to meet the needs of the people. The power generation, transmission, and distribution processes face numerous challenges and energy losses during their operations.
In order to make these processes more efficient, digital power utility solutions are used. The digital power utility solutions help the power distributors by providing real-time solutions to control the assets using the cloud and Internet of Things applications; enhancing the security, storage, and flexibility of the processes using different technologies; providing cloud-enabled solutions built as per the industrial technology to optimize the delivery speed.
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By type, the digital power utility market is divided into three categories, which include hardware, software, and services. The software segment is expected to dominate the digital power utility market in the coming years owing to its usage in more applications as compared to the other types. By applications, the digital power utility market is segmented as fossil power generation, smart grids & energy automation, power transmission and distribution, and wind power solutions, among others. The digital power utility solution also aids in energy retail and customer services using the application of insight-driven approaches.
The digital power utility is strengthening its footprint in the global market owing to the shift in the attention of companies towards the automation of the systems. The automated processes require digital support in order to run smoothly. The digital power utilities have applications in the power generation, transmission, and distribution due to this, the increase in electricity consumption is expected to drive the digital power utility market during the forecast period.
The digital power utilities require service and are updated periodically. The service and updating of the digital power utility solutions are expected to make the digital power utility solutions non-economical to some applications and thus have a negative impact on market growth.
Some of the major companies that are present in the global digital power utility market are Cognizant, IBM Corporation, ABB Ltd, Accenture plc, Siemens AG, Capgemini SE, Avanade, SNC Lavalin Group, Avangrid, GrayMatter, Software AG, Wipro Limited, and UDC Inc. among others.
· Power Generation
· Power Transmission and Distribution
· Smart Grids and Energy Automation
· 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)
The global digital power utility market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The increase in the footprint of different industries in the North America region has led to the growth of the power transmission and distribution industry in the region. Due to which, the digital power utility market is expected to witness healthy growth in the region. Europe has seen significant growth in the smart grid installations, which are likely to drive the sales of digital power utility in the coming years. The Latin America region is focused on increasing its power transmission and distribution capacity in various countries such as Mexico, Brazil, and Argentina, among others. The growth in the power transmission and distribution industry in Latin America is expected to create a platform for the digital power utility market to gain traction in the coming years. The Middle East and Africa region are among the key developing regions around the world. The countries in the region are focussed on developing smart grids and increasing the access to power. The growth in these activities is expected to have a positive effect on the growth of the digital power utility market in the region. Asia Pacific region is among key regions to produce power using coal-fired power plants. The growth of the fossil power generation in countries such as India and China is expected to boost the growth of the digital power utility market in the Asia Pacific.
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