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How has the digital power utility market size evolved in recent years?

The size of the digital power utility market has seen substantial expansion in the last few years. The projection is that it will escalate from $92.43 billion in 2024 to $110.98 billion in 2025, with a compound annual growth rate (CAGR) of 20.1%. This growth during the historical period can be credited to the intensified focus on renewable energy initiatives and energy storage apparatus, the expansion of the distribution and transmission network, as well as increasing global warming and damage to natural resources, mounting environmental worries, and a growing count of renewable energy plants.

What are the predictions for the digital process automation market size in the coming years?

In the coming years, the digital utility power market is predicted to experience an unprecedented growth, with the market size set to reach $230.16 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 20.0%. This surge in predicted growth can be credited to several factors including increased industrialization and urbanization, which have heightened energy demands, global digitalization, increments in electricity production and energy consumption, as well as a growing demand for renewable and green energy. The market forecast also points to key trends such as worldwide digitalization of power plants, technological progression, growth in the renewable energy sector and its integration, a higher demand for renewable energy sources, as well as accelerated digitalization contributing to the rising demand for digital utility solutions.

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What key factors are fueling the growth of the digital power utility market?

The growth of the digital power utility market is anticipated to be fueled by the surging demand for renewable energy. Renewable energy, which comes from natural resources that regenerate quicker than they are used, is becoming increasingly popular. This is due to heightened public awareness of the environmental and sociological effects of fossil fuels, and the escalating call for cleaner, more sustainable energy solutions. In managing the varying output from renewable resources, optimizing energy storage, and balancing supply and demand in real time, digital power utility proves itself useful. For example, data from the European Commission states that in 2022, 23.0% of the energy consumed in the EU came from renewable sources, marking an increase from 21.9% in 2021. Consequently, the current rise in demand for renewable energy is stimulating the expansion of the digital power utility market.

How is the global digital power utility market divided into key segments?

The digital power utility market covered in this report is segmented –

1) By Type: Hardware Service, Software Service

2) By Sector: Power Generation, Transmission And Distribution, Energy Storage, Energy Trading

3) By Organization Size: Large Enterprises, Small-sized Enterprises, Medium-sized Enterprises

Subsegments:

1) By Hardware Service: Smart Meters, Grid Management Equipment, Communication Infrastructure, Substation Automation Devices, Distributed Energy Resource (DER) Management Hardware

2) By Software Service: Energy Management Software, Advanced Metering Infrastructure (AMI) Software, Grid Analytics Software, Outage Management Software, Customer Engagement Software

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Who are the key firms paving the way for growth in the digital power utility market?

Major companies operating in the digital power utility market report are Microsoft Corporation, Siemens AG, General Electric Company, Accenture PLC, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini Ltd., Eaton Corporation plc, Cognizant, Infosys Ltd., Vestas Wind Systems A/S, Emerson Electric Co., Hitachi Energy Ltd., Wipro Ltd., Siemens Gamesa Renewable Energy S.A., Rockwell Automation Inc., Nordex SE, PTC Inc., National Instruments Corporation, Mitsubishi Power Ltd., Toshiba Energy Systems & Solutions Corporation

Which trends are expected to transform the digital power utility market?

Prominent players in the digital power utility sector are devising novel solutions such as gridos to revamp and evolve electricity grids for the future. The platform amalgamates energy data, network blueprints, and analytics driven by AI and machine learning to propel a range of smart applications. For instance, GE Digital, a software industry firm headquartered in the US, unveiled gridos in February 2023. The platform integrates a ‘zero trust’ grid security model to safeguard resources against threats from within and externally. Its partner network includes cloud provider Amazon Web Services (AWS), and system integrators like Accenture and Infosys. The GridOS platform and accompanying application suite back up GE Digital’s mapping and design of grid operations portfolios, advanced energy management system (AEMS) for transmission and market management tasks, and the advanced distribution management system (ADMS) for managing distribution network operations, as well as the distributed energy resource management system (DERMS) for prediction and management.

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What regions are contributing significantly to the growth of the digital power utility market?

North America was the largest region in the digital power utility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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