According to a new report, published by KBV research, The Global Digital Utility Market size is expected to reach $380.9 billion by 2030, rising at a market growth of 10.2% CAGR during the forecast period.
Digital utilities are adaptable to emerging technologies such as artificial intelligence, blockchain, and edge computing. This adaptability positions utilities to leverage cutting-edge innovations for continuous improvement. Utilities often engage in technology pilots and innovation labs to test and evaluate emerging solutions. This enables utilities to stay at the forefront of technological advancements and implement innovations that enhance their operations.
The Hardware segment is leading the Global Digital Utility Market, By Technology in 2022; thereby, achieving a market value of $241.9 billion by 2030. Hardware components such as sensors are deployed in grids to monitor various parameters, including voltage, current, and temperature. These sensors provide real-time data on grid conditions, facilitating proactive grid management and reducing the risk of equipment failures. Hardware gateways in communication networks serve as interfaces between devices and the central control systems. These gateways enable the seamless integration of diverse hardware devices, supporting interoperability in the digital utility ecosystem.
The Transmission & Distribution segment is experiencing a CAGR of 10.8% during (2023 - 2030). Digital solutions enable precise voltage and reactive power control in transmission & distribution (T&D) networks. This optimization reduces line losses, enhances energy efficiency, and ensures electrical equipment operates within specified voltage limits. Digital utility solutions in T&D facilitate the integration of demand response programs. These programs enable utilities to manage peak demand by incentivizing consumers to adjust their energy consumption during periods of high demand.
Full Report: https://www.kbvresearch.com/digital-utility-market/
The North America region dominated the Global Digital Utility Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $121.1 billion by 2030. The Europe region is anticipating a CAGR of 10% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 10.6% during (2023 - 2030).
By Technology
By Network
By Geography
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