Digital Utility Market to Reach $454.16 Billion by 2027

Strategic Insights -

The global digital utility market has experienced a significant growth trajectory in recent years, driven by the increasing adoption of distributed and renewable power generation projects. By 2027, the market is expected to reach $454.16 billion, growing at a CAGR of 12.47% from 2020 to 2027. Key players in the market include Microsoft, General Electric, IBM, and Oracle Corporation.

Key Takeaways:

  • The global digital utility market was valued at $187.31 billion in 2019 and is expected to reach $454.16 billion by 2027.
  • The market is driven by the increasing number of distributed and renewable power generation projects, which has boosted the growth of Digital Utility market.
  • Power system across the world have become less centralized as the resource mix combines distributed energy resources and new options for delivering and consuming electricity services arise in the distribution system.
  • DERs are still minor players in most power systems when it comes to providing electricity services; however, smart energy use and DER deployment are on the rise.
  • The Digital Utility Market study provides an outlook on the development of market in terms of revenue throughout the prognosis period.
  • Key companies mentioned in the Digital Utility Market report include Microsoft Corporation, Siemens AG, General Electric, IBM, Oracle Corporation, and others.
  • The market dynamics involves the drivers, restraints, opportunities and challenges through which the impact of these factors in the market are outlined.
  • The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

Statistics:

  • The global digital utility market is expected to grow at a CAGR of 12.47% from 2020 to 2027.
  • The market is expected to reach $454.16 billion by 2027, growing from $187.31 billion in 2019.
  • The market is driven by the increasing number of distributed and renewable power generation projects, which has boosted the growth of Digital Utility market.
  • The global digital utility market is expected to reach $454.16 billion by 2027, with a significant growth rate of 12.47% from 2020 to 2027.

Sources:

  • ResearchAndMarkets.com, "Global Digital Utility Market Size By Technology, By Network, By Geographic Scope And Forecast" report, November 30, 2021.
  • M2 PRESSWIRE-November 30, 2021-
  • ResearchAndMarkets.com, https://www.researchandmarkets.com/r/o3pewa