Current Advances in Digital Utility | Opportunities & Challenges
An increase in the number of distributed and renewable power generation projects, energy efficiency mandates demanding carbon emission reduction, and strict regulatory requirements for electric utilities will drive the digital utility in the coming future.
The growth of the Digital UtilityMarket can be attributed to the Increasing Number of Distributed and Renewable
Power Generation Projects, Strict Regulatory Requirements for Electric
Utilities and Need to Improve the Productivity and Efficiency of Utilities.
In the coming years, the market
is expected to witness the highest growth rate in the Asia-Pacific region. The
high growth in the region can be attributed to the growth in Increasing
investment in the electrical infrastructure and growing decentralized power
generation. The developing smart grid projects and investments in smart cities
are also driving the digital utility market in Asia-Pacific.
To know about the assumptions considered for the study, download the pdf brochure
The research study of Digital Utility further segmented into Network
and Technology:
Network is classified into generation, transmission and
distribution, and retail. The transmission and distribution sub segment
dominated the network segment as it accounted for the largest part of the
spending on aged infrastructure. New digital devices and communications and
control systems improve the efficiency of assets and increase the ability of
operators to monitor and manage electric transmission and distribution systems.
Technology integrated solutions and hardware. Hardware is the
largest segment of the digital utility market, by technology. Hardware covers
all the equipment in a digital substation, such as smart meters, smart
thermostats, programmable logic controllers, and smart transformers, among
others. The cost of hardware is high and, hence, the segment accounts for a
larger share of the market.
Upcoming smart cities and the need to improve productivity and efficiency
of utilities are expected to create new
opportunities for integrated solutions providers and cloud platform companies
in the digital utility market. Utilities are also focusing on deploying digital
technologies in restructuring their businesses. All these factors will drive
the digital utility market during the forecast period.
Key players:
Accenture plc (Ireland), Cap
Gemini S.A. (France), General
Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business
Machines Corporation (U.S.)
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