Global Digital Power Utility Market: Overview
The global concept of digitalizing power utilities is expanding at a fast pace due to recent technological advancements across the power sector. The utilities are generally known as slow adopters. However, the implication of the stringent government regulations is largely discouraging adoption of advanced technologies and improved planning processes. Nonetheless, numerous power utilities present currently in the world are based on the enhanced digitalization, which is prevalent in other industries.
A report by Transparency Market Research (TMR) on the global digital power utility market is an adroit explanation of the forces aiding the market growth. The report analyses and discusses key trends that have benefitted the market growth from the past few years and are expected to remain a major driving factor in the coming years. Furthermore, the regional dynamics of the global digital power utility market have been deftly enunciated in the report.
Global Digital Power Utility Market: Notable Development
Some of the key players in the digital power utility market include General Electric Co., ABB Ltd., Siemens AG, Accenture Plc, Sap SE, Capgemini SE, IBM, Oracle Corporation, Microsoft Corporation, Infosys Ltd, and Wipro Ltd. In order to tap the opportunities in the market, the players are increasingly entering into the market. The rising number of new entrants in the global digital power utility market increasing the level of competition. By knowing the potential of the market, some of the key players are trying to enter into the market through merger, collaborations, and joint ventures.
In 2018, the global firm Accenture and Japan’s Kansai Electric Power Co. (KEPCO) proclaimed a joint venture to implement embedded digital technologies such as artificial intelligence (AI) and machine learning (ML). Both the firms have joined to introduce a new analytics solutions platform for maintenance of power stations.
Additionally, the governments are initiating newer technologies and implementation of technologies is encouraging the adoption of the digital power utility solutions. For instance, the US Department of Energy’s (DOE)’s SunShot initiative makes solar cost-competitive than other forms of electricity.
Global Digital Power Utility Market: Drivers and Restraints
From the past two decades, the world has witnessed a remarkable evolution in the power sector. Additionally, a swift change and shift of acceptance from conventional power to renewable energies across numerous countries have resulted in a substantial rise in renewable energy consumption. Additionally, the need for the improved technologies has encouraged implementation of the digital power utility, which is boosting growth of the global digital power utility market. Moreover, this next big change is likely to impact power sector and may lead to rapid adoption of digital platforms. This is a key factor likely to reflect positively on the growth of the global digital power utility market.
Additionally, some of the key benefits for digital power utilities solutions are an optimized operation, easy maintenance, managing electricity loads, efficient asset management, and higher customer satisfaction. This is one of the key factor driving growth of the global digital power utility market.
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Global Digital Power Utility Market: Geographical Analysis
Based on the region, the digital power utility market is segmented into five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America region is expected to account for a leading share due to high adoption from the countries such as the U.S. and Canada. Digital transformation across the power generation and especially across the renewable energy generators in North America is benefiting growth.
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