Kenneth Research published a report titled “Digital Utility Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global digital utility market in terms of market segmentation by technology, sector, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global digital utility market is expected to hold a revenue of ~ USD 240 billion by 2033 growing from ~ USD 56 billion in 2022. The market growth can be attributed to the digital transformation happening in various industries, urbanization, projects for renewable energy generation, smart buildings, and investments in clean energy production.
The global digital utility market is expected to grow at a CAGR of approximately 24% from 2023-2033. The market is segmented by sector into power generation, transmission & distribution, and power consumption. Of these, the power consumption segment is anticipated to hold the largest market share by the end of 2033, owing to the rising need for energy in non-residential infrastructures and the increase in the use of HVAC (heating, ventilation, and air conditioning).
The global digital utility market is divided into five major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the North America region is projected to hold the largest market share by the end of 2033, backed by growing energy consumption, developing smart cities, building automation, favorable government regulations, and more.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
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Expanding Urbanization to Boost the Market Growth
By 2050, about 69% of the global population is expected to be living in urban areas. People move to urban areas for several reasons, including industrialization, services, social benefits, modernization, commercialization, better employment opportunities, and more. Digital solutions are inevitable in rapidly expanding and evolving urban areas to solve many problems and for the efficient distribution and consumption of resources.
However, disruptions in the supply chain, high costs in infrastructure transformation, and unfamiliarity with digital utility solutions are expected to operate as a key restraint to the growth of the global digital utility market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global digital utility market which includes company profiling of Microsoft, SAP SE, Siemens, Capgemini Services SAS, Eaton Corporation plc, IBM Corporation, Oracle Corporation, General Electric Company, Accenture PLC, Cognizant Technology Solutions Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global digital utility market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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