Digital Power Utility Global Market Report 2024

The digital power utility market size has grown exponentially in recent years. It will grow from $76.68 billion in 2023 to $92.43 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth observed during the historic period can be attributed to several factors, including an increasing focus on renewable energy projects and energy storage devices, the expansion of distribution and transmission networks, growing concerns about global warming and the degradation of natural resources, a heightened awareness of environmental issues, and the rise in the number of renewable energy plants.

The digital power utility market size is expected to see exponential growth in the next few years. It will grow to $191.34 billion in 2028 at a compound annual growth rate (CAGR) of 20%. The anticipated growth in the forecast period can be attributed to factors such as the surge in energy demand driven by growing industrialization and urbanization, increasing digitalization on a global scale, rising electricity generation and energy consumption, a growing need for renewable energy, and an increased demand for green energy solutions. Major trends expected in the forecast period include the global digitalization of power plants, technological advancements in the energy sector, the growth of the renewable energy sector, increased integration of renewable sources, and the rapid pace of digitalization contributing to the demand for digital utility solutions.

The increasing demand for renewable energy sources is poised to propel the expansion of the digital power utility market in the foreseeable future. Renewable energy, derived from replenishable natural sources, is gaining prominence due to heightened awareness of the environmental and social impacts associated with fossil fuels, driving the quest for cleaner and more sustainable energy alternatives. In this context, digital power utility solutions play a pivotal role in efficiently managing the variable output of renewable energy sources, optimizing energy storage, and ensuring real-time balance between energy supply and demand. As highlighted by the European Commission, renewable energy consumption in the EU surged to 23% in 2022, reflecting a steady upward trajectory from 21.9% in 2021. Thus, the escalating need for renewable energy is a key driver behind the growth of the digital power utility market.

Leading companies in the digital power utility market are spearheading the development of innovative solutions such as GridOS, aimed at revolutionizing and future-proofing electricity grids. GridOS is a comprehensive platform that harnesses the power of energy data, network modeling, and AI-driven analytics to fuel a suite of intelligent applications. For instance, in February 2023, GE Digital, a prominent US-based software corporation, unveiled GridOS, featuring a robust 'zero trust' grid security model designed to safeguard critical resources against internal and external threats. Supported by a robust partner ecosystem that includes Amazon Web Services (AWS) as a cloud provider and Accenture and Infosys as key system integrators, the GridOS platform and application suite offer multifaceted support for grid operations, spanning mapping and design, advanced energy management system (AEMS) for transmission and market management, advanced distribution management system (ADMS) for distribution network operations, and distributed energy resource management system (DERMS) for forecasting and resource management, thereby paving the way for the modernization and transformation of electricity grids for a sustainable future.

In May 2021, Schneider Electric, a France-based digital automation and energy management company, collaborated with Carlyle Group, a US-based private equity firm, for an undisclosed sum. This partnership resulted in the formation of AlphaStruxure, a joint venture aimed at integrating Schneider Electric's advanced smart energy management and automation technologies with Carlyle's financial resources and expertise in energy infrastructure. AlphaStruxure is dedicated to advancing digital power utility initiatives, focusing on energy transformation and operating under an energy as a service (EaaS) model. By harnessing Schneider Electric's smart energy management and automation technologies, the joint venture offers comprehensive solutions tailored to energy transformation, resilience, reliability, emissions reduction, and cost stability.

Major companies operating in the digital power utility market report are Microsoft Corporation, Siemens AG, General Electric Company, Accenture PLC, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Capgemini Ltd., Eaton Corporation plc, Cognizant, Infosys Ltd., Vestas Wind Systems A/S, Emerson Electric Co., Hitachi Energy Ltd., Wipro Ltd., Siemens Gamesa Renewable Energy S.A., Rockwell Automation Inc., Nordex SE, PTC Inc., National Instruments Corporation, Mitsubishi Power Ltd., Toshiba Energy Systems & Solutions Corporation.

North America was the largest region in the digital power utility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital power utility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital power utility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital power utility involves the incorporation of advanced technologies, data analytics, and communication systems into traditional utility infrastructure to improve efficiency, reliability, and sustainability. This entails utilizing digital devices and systems to monitor and control the generation, distribution, and consumption of electricity.

The primary types of digital power utility are hardware services and software services. Digital power utility hardware services encompass the hardware components and associated services utilized in digital power utility systems. These services find applications in power generation, transmission and distribution, energy storage, and energy trading sectors, catering to large enterprises, small-sized enterprises, and medium-sized enterprises.

The digital power utility market research report is one of a series of new reports that provides digital power utility market statistics, including digital power utility industry global market size, regional shares, competitors with a digital power utility market share, detailed digital power utility market segments, market trends and opportunities, and any further data you may need to thrive in the digital power utility industry. This digital power utility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital power utility market consists of revenues earned by entities by providing services such as maintenance scheduling, customer experience enhancement, smart meters and automation, integration of renewable energy, data analytics and advanced analytics, and electric vehicle integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital power utility market also includes sales of smart meters, distribution automated devices, substation automation equipment and communication devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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