Digital Power Utility Market Size, Share And Development By 2026 | Fortune Business Insights

(The Express Wire via Comtex)

Top Players in Digital Power Utility Market are Cognizant, IBM Corporation, ABB Ltd, Accenture plc, Siemens AG, Capgemini SE, Avanade, SNC Lavalin Group, Avangrid, GrayMatter, Software AG, Wipro Limited, and UDC Inc

The global digital power utility market is slated for a healthy growth period owing to the persistent fossil fuel-based power generation around the world. Although there are sustained efforts that are being undertaken to switch energy reliance from fossil fuels to renewable energy sources, power production using coal is still rising, especially in developing countries. According to the International Energy Agency (IEA), coal power generation rose by 3% in 2018 from 2017 levels and has, in fact, reached a new high in 2018. The IEA also states that coal still remains the leading source of power in 2018, accounting for 38% of the overall power generation. This rise in power generation using coal, which is mainly seen in India and China, is expected to considerably contribute to the demand for digital power utility More importantly, power infrastructure in these countries is evolving at a rapid pace as more number of people are getting access to electricity, which bodes well for this market.

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Key Market Driver Growth in the automation of the processes

Key Market Restraint Service and updating of technology increases the operational cost of the technology

Fortune Business Insights provides an in-depth evaluation of the various factors and aspects that will shape the market in its report, titled “Digital Power Utility Market Size, Share and Global Trend By Type (Hardware, Software, Service) By Application (Power Generation, Power Transmission and Distribution, Smart Grids and Energy Automation, Others) and Geography Forecast till 2026”. The report also contains an exhaustive analysis of the key industry trends and competitive landscape that are likely to emerge during the forecast period.

Fortune Business Insights profiles some of the major players in the digital power utility market:

  • Avanade
  • Cognizant
  • UDC Inc.
  • Capgemini SE
  • IBM Corporation
  • GrayMatter
  • Siemens AG
  • Wipro Limited
  • Accenture plc
  • SNC Lavalin Group
  • ABB Ltd.

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Rising Application of Internet of Things (IoT) in Power Sector to Fuel the Market

Internet of Things is becoming an increasingly popular technology which is gaining ground across the industrial landscape. In the power sector, it is revolutionizing power distribution and regulation and has given rise to smart grids. Collection of data from grids, controlling the functioning of grids remotely, and digitization of assets are three most critical functions that IoT enables for power suppliers. Further, IoT can prove to be extremely profitable for power companies. According to a report by the Asian Development Bank, by 2025, around $1.3 trillion of value of electricity generation can be generated globally with the integration of IoT in power distribution. The positive impacts of the technology are already being witnessed in some parts of the world. For example, in California, installation of advanced metering infrastructure resulted in a staggering 87% reduction in field visits to customers for solving their meter-related issues. Thus, IoT application can result in enhanced efficiency of digital power utility solutions and boost sales. This also bolsters the fact that the software ‘by type’ segment will dominate the digital power utility market trends in the forecast period.

Segmentation

1. By Type

  • Hardware
  • Software
  • Service

2. By Application

  • Power Generation
  • Power Transmission and Distribution
  • Smart Grids and Energy Automation
  • Others

3. By Geography

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East and Africa (South Africa, GCC, and Rest of the Middle East and Africa)

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Faster Adoption of New Technologies to Stimulate the Market in North America

North America is projected to exhibit impressive growth in the forecast period on account of higher adoption rate of advanced technologies and a well-entrenched power infrastructure in the region. European countries are actively installing smart grids and sophisticating their digital power utility systems, thereby, driving the market in the region. In Asia-Pacific, coal-based power generation is dominant, which will further expand this market. Increasing rate of laying power transmission lines in the developing countries of Latin America, mainly Brazil, Mexico, and Argentina, holds promising growth opportunities during the forecast period. In the Middle East and Africa, rising access to electricity will significantly enlarge the digital power utility market size till 2026.

Strategic Collaborations to Characterize Market Competition

Many companies in this market are entering into strategic partnerships with their fellow competitors to broaden their product offerings and strengthen their position. For instance, in June 2019, General Electric and Enel Green Power signed a 3-year agreement for GE to provide Enel with remote monitoring solutions, data analytics, and centralized data collection platform. A few companies are also upgrading their existing processes. For example, in 2017, the Central Hudson Gas and Electric Company launched its CenHub portal that allows customers to make payments easily, track their account, and get customized services.

Key Industry Developments

  • In June 2019, IBM Corporation has signed a 10-year contract with Naturgy Energy Group S.A. to design and implement a hybrid cloud strategy which would help the company to secure its network and transform into a future utility
  • In June 2019, General Electric Company has signed a 3-year agreement with Enel Green Power to provide the company with centralized data collection, remote monitoring services, on-site sensor assessment, and predictive analytics solutions to advance its operation and maintenance activities
  • In May 2019, Microsoft Corporation and Snam S.p.A have signed an agreement to optimize the safety and efficiency of the energy networks. The two companies will develop cloud-based inter of things and artificial intelligence solutions to boost the management and development of the energy networks

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