The global Digital Power Utility Market was valued at USD 46.5 Billion in 2022 and it is anticipated to grow up to USD 282.4 Billion by 2032 at a CAGR of 19.8% during the forecast period.
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A digital power utility is a power utility that uses digital technology to manage and operate its infrastructure. This includes the use of digital devices and systems to monitor and control the generation, distribution, and consumption of electricity. The digital power utility is a relatively new concept, and its adoption is still in its early stages. However, its proponents believe that it has the potential to revolutionize the way power utilities operate. By leveraging digital technology, a digital power utility can improve efficiency, optimize operations, and better manage resources.
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Market Trends and Drivers
Growing number of renewable power generation projects and energy efficiency mandates is one of the key trends stoking market growth. Stringent regulatory policies are further stimulating the growth of the market. Rising need for green energy and rapid digitalization are fueling the demand for digital utility solutions. Increasing penetration of digital technologies and spiraling demand for domestic electricity in countries such as China and India are anticipated to provide a fillip to the market. Moreover, increasing number of renewable energy plants and growing environmental concerns are supplementing the growth of the market. Additionally, rising number of government initiatives supporting digital transformation is projected to support the growth of the market in the country.
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Major Players in the Global Digital Power Utility Market
The key players in the market are Microsoft Corporation, Siemens AG, General Electric, IBM, Oracle Corporation, SAP SE, Schneider Electric SE, ABB LTD, Eaton Corporation, and Capgemini, among others.
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