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.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.