Digital Power Utility Market to Discern Magnified Growth During 2019-2027

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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 intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

• Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
• Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
• Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
• Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.