Northbrook, IL -- (SBWIRE) -- 01/15/2019 -- According to the new market research report "Digital Utility Market by Network (Generation, Transmission and Distribution, and Retail), Technology (Hardware and Integrated Solutions (Cloud and Software, Services)), and Region (North America, Europe, and Asia-Pacific) - Global Forecast to 2022", published by MarketsandMarkets™, The digital utility market is expected to grow from an estimated USD 135.16 Billion in 2017 to USD 244.31 Billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. The global market is set to witness a significant growth due to the increase in distributed and renewable power generation projects and regulatory requirements for electric utilities.

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The transmission and distribution segment is expected to hold the largest share of the digital utility market, by network, during the forecast period.

The transmission and distribution subsegment of the network segment led the digital utility market in 2016 and is projected to dominate the market during the forecast period. However, the retail segment is expected to grow at the fastest rate during the forecast period.

The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the digital utility market during the forecast period.

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The hardware subsegment is expected to hold the largest share of the digital utility market, by technology, during the forecast period.

The hardware subsegment of the technology segment led the digital utility market in 2016 and is projected to dominate the market during the forecast period. However, the integrated solutions segment is expected to grow at the fastest rate during the forecast period.

The hardware segment includes all the tangible aspects of the digital utility market. It covers equipment, from smart meters to smart transformers and all the products of a digital substation. It also encompasses all the components that make conventional equipment smart, such as sensors, smart thermostats, and programmable logic controllers, among others. Hardware generally costs more than other digital solutions and services and, hence, the segment accounts for a larger share of the market.

North America: The leading market for digital utility

In this report, the digital utility market has been analyzed with respect to six regions, namely, North America, South America, Asia-Pacific, Europe, Middle-East, and Africa. The market in North America led the global digital utility market in 2016.

The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of USD 118.5 billion, in 2016, in smart cities in the region; this is expected to increase to USD 244.5 billion by 2021. Hence, the North American market presents a greater opportunity for the digital utility market.

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the digital utility market. The key players include Accenture plc (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.

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