Digital Power Utility Market is Set to Exhibit Robust Revenue Growth During the Forecast Period (202

Digital Power Utility Market Volume, Analysis, Future Prediction, Industry Overview and Forecast 2029 Of late, digital technologies such as Internet of Things (IoT) has left a significant impact across the spectrum of industries. To this end, the power utility sector is no exception. IoT has enabled power grids to work more efficiently, resulting in improved performance and productivity enhancements. Notably, adoption of IoT has enabled companies in power utility industry to optimise their processes to accomplish the sustainable development goals. Such a landscape has paved the way for incorporation of digital power utility solutions. These solutions facilitate systematic distribution of power with real-time management of assets. Leveraging cloud and IoT, these solutions are becoming more advanced and sophisticated, resulting in their paced adoption. Against this backdrop, the digital power utility market is projected to experience exponential growth.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/digitalpower-utility-market Growing Energy Demands Amid Surging Urbanisation to Augur Well for Digital Power Utility Market A rampant rise in urbanization has put forth a substantial demand for energy and power.

Considering the rapid depletion of fossil fuels, companies are increasingly opting for renewable energy sources. Meanwhile, the adoption of renewables in power utility can significantly help in curtailing the carbon emissions. Therefore, governments around the world are promoting the use of renewable energy sources such as wind and solar to meet the growing energy requirements. These solutions are also expected to enhance the storage, flexibility, and security of processes involved in power utility. Furthermore, cloud-enabled applications can further optimise the delivery process. This created tremendous headways for the global digital power utility market to flourish in the upcoming years.

Soaring Demand for Hardware in Next-Gen Equipment to Boost Market Growth The adoption of digital devices across the power generation, transmission, and distribution industries is consistently increasing. This is mainly accredited to their provided benefits such as improved plant productivity, reliability, and protection. As a result, the demand for hardware has surged at a record pace. Its demand is further augmented by the increased adoption of hardware

in EV charging and smart metering is further fueling the demand. Hardware is being extensively used in next-generation equipment. Such digital systems provide the business and the consumer with a real-time, accurate and precise details of power consumption. This in turn is anticipated to fuel the overall digital power utility market expansion.

Favourable Government Policies to Place Asia Pacific as Key Regional Market The Asia Pacific region is expected to exhibit lucrative growth opportunities for the digital power utility market. This is due to growing energy consumption and favourable government policies in the region. Moreover, various countries in the region are experiencing an inadequate distribution and transmission of power. Therefore, emerging economies in the region are focusing on developing transmission networks. This in turn pushes for the adoption of digital power utility solutions. The cumulative forces of these factors are projected to propel the growth of the digital power utility market in the region.

Prominent Market Players Some of the major players in the digital power utility market include Cognizant Technology Solutions, ABB Ltd., Microsoft Corporation, GE, IBM Corporation, Siemens AG, Infosys Ltd, Wipro Ltd and Accenture.

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