Asia Pacific Digital Power Utility Market: Industry Analysis and Forecast (2024-2030)

Asia Pacific Digital Power Utility Market Definition:

The power distributor benefits from the digital power utility solution's real-time asset control employing cloud and Internet of Things applications. Additionally, it can increase the process's security, flexibility, and ability to store data, and it can offer cloud-enabled solutions to maximise delivery time. Further, the Asia Pacific Digital Power Utility market is segmented by Technology, Sector and Country. On the basis of Technology, the Asia Pacific Digital Power Utility market is segmented under Hardware, Software & Service. Based on the Sector, the Asia Pacific Digital Power Utility market is segmented under Power Generation, Transmission & Distribution and Power Consumption. By Country, the market covers the following Regions: India, China, Japan, Australia and Rest of Asia Pacific. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Asia Pacific Digital Power Utility Market Dynamics:

Asia Pacific has seen the fastest growth in energy investment:

Over the last four years, India has experienced the fastest growth in energy investment, up more than 10%. Spending on renewable energy surpassed that of fossil fuel-based power generation in 2021, which was made possible by the competitive bidding of solar PV and wind projects. During the forecast period, this is forecasted to drive the market for digital power utilities.

 

Government initiatives to boost the market growth:

Under its flagship Production Linked Incentive (PLI) program, the Indian government stated in February 2022 that it will allocate INR 19,500cr to increase the production of solar modules. The market for digital power utilities is forecast to be driven by this. At India, nuclear power facilities with a combined capacity of 7,000 MW were in various stages of development. Increased power consumption is therefore forecasted to have a favourable effect on the market for digital power utilities throughout the forecast period based on the aforementioned factors, particularly in the Asia-Pacific region.

 

Market expansion can be hampered by the high cost of upgrading current infrastructure:

Leading stakeholders in the landscape are forecasted to face difficulties due to the need for a substantial infusion of capital. India would need to invest between $60 and $80 billion over the next five years to upgrade its grid infrastructure, according to the MMR results. In Asia Pacific electric utilities forecast to invest USD 3.2 trillion on transmission and distribution infrastructure that is both new and replacement.

 

Asia Pacific Digital Power Utility Market Segment Analysis:

By Technology, The market is divided into hardware and software &  services. Because of massive investment in smart metering and EV charging, the hardware segment dominated the regional market. The utility business is able to use innovative software solutions like artificial intelligence, machine learning, or other digital technologies, which are driving significant growth in the software and services category. Since automated systems need digital support to conduct their processes properly, rising trends toward system automation also encourage the growth of the software & service market.

 

By Sector, Coal, oil, and other fossil fuels, as well as renewable energy sources like wind and solar, are all used in the production of electricity. Fossil fuels including coal, oil, and natural gas make up the majority of the energy mix used to generate electricity; together, they account for almost 60% of the world's energy mix.  Because of the cheaper domestic fuel availability, coal makes up a significant portion of the power generation mix. Because of limitations on adding other conventional power sources like hydro, nuclear, and gas, its proportion in the mix has risen over time.

 

 

Asia Pacific Digital Power Utility Market Regional Insights:

In 2023, the Asia Pacific region had accounted for 24% share in the Digital power utility market, and is expected to increase at a CAGR of 10.2% from 2024 to 2030. Because of increased investment in significant industries and commercial developments, the Asia Pacific area is perhaps the market with the quickest growth. For instance, India had more than 300 smart city initiatives worth $1549 billion planned for 2021. Additionally, the market is expected to develop as a result of rising government backing, adoption of green building patterns, and investments in renewable energy. The regional market for the area is forecasted to develop as fossil fuel power generation increases in nations like China and India.

 

Asia Pacific Digital Power Utility Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a regional presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive regional networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the regional market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Asia Pacific Digital Power Utility market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Digital Power Utility market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Digital Power Utility Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Asia Pacific Digital Power Utility market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Digital Power Utility market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Digital Power Utility market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Digital Power Utility market. The report also analyses if the Asia Pacific Digital Power Utility market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Digital Power Utility market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Digital Power Utility market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Digital Power Utility market is aided by legal factors.

 

Asia Pacific Digital Power Utility Market Scope:

Asia Pacific Digital Power Utility Market Scope
Market Size in 2023	USD 17.33 Bn.
Market Size in 2030	USD 34.21 Bn.
CAGR (2024-2030)	10.2%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Technology Hardware Software & Service
	By Sector Power Generation Transmission & Distribution Power Consumption
	By Country India China Japan Australia Rest of Asia Pacific

 

Asia Pacific Digital Power Utility Market Key Players: 

• Wipro Ltd (India)
• Infosys Ltd (India)
• IBM Corporation (U.S.)
• Capgemini Ltd (France)
• Accenture Plc (Ireland)
• Microsoft Corporation (U.S.)