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

Europe Digital Power Utility Market Definition:

In order to control the assets in real-time using cloud and Internet of Things apps, the digital power utility solution aids the power distributor. Along with providing cloud-enabled solutions to maximise delivery speed, digital power utility can also improve the process, flexibility, security, and storage. Further, the Digital power utility market is segmented by Technology, Sector, and region. On the basis of Technology, the Digital power utility market is segmented under Hardware, and Software & Service. Based on the Sector, the Digital power utility market is segmented under the channels of Power Generation, Transmission & Distribution and Power Consumption. By Country, the market covers the following Country: Italy, France, Russia, United Kingdom, Rest of Europe For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Europe Digital Power Utility Market Dynamics:

Adaptation of the latest technology and planning processes:

With recent technology improvements in the power sector, the concept of digitalizing power utilities is gaining traction. When it comes to technology, utilities are recognized for being late adopters, and government laws have generally disincentivized the use of cutting-edge technology and planning methods. Several power utilities throughout the region have now realized the benefits and relevance of digitization, which is widely used in other industries.

 

Principal issues and dangers to the growth of the business in Europe:

Digitization of the energy industry in Russia, working with big data, boosting the efficiency of asset utilization, redefining the model of engagement with customers, and optimising the system of electricity administration and distribution. According to MMR Findings, the Russian Federation's Ministry of Energy has the function of digital technologies and the dynamics of their use in Russia's energy sector. Different countries have different goals for their energy policies, but the importance of digital technology is widely acknowledged and the data security is also one of the main concerns in the region.

 

Europe Digital Power Utility Market Segment Analysis:

By Technology, Hardware, software, and services make up the three segments of the market. The hardware sector dominated the local market as a result of significant investment in smart metering and EV charging. The utility industry can benefit from cutting-edge software solutions like AI, ML, and other digital technologies, which are propelling rapid growth in the software and services market. Rising trends toward system automation also promote the growth of the software & service market since automated systems require digital support to carry out their functions effectively.

 

By Sector, Electricity is created using a variety of fuels, including coal, oil, and other fossil fuels as well as renewable energy sources like wind and solar. The majority of the energy mix utilised to produce electricity is made up of fossil fuels including coal, oil, and natural gas. Coal takes up a sizable component of the power generation mix because of the cheaper local fuel availability. Its share of the total has increased over time because of restrictions on the addition of other traditional power sources including hydro, nuclear, and gas.

 

 

Europe Digital Power Utility Market Regional Insights:

Because of increased production of renewable energy sources and growth in the industrial sector, Europe also holds a 17 % share of the global market for digital power utilities and is expected to increase at a CAGR of 8.4% from 2024 to 2030. Investment in the European Energy power sector is forecasted to total USD 86.73 billion between 2024 and 2030. As a result, the market would benefit from the growing investments in industry and renewable energy. The installation of the smart grid also boosts the local market's sales.

 

The Russian economy includes the electric power industry as a significant sector. The seven integrated territorial energy systems and various isolated energy systems that make up the centralised power supply system in Russia provide electricity to the seven federal districts. Nuclear power plants supply roughly 19.5 % of the world's electricity, combined heat and power plants about 39 %, and major hydropower plants about 18 %. This is a solid starting point for the transition to sustainable development and the production of green and climate-neutral energy.

 

Europe 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 Europe Digital Power Utility market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe 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 Europe 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 Europe 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 Europe 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 Europe 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 Europe Digital Power Utility market. The report also analyses if the Europe 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 Europe Digital Power Utility market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Digital Power Utility market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Digital Power Utility market is aided by legal factors.

 

Europe Digital Power Utility Market
Market Size in 2023	USD 11.68 Bn.
Market Size in 2030	USD 20.55 Bn.
CAGR (2024-2030)	8.4%
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 Italy France Russia United Kingdom Rest of Europe

 

Europe Digital Power Utility Market Key Players:  

• ABB (Switzerland)
• Siemens (Germany)
• Accenture Plc (Ireland)
• Capgemini Ltd (France)
• SAP SE (Germany)