Report Code: A15994 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Digital Power Utility Market
Request Now !Digital utility is the digital transformation in the utility industry, which adopts digital ways of working, usually with business goals for utilities to reinvent. Common business goals can include more streamlined operations, improved interactions with customers, greater efficiencies, and hopes of triggering new business models. Today’s efforts are captivating a variety of forms, such as investments in cloud, big data, mobile, wearables, modernizing the grid by using communication infrastructure, sensors, automation, IT/IoT integration, artificial intelligence, and integrated operation centers. The high cost involved in the collaboration and integration of diverse applications of digital utility hinders the growth of the digital utility market in the global market. The lack of awareness is another major factor that restricts market growth. Also, the issue of cyber security is a major shortcoming in the growth of the digital utility market.
COVID-19 Impact AnalysisÂ
Top Impacting Factors
The concept of digitalizing power utilities is gaining pace amidst recent technological advancements in the power sector. Utilities are known as slow adopters when it comes to technology while government regulations have largely dis-incentivized the adoption of latest technology and planning processes. Several power utilities globally have now learnt advantages and the importance of digitalization, which are much prevalent in other industries. Today, several startups and big companies provide technologies and platforms that allow power producers, utilities, and other companies in the energy sector to reduce their operating costs, increase revenues, and exploit new business opportunities. Some key benefits for power utilities include optimized operation and maintenance, efficient asset management, managing electricity loads, and higher customer satisfaction due to the higher predictability of energy ecosystem.
Market Trends
Digital Power Utility Market Report Highlights
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