/PRNewswire/ -- The 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"
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.
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.
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.