3 days ago
Digital Utility Market Size to Surpass USD 535.3 Billion by 2032, Owing to the Rapid Adoption of Smart Grid Technologies and AI-Based Utility Solutions
The global Digital Utility Market is witnessing remarkable growth, fueled by the expanding deployment of smart grid infrastructure, digital transformation across utility operations, and increasing reliance on AI and cloud-based solutions.
Pune, June 19, 2025 (GLOBE NEWSWIRE) -- Digital Utility Market Size Analysis:
'The Digital Utility Market was USD 198.0 billion in 2023 and is expected to reach USD 535.5 billion by 2032, growing at a CAGR of 11.71% over the forecast period of 2024–2032.'Get a Sample Report of Digital Utility Market@
Major Players Analysis Listed in this Report are:
Siemens — Siemens Grid Software
ABB — ABB Ability
Schneider Electric — EcoStruxure Grid
General Electric — GE Digital Energy
Oracle — Oracle Utilities
SAP — SAP for Utilities
IBM — IBM Maximo for Utilities
Landis+Gyr — Gridstream Connect
Itron — Itron OpenWay
Eaton — Eaton Energy Automation Solutions
Hitachi Energy — Lumada APM
Cisco — Cisco Connected Grid
Honeywell — Honeywell Smart Energy
Open Systems International (OSI) — monarch
Aclara Technologies — AclaraONE.
Digital Utility Market Report Scope:
Report Attributes
Details
Market Size in 2023
US$ 198.0 Billion
Market Size by 2032
US$ 535.3 Billion
CAGR
CAGR of 11.71 % From 2024 to 2032
Base Year
2023
Forecast Period
2024-2032
Historical Data
2020-2022
Key Segments
• By Technology (Hardware, Integrated Solutions)• By Network (Generation, Transmission & Distribution, Retail)
Key Growth Drivers
Increasing investments in smart grid infrastructure and renewable energy integration are accelerating the demand for advanced digital utility solutions.
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U.S. Digital Utility Market Poised for Strong Growth. Driven by Smart Grid Investments and AI-Driven Transformation
The Digital Utility Market is growing with the increased demand for deploying advanced digital solutions for electricity, gas, and water utilities. Electric utilities are leading the charge for digital, with the greatest overall level of AI integration between 2021-2025. The US Digital Utility Market is expected to not only grow further at a CAGR of 11.48% from 2023-2032, to USD 131.2 billion by 2032, but also will be valued at USD 49.4 billion in 2023. This growth is fueled by country-level investments in smart grid infrastructure, renewable energy integration, and the increasing demand for utility solutions with real-time tracking features. With all things cloud and AI-based analytics, the adoption of digital is gaining momentum across the U.S. utility landscape like never before.
By technology
The hardware segment was a front runner in 2023 and contributed nearly 61% of the total revenue of the market. This leadership is led by smart hardwares such as smart meters, intelligent transformers, and automated substation. Companies are using radial grid devices including smart switches, smart thermostats, and advanced voltage regulators to improve predictive maintenance, real-time analytics, and asset management.
The fastest growth through 2032 is expected in the solutions sector, comprising integrated software and cloud-based systems. This sector is on the rise thanks to asset digitization, operational efficiencies, and the increasing flexibility of utilities. Cloud-based software, in particular, amplifies utilities' ability to connect operations, introduce renewable power, and serve customers better.
By network,
The market was led by the transmission & distribution segment in 2023, with a revenue market share of over 49%. This is because existing grids need to be modernized with digital technology-providing enhanced load management, fault detection, and flow of energy. These grids are being embedded with smart communication, sensing, and automation technologies to support the requirements of the digitalized energy space.
The residential segment is projected to be the fastest-growing end-use industry during the forecast period. An increased level of consumer awareness concerning environmental sustainability and the contribution of energy usage to climate change is resulting in an increasing demand for customized and green utility services. Households are adding more smart meters and other digital tools to track and control their energy use, leading utilities to provide more residential-focused digital an Enterprise-User PDF of Digital Utility Market Analysis & Outlook 2024-2032@
North America Leads Digital Utility Market with 32% Share, Asia-Pacific Emerges as Fastest-Growing Region Amid Rising Energy Demand.
In 2023, North America was a leader Digital Utility Market in terms of revenue, and the region contributed 32% revenue share. It is an area with a good power grid, a growing digitalization, and many installations of renewable energy. Smart grid projects and state-level clean energy mandates also fuel the market.
Asia-Pacific is expected to be the fastest-growing regional industry during the forecast period. The level of countries such as China, India, and Southeast Asia is facing increasing demand for energy contrast to urbanization and industrialization. Changing the rules of the game also represents a stimulus for the digital utility, in particular for power management.
Recent Developments
In April 2025, ABB announced it had literally made a 'revolutionary change of a lifetime' by selling, the whole of its robotics business. This is in the service of consolidating its focus on electrification and automation as well as strengthening both ABB and the robotics division's growth profile with a more focused, quality portfolio.
In August 2024, Schneider Electric introduces a new era of smart-grid technologies to improve grid resiliency and efficiency. Particular highlights were the launch of virtual substations, a full-featured Net Zero Dashboard interfacing with EcoStruxure ADMS and DERMS, and a partnership with European utilities such as Elektrilevi to help power smarter, more dynamic grid systems.
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