The global digital utility market is estimated to grow at a significant CAGR of XX% during the forecast period. The market is mainly driven due to the increasing use of unpredictable renewable energy sources in power generation which has caused an imbalance of energy demand and supply. For managing this, utilities, independent power producers and other energy companies are exploring effective ways. The companies are leveraging digital technology for improving the accessibility and efficiency of renewable energy technologies. Moreover, growing smart city projects further provide substantial opportunity to market growth during the forecast period. However, the high initial cost of installation further expected to hinder the market growth.
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The global digital utility market is segmented on the basis of product type and network. Base on product type the global digital utility market is segmented into hardware and software & services. On the basis of network, the global digital utility market is segregated into retail, generation, transmission, and distribution. As per IFR, the estimated annual supply of industrial robots in the automotive industry has increased from 103,000 units in 2016 to 116,000 in 2018. Electrical and electronic held the second-largest position in industrial robots with 113,000 units’ installation in 2018. The rising demand for industrial robots and industry 4.0 further contributes to the growth of the hardware segment. On the basis of industry, the global digital utility market is segregated into automotive, aerospace & defence, electrical & electronics, energy & power, chemical industry, and others.
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Global Digital Utility Market Segmentation
By Product Type
· Hardware
· Software and Services
By Network
· Retail
· Generation
· Transmission and Distribution
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
