Rapid growth in Digital Utility Market projected to reach over $535 billion by 2032
From GlobeNewswire: 2025-06-19 10:00:00
The Digital Utility Market is on the rise, with a projected growth from USD 198.0 billion in 2023 to USD 535.5 billion by 2032 at a CAGR of 11.71%. Major players include Siemens, ABB, Schneider Electric, and more. Investments in smart grid infrastructure and renewable energy are driving the demand for digital utility solutions.
The U.S. Digital Utility Market is set to grow at a CAGR of 11.48% from 2023-2032, reaching USD 131.2 billion by 2032. Electric utilities lead in AI integration, with a market value of USD 49.4 billion in 2023. Investments in smart grid infrastructure and renewable energy are key drivers of growth.
In 2023, the hardware segment led the market with smart meters and automated substation contributing to 61% of total revenue. The solutions sector, including integrated software and cloud-based systems, is expected to see the fastest growth through 2032, enhancing operational efficiencies and asset digitization.
The transmission & distribution segment dominated the market in 2023, accounting for over 49% of revenue. Modernizing existing grids with digital technology is crucial for load management and energy flow. The residential sector is projected to be the fastest-growing, driven by consumer demand for green utility services.
North America holds a 32% share of the Digital Utility Market, with Asia-Pacific emerging as the fastest-growing region. Smart grid projects and clean energy mandates drive growth in North America, while rising energy demand in countries like China and India fuels the market in Asia-Pacific.
Recent developments include ABB’s sale of its robotics business to focus on electrification and automation, and Schneider Electric’s introduction of smart-grid technologies to enhance grid resiliency. SNS Insider provides market research and consulting services to help clients navigate changing market conditions with confidence.
Read more at GlobeNewswire: Digital Utility Market Size to Surpass USD 535.3 Billion by