The North America Digital Utility Market would witness market growth of 9.5% CAGR during the forecast period (2023-2030).
Integrating IoT devices and sensors is a prevailing trend in the digital utility market. These devices enable real-time monitoring of equipment, infrastructure, and environmental conditions. Smart grids, water systems, and energy asset sensors provide valuable decision-making and predictive maintenance data. Predictive analytics, powered by machine learning and AI algorithms, is growing for predictive maintenance. Utilities leverage historical data, sensor inputs, and weather forecasts to predict equipment failures, optimize maintenance schedules, and reduce downtime.
Blockchain technology is increasingly applied in the market to enable peer-to-peer energy trading. This decentralized approach allows consumers to buy and sell excess energy directly, enhancing energy democratization and providing a revenue stream for prosumers. Edge computing is gaining traction for its ability to process data closer to the source, reducing latency and enabling real-time decision-making. In the market, edge computing supports grid monitoring, fault detection, and edge analytics applications for efficient data processing. The rollout of 5G networks is revolutionizing communication in the market. With higher data transfer speeds and lower latency, 5G facilitates seamless communication between devices and systems, supporting applications like real-time grid monitoring, asset management, and edge computing.
Canadian utilities are investing in smart grid technologies to modernize the electricity grid. Canada has witnessed widespread deployment of smart meters, forming the foundation for advanced metering infrastructure. Utilities in Canada utilize sensor technologies for water quality monitoring and leak detection. As electric vehicle adoption increases, digital utilities in Canada are expanding EV charging infrastructure. Canadian utilities provide online customer portals and mobile apps for consumers to access real-time data, pay bills, and receive notifications. Canadian utilities prioritize cybersecurity measures to protect customer data and ensure the secure operation of digital systems. Hence, the factors mentioned above will drive the regional market growth.
The US market dominated the North America Digital Utility Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $86,740.5 million by 2030. The Canada market is showcasing a CAGR of 12% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 11% during (2023 - 2030).
Free Valuable Insights: The Digital Utility Market is Predict to reach $380.9 Billion by 2030, at a CAGR of 10.2%
Based on Technology, the market is segmented into Hardware, and Integrated Solutions. Based on Network, the market is segmented into Generation, Transmission & Distribution, and Retail. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Technology
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