North America Digital Transformation in Energy Market: Current Analysis and Forecast (2024-2032F)

Report Description

North America Digital Transformation in Energy Market Size & Forecast

The North America Digital Transformation in Energy Market was valued at USD 17.55 billion in 2023 and is expected to grow at a CAGR of 27.3% during the forecast period (2024-2032F).

North America Digital Transformation in Energy Market Analysis

The North America Digital Transformation in Energy Market in North America is witnessing significant growth as the energy transition towards an environmentally friendly, low-emission energy system is fueled by decarbonization, digitalization, and decentralization. The region is home to several leading manufacturers of Digital Transformation in Energy systems and is heavily investing in R&D to develop innovative and sustainable technology. Countries such as the USA, and Canada are driving the growth of Digital Transformation in Energy in the region. The United States of America is the biggest market in the North American continent.

The growth of the North America Digital Transformation in Energy Market in North America, particularly in the United States, is driven by the increasing number of data centers and smart meters in the country. As per IEA, the global revenue from the sale of connected smart thermostats and their software and services is projected to increase from USD 1.1 billion in 2016 to USD 4.4 billion in 2025 with North America contributing around USD 1.6 billion.

North America Digital Transformation in Energy Market Trends

This section discusses the key market trends that are influencing the various segments of the North America Digital Transformation in Energy Market as identified by our team of research experts.

Big Data Analytics in Digital Transformation in Energy Industry

Big Data analytics refers to collecting, analyzing, and interpreting large amounts of data to uncover patterns and trends. Big Data in the energy sector can bring numerous benefits, including improving operational efficiency, decreasing costs, boosting customer satisfaction, and optimizing energy production. Integrating Big Data analytics for electric utilities has revolutionized how electricity is distributed and managed in a grid. By analyzing data from smart meters and other sensors, Utilities can gain valuable insights into the real-time functioning of the grid, identifying and addressing issues such as outages, capacity constraints, and energy theft. Smart grid management not only improves the overall efficiency of the grid but also enhances the reliability and resilience of the power supply.

U.S. is Expected to Grow with Significant CAGR During Forecast Period

The digital transformation in the energy market is growing at a flourishing rate in the U.S. due to the rising sale of smart meters and increasing data centers. The country acquired one of the highest shares in the North America Digital Transformation in Energy Market in the world and is one of the leading countries in the North America Digital Transformation in Energy Market industry in both revenues and research funding. Certain utilities in the United States are exploiting the potential for demand-side management that smart thermostats present by rewarding customers who adjust their temperature settings during peak heating or cooling periods. Data collected by smart devices could similarly be used by utilities to identify opportunities for launching energy-efficiency programs or even to offer new services. The government is also facilitating the transition of digitalization in the energy sector through various reforms, programs, and amendments. For instance – In October 2023, The U.S. Department of Energy’s Office of Electricity launched the $1.85 million Digitizing Utilities Prize Round 2. This competition aims to connect electric utilities with interdisciplinary teams of software developers and data experts to transform digital systems and data analytics for utilities in the energy sector.

North America Digital Transformation in Energy Industry Overview

The North America Digital Transformation in Energy Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Schneider Electric SE; Honeywell International Inc.; Rockwell Automation Inc.; SAP; ABB; IBM Corporation; Microsoft; Cisco Systems Inc.; Teradata; Intel Corporation.

North America Digital Transformation in Energy Market News

North America Digital Transformation in Energy Market report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The North America Digital Transformation in Energy Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the North America Digital Transformation in Energy Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the North America Digital Transformation in Energy Market were the three major steps undertaken to create and analyze the adoption of Digital Transformation in Energy in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the North America Digital Transformation in Energy Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the North America Digital Transformation in Energy Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the North America Digital Transformation in Energy Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a molecule, route of administration, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the North America Digital Transformation in Energy Market. Further, we conducted factor analysis using dependent and independent variables such as a molecule, route of administration, and distribution channel of the North America Digital Transformation in Energy Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the North America Digital Transformation in Energy Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the North America Digital Transformation in Energy Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the North America Digital Transformation in Energy Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the North America Digital Transformation in Energy Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the North America Digital Transformation in Energy Market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of the molecule, route of administration, and distribution channel in the North America Digital Transformation in Energy Market.

The main objective of the North America Digital Transformation in Energy Market Study

The current & future market trends of the North America Digital Transformation in Energy Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the North America Digital Transformation in Energy Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the molecule, route of administration, and distribution channel.
• Define and analyze the regulatory framework for the North America Digital Transformation in Energy
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the North America Digital Transformation in Energy Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the North America Digital Transformation in Energy Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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