The Latin America, Middle East and Africa Utilities Asset Management Market would witness market growth of 16.8% CAGR during the forecast period (2022-2028).
Electric utilities must be proactive in the future since will have to cope with an "old" network while constructing a "new" one. The Internet of Things (IoT) facilitates this transformation. The Internet of Things (IoT) is not a single technology but rather a concept that connects and enables the majority of new objects. It will open the door for large data analysis and operations that would have been unthinkable without IoT.
With the Internet of Things and large data comes data security and governance. With the emergence of big data and new technologies, data security and piracy must be addressed. Data security has never been a major worry for utilities since the infrastructure in question was difficult to access and the rewards for hackers were modest.
As smart houses become connected to the transmission network via the distribution grid in the future, it will be simpler for hackers to access the power network. Consequently, effective cyber security measures are required to combat cyberattacks. For the bulk electricity system, cyber security is a massive and rising obstacle.
The United Arab Emirates seeks to establish a renewable energy-based infrastructure for electricity generation that is sustainable. A surge in population, a developing economy, and climatic factors are driving a rapid increase in the demand for energy and water, which is predicted to continue to climb at a rate of around 10 percent per year over the next decade which accelerates the growth of the utilities asset management market in this region.
The Brazil market dominated the LAMEA Utilities Asset Management Market by Country in 2021; thereby, achieving a market value of $202.8 million by 2028. The Argentina market is showcasing a CAGR of 17.4% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 16.5% during (2022 - 2028).
Based on Component, the market is segmented into Hardware (Sensors, Cameras, and Others), Software, and Services. Based on Utility Type, the market is segmented into Public Utilities and Private Utilities. Based on Application, the market is segmented into Transmission & Distribution Lines, Sub-station, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Utilities Asset Management Market is Predict to reach $8.4 Billion by 2028, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., ABB Group, Siemens AG, Eaton Corporation, IBM Corporation, Schneider Electric SE, Fujitsu Limited, IFS AB, Getac Technology Corporation and S&C Electric Company.
By Component
By Utility Type
By Application
By Country
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