The North America Utilities Asset Management Market would witness market growth of 9.7% CAGR during the forecast period (2022-2028).
There are many facilities where electric, gas, and water use are monitored. Their usefulness is reflected in their bills since they generate enormous costs. The program for managing assets can record daily use. It permits administrators to establish a daily restriction. When this daily limit is going to be exceeded, a notification is sent to the management. This program also gives utility usage data and analyses.
These studies assist in identifying cost-effective methods for reducing utility use. Developing budget projections using historical utility use data. Future utility usage can be estimated for utility management. The reports contain statistics, and the data may be used to save money and prevent wastage or excessive utility consumption.
Asset Management is the systematic process of running, maintaining, improving, and disposing of assets while maintaining satisfactory customer service. The mission of NHDES is to offer a centralized site to give communities information, technical help, and financing possibilities to aid in the establishment of sustainable asset management programs (AMP).
According to the 2017 electric power sector study conducted by the U.S. Energy Information Administration (EIA), about 3,000 electric distribution businesses or utilities were operating in the United States. Included under the category of publicly owned utilities, or POUs, are federal, state, and municipal utilities. In addition to government institutions, political subdivisions may establish POUs, also known as public utility districts, which are utilities voted into existence by citizens and that function independently of city or country administration. Each POU in the United States serves an average of 12,100 electrical users which propels the growth of the utilities asset management market in this region.
The US market dominated the North America Utilities Asset Management Market by Country in 2021; thereby, achieving a market value of $1,956.8 million by 2028. The Canada market is experiencing a CAGR of 12.2% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 11.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Utilities Asset Management Market is Estimated 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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