The Global Utilities Asset Management Market size is expected to reach $8.4 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.
Utility asset management helps electric utilities to manage vital assets by keeping track of their age, consumption, and maintenance history, among other characteristics. Asset performance management (APM) improves asset management by using data analytics, condition monitoring, and predictive maintenance to facilitate better operational choices. With an APM-capable utility asset management system, the danger of equipment failure is decreased while equipment life is maximized. The outcomes include increased efficiency, lower emissions, and cheaper costs, with optimum uptime and service dependability for end customers.
Facilitates of technical asset management and predictive maintenance, enabling businesses to optimize corporate data gathering, analysis, and operations for enhanced dependability and regulatory compliance. This enables better data management and access to a single source of truth for asset data.
Cascade facilitates data accessibility and interpretation for all parties while decreasing administrative burden. Substation asset management involves the operation, maintenance, and administration of substation assets, including transformers and circuit breakers. An engineer responsible for substation asset management must ensure that substation assets are properly managed to achieve the highest levels of system dependability at the lowest cost.
These objectives are often attained through condition-based maintenance, predictive maintenance, and asset lifecycle planning. It provides asset managers and substation asset management engineers with technology that integrates asset condition data with real-time operational data to enable a condition-based maintenance strategy.
Several nations have been seriously damaged as a direct result of the fast spread of COVID-19, which is a global calamity. The viral infection has been combated and its human-to-human transmission has been minimized by several governments, who have adopted strict measures, including the suspension of industrial and commercial operations, to do so. As a direct result of this, the business of utility asset management has also been greatly harmed as a result of the instability that has occurred worldwide. In addition, the stoppage of heavy-duty end-user operations, such as manufacturing industries and production facilities, as well as the temporary closure of big commercial buildings, has resulted in an unprecedented drop in the amount of electricity that is being consumed.
Rising energy consumption, resulting from fast urbanization and population growth has led to a dramatic increase in energy demand. This has necessitated the development of innovative strategies and procedures capable of boosting output with the same resources. In the coming decades, energy consumption is predicted to expand dramatically. This is mostly due to the predicted rise of the population, as well as the economic and industrial expansion of developing nations like China and India.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
IoT's network of interconnected gadgets is transforming how the public interacts, lives, and works. IoT may deliver practical benefits everywhere, from wearables and inventory management to linked machinery. IoT may aid in automating and streamlining monotonous, repetitive operations like assignment, scheduling, and reporting. Utility companies invest a substantial amount of time, money, and energy in routine inspections to prevent mistakes and breakdowns.
The capital-intensive nature of the power sector for investments in cutting-edge technology and the significant risks associated with operational maintenance can inhibit market expansion. In the utility asset management business, a dearth of qualified workers and inadequate compensation packages might discourage potential applicants. Such elements that might have a detrimental influence on system operations and efficiency can represent a threat to market expansion.
On the basis of Components, the Utilities Asset Management Market is divided into Hardware and Software. The hardware segment procured the largest revenue share in the utilities asset management market in 2021. Any actual, physical corporate technology asset, including those in operation, those in storage, and support equipment, is categorized as a hardware asset. The sole emphasis of hardware asset management is the primary element of information technology.
Based on the Hardware, the Utilities Asset Management Market is fragmented into Sensors, Cameras, and Others. The sensor segment garnered the highest revenue share in the utilities asset management market in 2021. Utilities increasingly utilize GIS for the digital mapping of their assets, such as water, wastewater, storm drain, electricity, and other vital infrastructure.
By Utility type, the Utilities Asset Management Market is classified into Public Utility and Private Utility. The private utility segment witnessed a substantial revenue share in the utilities asset management market in 2021. A public utility company is an entity that maintains the infrastructure for public services. Public utilities are susceptible to forms of public oversight and regulation ranging from community-based organizations to government monopolies at the state level.
Based on the Application, the Utilities Asset Management Market is segmented into Transformer, Sub-Station, and Transmission & Distribution Lines. The transformer segment acquired the highest revenue share in the utilities asset management market in 2021. Electric power transmission is the transportation of large quantities of electrical energy from a producing location, such as a power station, to an electrical substation. The network of interconnecting wires that facilitates this transmission is known as a transmission system.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 4.1 Billion |
| Market size forecast in 2028 | USD 8.4 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 11.1% from 2022 to 2028 |
| Number of Pages | 252 |
| Number of Tables | 433 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Utility Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Utilities Asset Management Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a promising growth rate in the utilities asset management market in 2021. It is due to several causes, including a growth in the digitization of the utility industry and the deployment of IoT sensors in that sector.
Free Valuable Insights: Global Utilities Asset Management Market size to reach USD 8.4 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunner in the Utilities Asset Management Market. Companies such as ABB Group, Schneider Electric SE, Eaton Corporation are some of the key innovators in Utilities Asset Management Market.
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 Geography
The global Utilities Asset Management Market size is expected to reach $8.4 billion by 2028.
Augmentation of Energy Demand are driving the market in coming years, however, Lack of high capital requirements and technically skilled personnel restraints the growth of the market.
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.
The expected CAGR of the Utilities Asset Management Market is 11.1% from 2022 to 2028.
The Public Utilities market is leading the Global Utilities Asset Management Market by Utility Type in 2021; thereby, achieving a market value of $5.1 billion by 2028.
The North America market dominated the Global Utilities Asset Management Market by Region in 2021; thereby, achieving a market value of $2.7 billion by 2028.
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