Global Utility Asset Management Market to Grow at a Rapid CAGR of 9.1% by 2030, With the Rising Expansion of Smart Grid Infrastructures Across the Globe, States Extrapolate
The global utility asset management market is expected to grow at a significant CAGR of 9.1% during the forecast period of 2022-2030. Several factors, such as expanding smart grid infrastructures and deploying various technologies, primarily drive the market’s growth.
Dubai, UAE, June 20, 2023 (GLOBE NEWSWIRE) — As per the latest report published by Extrapolate, the global Utility Asset Management Market size is anticipated to reach USD 8.96 billion by 2030, valued at around USD 4.12 billion in 2021 with a compound annual growth rate (CAGR) of roughly 9.1% between 2022 and 2030. The deployment of numerous technologies, including peak load management, asset management, outage management, and distribution management, along with the optimistic outlook of national administrations that supports the expansion of smart grid infrastructures, are likely to increase the market’s size.
Utility asset management refers to the collection of programs, devices, and support services required to manage, maintain, and enhance significant assets’ operating capability. The essential assistance also includes utilities such as power, gas, and water. An electric utility comprises the transmission and distribution lines, substations, grid networks, and transformers required to deliver energy to homes and commercial structures.
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Key players operating in the global utility asset management market focus on several growth strategies to gain a competitive edge. With the aid of an expanding IT infrastructure, key participants are concentrating on innovative product development tactics and achieving continuous technological breakthroughs. To satisfy the unique needs of the utilities, several businesses are diligently working at the regional and international levels. Most important participants are concentrated on providing a wide range of solutions. To strengthen its market position, businesses also concentrate on developing innovations and investing heavily in product advancements.
Leading companies operating in the global utility asset management market include:
- DNV AS
- Black & Veatch
- General Electric
- Emerson Electric Co
- Schneider Electric
- Sentient Energy, Inc.
- SAP SE
- S&C Electric Company
- Aclara Technologies LLC
- Lindsey Manufacturing Co dba
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Scope of Utility Asset Management Market:
|Growth Rate||CAGR of 9.1% from 2022-2030|
|Revenue Forecast by 2030||USD 8.96 Billion|
|By Companies||DNV AS, ABB, Fujitsu, Black & Veatch, GETAC, General Electric, Emerson Electric Co, Eaton, Schneider Electric, Sentient Energy, Inc., Oracle, SAP SE, amongst others|
|Regions and Countries Covered||
|Historical Year||2017 to 2020|
|Forecast Year||2022 to 2030|
Global Utility Asset Management Market Segmentation:
Increasing Concerns About Maintaining Reliable Operations to Boost Electric Transmission
The electric segment dominated the market share in 2021 and is anticipated to continue leading the global utility asset management market. Without the transformer, the electrical transmission network cannot run efficiently. The system has been heavily integrated with management systems to assess and optimize operational conditions as well as life expectancy and failure reduction.
The increased utilization of prediction, asset lifecycle planning, and condition-based maintenance operations further fuels the segment’s growth. Increasing concerns about maintaining dependable operations while cutting associated costs are another major factor driving the growth of the segment.
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Software to Gain Traction Owing to Rising Demand for Remote and Mobile Detection
The software segment dominates the global utility asset management market share due to the growing demand for remote and mobile detection, inspection, and diagnostic tools in extensive networks. Major market players have created and distributed asset management software, fueling the segment’s growth.
For instance, IBM’s Maximo application suite is a single, integrated cloud-based platform that uses analytics, artificial intelligence (AI), and the Internet of Things (IoT) to enhance performance, extend the lifecycles of critical assets, and save operational costs. Additionally, it provides increased dependability through AI-powered monitoring, inspection, and predictive maintenance systems.
Limited Technological Knowledge and Expensive Investment in Deploying Restraints the Market Growth
The requirement for extremely costly installation processes along with significant risks while maintaining the necessary equipment for longer periods of time across various technologies, such as condition-based maintenance, predictive maintenance, and corrective maintenance, is likely to restrain market growth. Additionally, faults in prioritizing the functional layouts and a lack of exact technical expertise when positioning the tools and connecting the hardware can substantially negatively impact the system’s performance, resulting in limited repair times and over-maintenance potentials.
Increasing Grid Modernization Investments to Drive Demand for Electrifications
The utility asset management market is expected to grow due to the rising number of unexpected power outages in many nations due to several factors, including sudden grid issues, transmission and distribution line faults, weather issues, natural catastrophes, and many more. Many governments increasingly view utility asset management in emerging nations as a strategic investment in infrastructure improvement that will focus on preserving its long-term power grid and help minimize losses brought on by a lack of regular maintenance and servicing.
Unexpected power outages have also adversely impacted numerous residential, commercial, and industrial operations. As a result, there is a strong need to upgrade the transmission and distribution lines as well as other electrical power grid infrastructures with more durable systems.
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Recent Development in Utility Asset Management Market
- Energy.gov announced in November 2022 that the U.S. electricity system would receive an investment of about USD 13 billion. The Grid Resilience Innovative Partnership (GRIP) program and the Transmission Facilitation Programme accounted for the largest direct federal investment in essential transmission and distribution infrastructure as well as one of the first payments to be made on an over $20 billion investment under the Building a Better Grid Initiative.
North America to Continue its Dominance Owing to Reducing Electricity Costs
North America dominated the global utility asset management market’s market share due to the reduced electricity cost for end consumers and proactively monitoring and tracking their networks to ensure there are as few losses as possible. Several factors, such as the increasing use of Internet of Things sensors in the utility industry and the expanding prevalence of digitalization, can be attributed to the growth of this market. Additionally, the market is receiving a significant number of potential opportunities due to the presence of strong rivals.
Asia Pacific to Grow at a Rapid CAGR Owing to Expansion of Industries Across the Region
Asia Pacific held a significant share of the market in 2021. Installing automated monitoring and tracking systems has improved the infrastructure for electricity distribution and transmission, which is one of the elements fuelling the market’s expansion. The region’s steadily expanding industries including those producing fertilizers, cars, petrochemicals, and chemicals have raised the need for energy and necessitated proper maintenance of the grid’s many parts.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
188.8.131.52. Preliminary data mining
2.3.2. Primary Sources
184.108.40.206. Statistical Model
220.127.116.11. Data Triangulation
18.104.22.168. Research Objective
Chapter 3. Market Outlook
3.2. Key trends
3.2.1. Augmenting Investments in Grid Modernization Leading to Increased Demand of Electrifications
3.3. Market drivers
3.3.1. Integration of Advanced Technologies to Propel Industry Outlook
3.4. Market restraints
3.4.1. Limited Technical Expertise is Impeding the Market Growth
3.5. Market opportunities
3.5.1. Increasing Investments to Install Automated Monitoring and Tracking Systems
3.6. Market Challenges
3.6.1. Lack of Standardization Could Pose a Challenge for the Market Growth
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Utility Asset Management Market
Chapter 5. Global Utility Asset Management Market Overview, By Component, 2017 – 2030 (USD Million)
Chapter 6. Global Utility Asset Management Market Overview, By Type, 2017 – 2030 (USD Million)
Chapter 7. Global Utility Asset Management Market Overview, By Application, 2017 – 2030 (USD Million)
Chapter 8. Global Utility Asset Management Market Overview, By Geography, 2017 – 2030 (USD Million)
Chapter 9. North America Utility Asset Management Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 10. Europe Utility Asset Management Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 11. Asia Pacific Utility Asset Management Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 12. Middle East & Africa Utility Asset Management Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 13. South America Utility Asset Management Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/utility-asset-management-market-report/87356
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