According to an estimate by FMI, the global market for utility asset management is anticipated to expand at a CAGR of 5.8% during the forecast period. The sector’s market is expected to grow from US$ 4.9 billion in 2023 to US$ 8.61 billion by the end of 2033.
The utility asset management industry is anticipated to be impacted by the growing worldwide energy demand brought on by the development of infrastructure for households and companies. Additionally, more governments in emerging and developing nations are starting to understand the importance of utility asset management.
The solution is a strategic infrastructure investment that will support long-term grid network maintenance while minimising losses brought on by erratic service and maintenance.
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It is anticipated that the continuing expansion of sectors including the chemical, automotive, petrochemical, and fertilizer industries will increase power demand and necessitate efficient upkeep of several electrical grid components. Additionally, it is predicted that during the forecast period, participants in the utility asset management sector would have plenty of chances in regions with poor utility asset management system adoption, such as Africa.
Key Highlights of the Utility Asset Management Market:
- The United States utility asset management industry is projected to lead the market over the forecast period. The market growth can be attributed to the deregulation of the electric industry.
- China’s utility asset management industry is estimated to grow at a significant rate in the next ten years. The regional growth of the market can be ascribed to the upgradation of power transmission and distribution infrastructure.
- Based on type, the private utility segment is projected to maintain its dominance market-wide. Extensive electricity networks of private companies and a surge in investments to transform the grid to minimize power outage issues are anticipated to foster segment growth.
- Based on components, the software segment is expected to reign the market in terms of value. The high demand for software to cater to the mounting demand for mobile and remote detection, diagnostic tools, and inspection in vast networks is projected to uplift the prospects for this segment.
New Market Updates Shaping Utility Asset Management Market
- In April 2021, ABB introduced speedy, sensitive drone-based gas leak detection and GHG gas measuring system. The company has launched HoverGuard, which helps revolutionize the capabilities of safety and environmental measurement for technicians of pipelines having the length of millions of kilometers. This new addition to the ABB Ability Mobility Gas Leak Detection System addresses the leaks fast and reliably.
- In February 2022, Eaton united with LG Electronics to deliver flexible load management for applications in distributed renewable energy. With this collaboration, Eaton has incorporated its smart power management technology, such as its EV chargers and smart circuit breakers, with the LG power management solutions and LG ThinQ Energy mobile app to facilitate power management load.
- In September 2020, GENERAL ELECTRIC came into a contract with BKK, a Norwegian power company, to employ its virtual solutions of Asset Performance Management (APM) to back the digital evolution of BKK. Post the implementation, BKK used Asset Performance Management (APM) of GENERAL ELECTRIC under an agreement of an initial five-year license to boost the digital transformation of operations and maintenance practices of BKK across a fleet of 30 hydroelectric power stations with the capacity of 1.6 GW.
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Given below are the key players active in the utility asset management industry
- General Electric
- ABB
- Eaton
- Siemens
- DNV GL
- Aclara Technologies
- Sentient Energy
Key Market Segmentation
By Type:
- Public Utility
- Private Utility
By Component:
- Hardware
- Software
- Services
By Application:
- Electric
- Substations
- Transformers
- Transmission and Distribution Lines
- Gas
- Water
By Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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