The worldwide utility asset management market According to FMI’s estimate, during the course of the forecast period, the worldwide utility asset management market is expected to grow at a CAGR of 5.8%. By the end of 2033, the market size for the sector is projected to increase from US$ 4.9 billion in 2023 to US$ 8.61 billion.
The increasing energy consumption, which is being fuelled by the expansion of residential and commercial infrastructure around the world, is expected to have a significant impact on the utility asset management sector.
Additionally, more governments from developing and developing economies around the world are beginning to recognise the importance of utility asset management. The answer is a calculated infrastructure investment that will help maintain the electricity grid network over the long run and reduce losses brought on by irregular servicing and maintenance.
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It is anticipated that the continuing expansion of sectors including the chemical, automotive, petrochemical, and fertiliser industries will increase demand for power and necessitate efficient upkeep of several electrical grid components.
Additionally, it is anticipated that over the course of the forecast period, players in the utility asset management industry will have plenty of opportunities in regions with low utility asset management system penetration, 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 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.
On the basis of 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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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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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