According to FMI’s estimate, over the forecast period, the global market for utility asset management market is expected to grow at a CAGR of 5.8%. Market size for the sector is projected to increase from US$ 4.9 billion in 2023 to US$ 8.61 billion by 2033’s end.
The increased global energy consumption caused by the expansion of infrastructure for homes and businesses is expected to influence the utility asset management sector. Additionally, more governments from developing and developing economies around the world are beginning to recognize the need for 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 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
Table of Content
1. Executive Summary | Utility Asset Management Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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About Future Market Insights, Inc.
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 based on Source, Application, Sales Channel, and End Use over the next 10 years.
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