Portland, OR , March 01, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global utilities asset management market generated $4.3 billion in 2021, and is projected to reach $12.4 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4.3 billion |
| Market Size in 2031 | $12.4 billion |
| CAGR | 11.3% |
| No. of Pages in Report | 330 |
| Segments Covered | Component, utility type, application, and region. |
| Drivers | Increase in demand for energy. |
| Rise in need for efficient and reliable energy. | |
| Opportunities | Increase in the adoption of innovative technologies such as IoT and AI for better insights. |
| Persistent technological advancements. | |
| Restrains | Extortionate cost of implementation of asset management. |
| Limited skilled workforce. |
COVID-19 Scenario:
- The outbreak of COVID-19 pandemic has had a negative impact on the growth of the global utilities asset management market, owing to the strict implementation of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, large trading houses, and processing plants in various industries, which negatively impacted the growth of the global industry. In addition, there was a shortage of workforce which further aggravated the impact on the market across the globe.
- Besides, significant drop in power sales in the commercial sector during the pandemic additionally impacted the growth of the global market.
- However, the market is expected to grow rapidly after the pandemic, owing to rise in adoption of remote working and automation of process in the utility sector across the globe.
The report offers detailed segmentation of the global utilities asset management market include component, utility type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on component, the hardware segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The software segment, on the other hand, is expected to cite the fastest CAGR of 13.0% during the forecast period.
Based on utility type, the public utilities segment held the dominating market share in 2021, holding nearly four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The private utilities segment, on the other hand, is expected to cite the fastest CAGR of 12.7% during the forecast period.
Based on application, the transmission & distribution lines segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The sub-station segment, on the other hand, is expected to cite the fastest CAGR of 12.3% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 13.3% during the forecast period.
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The key players analyzed in the global utilities asset management market report include ABB Ltd., Black & Veatch., Cniguard Ltd., DNV GL, Enetics, Inc., EnrichAI, IBM Corporation, IFS, InPipe Energy, Microsoft Corporation, Netcontrol Oy, Neuroflux, Oracle corporation, Platoi, Schneider Electric, Siemens AG, and Vigti.
The report analyzes these key players in the global utilities asset management market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
