Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Global Utilities Asset Management Market Size, Share & Industry Trends Analysis Report by Component, Utility Type, Application (Transmission & Distribution Lines, Sub-station, and Others), Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Utilities Asset Management Market size is expected to reach $8.4 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.
Market Growth Factors
Augmentation of Energy Demand
Rising energy consumption, resulting from fast urbanization and population growth has led to a dramatic increase in energy demand. This has necessitated the development of innovative strategies and procedures capable of boosting output with the same resources. In the coming decades, energy consumption is predicted to expand dramatically. This is mostly due to the predicted rise of the population, as well as the economic and industrial expansion of developing nations like China and India.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
Adoption of Cutting-Edge Technologies Including IoT
IoT's network of interconnected gadgets is transforming how the public interacts, lives, and works. IoT may deliver practical benefits everywhere, from wearables and inventory management to linked machinery. IoT may aid in automating and streamlining monotonous, repetitive operations like assignment, scheduling, and reporting. Utility companies invest a substantial amount of time, money, and energy in routine inspections to prevent mistakes and breakdowns.
Market Restraining Factors
Lack of high capital requirements and technically skilled personnel.
The capital-intensive nature of the power sector for investments in cutting-edge technology and the significant risks associated with operational maintenance can inhibit market expansion. In the utility asset management business, a dearth of qualified workers and inadequate compensation packages might discourage potential applicants. Such elements that might have a detrimental influence on system operations and efficiency can represent a threat to market expansion.
Component Outlook
On the basis of Components, the Utilities Asset Management Market is divided into Hardware and Software. The hardware segment procured the largest revenue share in the utilities asset management market in 2021. Any actual, physical corporate technology asset, including those in operation, those in storage, and support equipment, is categorized as a hardware asset. The sole emphasis of hardware asset management is the primary element of information technology.
Hardware Outlook
Based on the Hardware, the Utilities Asset Management Market is fragmented into Sensors, Cameras, and Others. The sensor segment garnered the highest revenue share in the utilities asset management market in 2021. Utilities increasingly utilize GIS for the digital mapping of their assets, such as water, wastewater, storm drain, electricity, and other vital infrastructure.
Utility Type Outlook
By Utility type, the Utilities Asset Management Market is classified into Public Utility and Private Utility. The private utility segment witnessed a substantial revenue share in the utilities asset management market in 2021. A public utility company is an entity that maintains the infrastructure for public services. Public utilities are susceptible to forms of public oversight and regulation ranging from community-based organizations to government monopolies at the state level.
Application Outlook
Based on the Application, the Utilities Asset Management Market is segmented into Transformer, Sub-Station, and Transmission & Distribution Lines. The transformer segment acquired the highest revenue share in the utilities asset management market in 2021. Electric power transmission is the transportation of large quantities of electrical energy from a producing location, such as a power station, to an electrical substation. The network of interconnecting wires that facilitates this transmission is known as a transmission system.
Regional Outlook
Region-wise, the Utilities Asset Management Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a promising growth rate in the utilities asset management market in 2021. It is due to several causes, including a growth in the digitization of the utility industry and the deployment of IoT sensors in that sector.
The Cardinal Matrix - Utilities Asset Management Market Competition Analysis
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunner in the Utilities Asset Management Market. Companies such as ABB Group, Schneider Electric SE, Eaton Corporation are some of the key innovators in Utilities Asset Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., ABB Group, Siemens AG, Eaton Corporation, IBM Corporation, Schneider Electric SE, Fujitsu Limited, IFS AB, Getac Technology Corporation and S&C Electric Company .
Strategies Deployed in Utilities Asset Management Market
- Aug-2022: Siemens Smart Infrastructure completed the acquisition of Brightly Software, a leading U.S.-based software-as-a-service. This acquisition advances SI to a foremost standing in the software market for facilities and built infrastructure.
- Jul-2022: IFS acquired Ultimo Software Solutions, the Netherlands-based provider of cloud Enterprise Asset Management. Under this acquisition, ULTIMO strengthens the IFS Cloud EAM portfolio with a verified track record of providing faster time to value within the enterprises they serve and delivering an EAM point solution broadly accredited for its quick deployment and comfort of use.
Scope of the Study
By Component
- Hardware
- Sensors
- Cameras
- Others
- Software
- Services
By Utility Type
- Public Utilities
- Private Utilities
By Application
- Transmission & Distribution Lines
- Sub-station
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- ABB Group
- Siemens AG
- Eaton Corporation
- IBM Corporation
- Schneider Electric SE
- Fujitsu Limited
- IFS AB
- Getac Technology Corporation
- S&C Electric Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $4064 Million |
| Forecasted Market Value (USD) by 2028 | $8375 Million |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Utilities Asset Management Market by Component
Chapter 5. Global Utilities Asset Management Market by Utility Type
Chapter 6. Global Utilities Asset Management Market by Application
Chapter 7. Global Utilities Asset Management Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/x1qi6w
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