Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- The global utility asset management market size was USD 4.45 billion in 2021. The market is expected to grow from USD 4.63 billion in 2022 to USD 6.88 billion by 2029 at a CAGR of 5.8% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Utility Asset Management Market, 2022-2029.”
Market Drivers & Restraints:
Growing Efforts to Favor Market Growth by Combating an Increasing Number of Unexpected Long Power Outages
The global market is expected to grow as a result of the rise in unexpected power outages that are occurring in different countries due to a variety of causes, including sudden grid issues, transmission and distribution line faults, weather-related issues, natural disasters, and many others. Utility asset management is increasingly viewed by many governments in emerging nations as a strategic investment in infrastructure improvement that will focus on preserving its long-term power grid and assist minimize losses brought on by a lack of regular maintenance and servicing.
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Utility Asset Management Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 6.88 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 4.45 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 277 |
| Segments covered | Utility Asset Management Market Size, Share & COVID-19 Impact Analysis, By Type (Public Utility, Private Utility), By Component (Software, Hardware, Services), By Application (Electric {Transformers, Substations, Transmission & Distribution System}, Gas, Water) And Regional |
| Growth Drivers | Growing Efforts to Favor Market Growth by Combating an Increasing Number of Unexpected Long Power Outages |
| Partnerships among Companies to Secure their Brand Values in the Global Market |
COVID-19 Impact:
Supply Chain Issues Caused by COVID-19 Pandemic will Restrain Market Expansion
Every nation has been strangely impacted by the global crisis that the COVID-19 outbreak has caused. The interruption of supply chains during economic downturns is considered as a key hurdle for obtaining financing for new firms. Additionally, due to the pause in operations, leading players active in the global Utility Asset Management (UAM) market saw a decline in revenue for the year ending December 31, 2020 compared to the same time in 2019.
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Segmentation of Report:
Private Utility Segment to Dominate the Market Owing to its Wide Range of Electricity Networks
By type, the market is bifurcated into public utility and private utility. The private utility segment held the major share in 2021 and is expected to dominate during the forecast period.
Software Segment is Leading the Global Market Due to its Wide Adoption in Utilities Sector
By component, the market is trifurcated into software, hardware, and services. The software segment dominated the market in 2021, owing to the mounting requirement for remote and mobile detection, inspection, and diagnostic tools in vast networks.
Growing Demand Backs Electric Utility Segment for Transmission & Distribution’s Predictive Maintenance
Based on application, the market is trifurcated into electric, gas, and water. The electric segment dominated the market in 2021 with a major market share and is expected to hold the majority utility asset management market share during the forecast period.
The market has been analyzed geographically across five main regions, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
North America to Lead Backed by Strategic Motive to Reduce Electricity Cost
In 2021, North America dominated the global market for utility asset management. The market in the region is anticipated to be driven by factors, including the deregulation of the electric industry. Many private organizations have been aided to realize their strategic objectives to lower the cost of electricity to end users due to the deregulation of the power sector in many different countries.
Additionally, Asia Pacific also held a substantial portion of the market in 2021. The upgrading of power distribution and transmission infrastructure through the installation of automated monitoring and tracking systems is one of the reasons influencing the growth of the UAM market.
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Competitive Landscape:
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Key Industry Development:
February 2022: Flexible load management for distributed renewable energy applications is now available due to a collaboration between Eaton Corporation and L.G. Electronics. In order to streamline power management, Eaton Corporation integrated its smart power management technology by including smart circuit breakers and E.V. chargers, with the LG ThinQ Energy mobile app and L.G. power management solutions.
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A List of Key Manufacturers Operating in the Global Market:
- General Electric (U.S.)
- ABB (Switzerland)
- Eaton (Ireland)
- Siemens (Germany)
- DNV GL (Norway)
- Aclara Technologies (U.S.)
- Sentient Energy (U.S.)
- IBM (U.S.)
- Hitachi Energy (Switzerland)
- Black & Veatch (U.S.)
- ABS Group (U.S.)
- Schneider Electric (France)
- IFS (Sweden)
- Getac (Taiwan)
- Fujitsu (Japan)
- Lindsey Manufacturing (U.S.)
Utility Asset Management Market Segmentation:
By Type:
- Private Utility
- Public Utility
By Component:
- Software
- Hardware
- Services
By Application:
- Electric
- Gas
- Water
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Key Developments: Mergers, Acquisitions, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Regulatory Landscape
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Utility Asset Management Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Utility Asset Management Market Analysis (USD Billion), Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Public Utility
6.2.2. Private Utility
6.3. Market Analysis, Insights and Forecast – By Component
6.3.1. Software
6.3.2. Hardware
6.3.3. Services
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1. Electric
6.4.1.1. Transformers
6.4.1.2. Substations
6.4.1.3. Transmission & Distribution Lines
6.4.2. Gas
6.4.3. Water
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1.North America
6.5.2.Europe
6.5.3.Asia Pacific
6.5.4.Latin America
6.5.5.Middle East & Africa
Continued….
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