New York, US, May 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Utility Asset Management Market Information by Utility Type, Component, Application, and Region - Forecast till 2030”, Utility Asset Management Market could thrive at a rate of 9.9% between 2022 and 2030. The market size will be reaching around USD 7.34 Billion by the end of the year 2030
Utility Asset Management Market Overview
Utility Asset Management refers to the process of managing and maintaining the assets owned by utilities, such as power plants, electrical grids, water and wastewater treatment plants, and other critical infrastructure. Utility asset management involves identifying, monitoring, and maintaining the assets to ensure they are functioning optimally, efficiently, and safely.
Utility Asset Management is used to prevent system failures, extend the life of assets, and reduce maintenance costs. It helps utilities to prioritize asset replacement and maintenance based on the asset's criticality and the risks associated with its failure. The process involves the use of various technologies such as sensors, Internet of Things (IoT) devices, and analytics software to monitor the asset's health, predict its remaining life, and schedule maintenance accordingly.
Market Competitive Landscape:
The affluent companies in the Utility Asset Management industry include
- General Electric Company
- Siemens AG
- ABB Ltd
- Emerson Electric Co
- Schneider Electric SE
- Hitachi, Ltd
- S&C Electric Company
- Oracle Corporation
- IBM Corporation
- CGI Group Inc
- Among others.
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May 2021
ABB Group launched ABB Ability Asset Vista Condition Monitoring, a software solution that uses artificial intelligence to predict and prevent asset failure. The solution provides real-time data analytics and insights into the health and performance of critical assets, enabling utilities to make informed decisions about maintenance and replacement.
Utility Asset Management Market USP Covered:
Market Drivers:
The increasing demand for energy-efficient infrastructure is one of the significant driving factors for the utility asset management market. With the growing global population and economic development, energy consumption is increasing rapidly, leading to a surge in carbon emissions and environmental concerns. To mitigate this, utility companies are increasingly investing in energy-efficient infrastructure to reduce their carbon footprint and meet energy demands sustainably. Utility asset management plays a crucial role in this by providing real-time monitoring, analysis, and optimization of energy consumption, enabling companies to minimize energy wastage and optimize their energy usage.
Another driving factor for the utility asset management market is the need for a reliable and secure power supply. The increasing frequency and intensity of natural disasters, such as hurricanes, earthquakes, and wildfires, pose a significant threat to utility infrastructure, leading to power outages and downtime. Utility asset management solutions help mitigate these risks by providing predictive maintenance and real-time monitoring of infrastructure, enabling companies to proactively identify potential failures and prevent downtime. This ensures a reliable and secure power supply to end-users, enhancing customer satisfaction and loyalty.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 7,340 Million |
| CAGR during 2022-2030 | 9.9% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Component, and Utility Type |
| Key Market Opportunities | An integrated approach to Big Data Analytics and Artificial Intelligence (AI) to complement industry outlooks |
| Key Market Drivers | The growing use of software package analytics for grid improvement |
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Market Restraints:
The Utility Asset Management Market faces several restraints that hinder its growth and adoption. One of the significant restraints is the lack of a skilled workforce and the high cost of implementing asset management solutions. Many utilities lack the technical expertise to implement and maintain complex asset management solutions, which can lead to suboptimal utilization of assets and higher maintenance costs.
The cost of implementing asset management solutions can also be a significant barrier for some utilities, especially in developing regions. The initial cost of implementing asset management solutions can be high, and many utilities may not have the necessary budget to invest in these solutions. Additionally, the lack of a standardized approach to asset management can make it challenging for utilities to select and implement the right solutions that meet their specific needs.
Utility Asset Management Market COVID 19 Analysis
The COVID-19 pandemic has impacted the Utility Asset Management Market, with supply chain disruptions and economic uncertainty leading to a slowdown in the market's growth. However, the post-COVID-19 scenario is expected to see a resurgence in the market due to the increasing demand for energy-efficient infrastructure and the need for a reliable and secure power supply.
Market Segmentation
By Utility Type
The Utility Type in the market includes Public Utility and Private Utility.
By Component
The Component in the market includes Hardware and Software.
By Application
The Application in the market includes Transformer, Sub-Station, Transmission, and Distribution Lines.
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Utility Asset Management Market Regional Insights
North America is the largest market for Utility Asset Management due to the region's high adoption of smart grid technologies and digital infrastructure. The Asia-Pacific region is expected to witness significant growth in the market due to the rising investments in renewable energy sources and the growing focus on energy efficiency. Europe is also expected to witness significant growth in the market due to the region's high adoption of smart grid technologies and the increasing investments in renewable energy sources.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
