Utility asset management is an approach by utility providers for keeping costs low while providing seamless services to residential and commercial areas. The power outages during natural calamities and new practices for the maintenance for electrical grid networks are likely to drive its adoption.
The utility asset management market size report by Market Research Future (MRFR) contains insights on new policies on power distribution amid rapid urbanization and the growing population. It comprises predictions for the period of 2024 to 2032 (forecast period).
Market Scope
The utility asset management market Size is anticipated to grow at 9.90% CAGR during the forecast period.
Rapid pace of new technologies and their integration into new system designs pose as major challenges for the market. The deregulation of the electricity industry and focus of utility companies to increase uptime and lower costs can drive market growth. Expansion of smart grids and reliance on internet of things (IoT) for secure and faster distribution of power across allocated blocks can bode well for the market. Rollout of environment-friendly policies and transition of governments from coal-based power plants to renewable can be an indicator of the large scope for the utility asset management market Size.
The need for utility asset management systems which can consolidate and monitor all major operations for maximum efficiency and performance can fuel the market growth. Replacement of legacy infrastructure and reliance on distributed energy sources are other growth enablers which can bolster the market demand among utility companies.
Competitive Outlook
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- S & C Electric Company (U.S.)
- Sentient Energy Inc. (U.S.)
- Aclara Technologies LLC (U.S.)
- Emerson Electric Co. (U.S.)
- Enetics Inc. (U.S.)
- Lindsey Manufacturing Co. (U.S.)
- Netcontrol Oy (Finland)
- Cniguard Ltd. (U.K.)
- Vaisala OYJ (Finland)
Segmentation
The utility asset management market Size has been segmented by application, component, and utility type. Based on applications, the market has been segmented into transmission & distribution lines, transformer, and sub-station. Among these, the substation is projected to dominate the utility asset management market till 2023. This can be attributed to the rising distribution substations and growing urbanization globally.
Based on component, the market has been divided into hardware and software. Hardware dominated the market in 2016, and is projected to be the fastest-growing material type. The sensors in hardware which provide accurate data on various parameters such as, voltage, heat, current, temperature, and frequency can propel the segment growth. The data provided by sensors are used by equipment /component management systems to perform a regular checkup of systems.
Based on the utility type, the market has been segmented into public utility and private utility. Public utility dominated the market in 2016 and is projected to be the fastest-growing type over the next five years due to increasing investments in grid modernization and requirement for energy efficiency. Maintenance of substations and transmission & distribution lines for ensuring a steady power supply can induce the need for utility asset management software. Countries from India and China and their approach in modernizing public infrastructure can fuel the market growth.
Regional Analysis
By region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to grow at the highest CAGR over the forecast period, with China taking the lead followed by India and Japan. Rising population with tremendous energy demand has resulted in phenomenal growth for electrical infrastructure in the region and subsequently resulted into growth for utility asset management market. On the other hand, North America can also command a hefty share of the market owing to efforts of grid modernization.
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