Utility Asset Management Market Analysis:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Utility Asset Management Market is expected to reach approximately USD 7,340 Million, registering a CAGR of 9.9% from 2022 to 2030.
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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 global utility asset management market.
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.
Segmentation
The global utility asset management market 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.
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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.
Competitive Outlook
Netcontrol Oy, Siemens AG, Cniguard Ltd., Enetics Inc., S C Electric Company, Aclara Technologies LLC, Lindsey Manufacturing Co., General Electric Company, Emerson Electric Co., Sentient Energy, Inc., Vaisala OYJ, and ABB Ltd. are key players of the global utility asset management market.
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