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

NEW YORK, Nov. 23, 2022 /PRNewswire/ -- 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.

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Utility asset management helps electric utilities to manage vital assets by keeping track of their age, consumption, and maintenance history, among other characteristics. Asset performance management (APM) improves asset management by using data analytics, condition monitoring, and predictive maintenance to facilitate better operational choices. With an APM-capable utility asset management system, the danger of equipment failure is decreased while equipment life is maximized. The outcomes include increased efficiency, lower emissions, and cheaper costs, with optimum uptime and service dependability for end customers.

Facilitates of technical asset management and predictive maintenance, enabling businesses to optimize corporate data gathering, analysis, and operations for enhanced dependability and regulatory compliance. This enables better data management and access to a single source of truth for asset data.

Cascade facilitates data accessibility and interpretation for all parties while decreasing administrative burden. Substation asset management involves the operation, maintenance, and administration of substation assets, including transformers and circuit breakers. An engineer responsible for substation asset management must ensure that substation assets are properly managed to achieve the highest levels of system dependability at the lowest cost.

These objectives are often attained through condition-based maintenance, predictive maintenance, and asset lifecycle planning. It provides asset managers and substation asset management engineers with technology that integrates asset condition data with real-time operational data to enable a condition-based maintenance strategy.

COVID-19 Impact Analysis

Several nations have been seriously damaged as a direct result of the fast spread of COVID-19, which is a global calamity. The viral infection has been combated and its human-to-human transmission has been minimized by several governments, who have adopted strict measures, including the suspension of industrial and commercial operations, to do so. As a direct result of this, the business of utility asset management has also been greatly harmed as a result of the instability that has occurred worldwide. In addition, the stoppage of heavy-duty end-user operations, such as manufacturing industries and production facilities, as well as the temporary closure of big commercial buildings, has resulted in an unprecedented drop in the amount of electricity that is being consumed.

Market Growth Factor

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.

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 Factor

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 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.

Jun-2022: GE Digital introduced a new Accelerator product line to quickly configure its Asset Performance Management (APM) and another suite. The GE Digital Accelerators are developed to facilitate more rapid time to value, scale APM to a broad range of assets, and aid enterprises achieve financial value at both their buildings and across the industry.

Jun-2022: Siemens AG introduced Siemens Xcelerator, an open digital business platform. The Siemens Xcelerator accelerates digital transformation and value creation for consumers of all sizes in the industry, grids, buildings, and mobility. Additionally, Siemens Xcelerator contains a curated offering of internet of things (IoT) allowed hardware, software, and digital services from within Siemens and certified third parties, a growing ecosystem of partners, and an evolving marketplace to promote transactions and interactions between consumers, associates, and developers.

Jan-2022: Schneider Electric completed the acquisition of Seigo, a start-up climate-tech platform. Through this acquisition, the company aimed to improve its digital abilities in energy, sustainability, and environmental commodity conferring. Additionally, the acquisition would complete Schneider Electric’s offering of clean energy solutions and services and promote the organization’s digital energy transformation initiatives.

Dec-2021: GE Digital completed the acquisition of Opus One Solutions Energy Corporation, a software company. Through this acquisition, the company aimed to integrate Opus One’s renewable energy planning abilities with GE Digital’s network management and optimization offering would permit utilities to drive decisions about how to combine renewables and Distributed Energy Resources at ranking across the electric grid.

Dec-2021: GE’s Grid Solutions signed an agreement with Fujitsu, a foremost Japanese global information. This partnership would provide GE’s OEM expertise in grid asset performance management with Fujitsu’s systems management, development, and operations services, to deliver T&D utilities complete support in developing and managing their digitalization projects.

Oct-2021: ABB introduced the Genix management system for industrial equipment. The Genix Asset Performance Management portfolio provides next-era AI-based predictive asset dependability, supervision, and integrity insights to operation and utility industries. Additionally, Genix APM is defined as an enterprise-grade application to monitor help, define maintenance activities, enhance equipment utilization, and sustain lifecycle analysis and capital planning.

Jan-2021: Eaton took over Tripp Lite, a foremost supplier of power quality products and connectivity solutions. This acquisition would improve the range of edge computing and distributed IT product offerings and develop a single-phase UPS industry.

Nov-2020: IFS took over Clevest Solutions, the foremost provider of mobile workforce management. Through this acquisition, Clevest extends IFS’s administration in service management solutions as it strengthens its focus on operating service experience. Moreover, Clevest is a perfect addition to IFS with its established utility domain expertise, market-leading abilities, and unique international blue-chip client bases.

Scope of the Study

Market Segments covered in the Report:

By Component

• Hardware
o Sensors
o Cameras
o Others
• Software
• Services

By Utility Type
• Public Utilities
• Private Utilities

By Application
• Transmission & Distribution Lines
• Sub-station
• Others

By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• 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

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