Industry Background:
Utility asset management is the system that helps in the classification of information like financials, maintenance, data-driven standpoint, and other operations related to the utility industry. The use of system and software automates the asset management delivering required service, various utilities use asset management for achieving sustainable infrastructure along with operational efficiency. With the digitalization in utility asset management, a predictive maintenance programme can be applied for minimising the downtime and mainly disruption caused to the consumer.
According to AMA Research, the market for Utility Asset Management is expected to register a CAGR of 5.8% during the forecast period to 2030. This growth is primarily driven by Growing Utilities Industry Globally
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as IBM (United States), General Electric Company (United States), S&C Electric Company (United States), Emerson (United States), ABS Group (United States), Aclara Technologies LLC (United States), ABB (Switzerland), CNIguard (United Kingdom), VertexOne (United States), Baker Hughes Company (United States), Comparesoft (United Kingdom), Innovapptive (United States) and GETAC (Taiwan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 18th February 2021, Baker Hughes has announced it is acquiring ARMS Reliability, a leading global provider of reliability solutions to some of the world’s largest industrial companies across a wide range of industries including mining, oil and gas, power, manufacturing, and utilities. The acquisition deepens Baker Hughes’ industrial asset performance management (APM) capabilities and will expand the company’s industrial asset management offerings.
In October 2023, Eaton launched its xEnergy Advanced Metering Gateway, a next-generation smart meter that enables advanced grid management capabilities.The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Influencing Trend:
The Expansion in Smart Grid and Clean Power Plan Programmes and The popularity of Integration of Utility Asset Management in Water and Wastewater Industry
Market Growth Drivers:
Growing Utilities Industry Globally and Demand for the Digital Solution in Utility Asset Management to Implement the Predictive Maintenance Plan and Provide Effective Usage Monitoring
Challenges:
Technical Problems Involved in the Utility Asset Management
Restraints:
Complexities Involved in the Utility Asset Management
Opportunities:
Rising Regulatory and Environment Pressures will Boost the Utility Asset Management and Research and Development in Predictive Maintenance Activities used in Utility Asset Management
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Utility Asset Management Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Utility Asset Management Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Utility Asset Management players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Utility Asset Management Study Sheds Light on
The Utility Asset Management Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Utility Asset Management industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Utility Asset Management industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.