About Utility Asset Management
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
CAGR | 5.8% |
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. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Utility Asset Management market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Utility Asset Management market by Type (Hardware and Software), Application (Transformer, Sub-Station, Transmission & Distribution Lines and Others) and Region.
On the basis of geography, the market of Utility Asset Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Internet of Things will boost the Utility Asset Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Asset, the sub-segment i.e. Buildings will boost the Utility Asset Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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
Market Leaders and their expansionary development strategies
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.
Key Target Audience
Utility Asset Management Providers, Utility Asset Management Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.