Utility Asset Management Market

Utility Asset Management Market

Growth Factors of Utility Asset Management Market

The utility asset management market size was valued at USD 4.84 billion in 2023, and the market is now projected to grow from USD 5.08 billion in 2024 to USD 8.27 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2024-2032.

COVID- 19 pandemic has tremendously affected the global utility asset management market growth, as numerous state-owned and privately operated utilities have been scarred. The demand for utility assets received a considerable depression across the commercial and industrial sectors.

The increasing amount of sudden power failures across different countries, owing to factors such as abrupt grid problems, faults in transmission & distribution lines, weather problems, natural disasters, and many others, is projected to propel the utility asset management industry. Many governments in both emerging countries worldwide increasingly view utility asset management as a strategic investment to upgrade infrastructure, which will focus on maintaining its long-term power grid and help to minimize losses due to lack of regular maintenance and service

Various administrations have introduced substantial electrification objectives for distant places unveiling immense opportunities for the UAM market size. Continuous plans to extend electricity supply to remote sites are anticipated to initiate a multi-fold increase in the setup of new transmission & distribution lines along with integrating modern electrical systems for efficient grid connections which surges the utility asset management market growth.

Comprehensive Analysis of Utility Asset Management Market

The market can be segmented in various ways depending on the focus of study such as by type, by component and by application. By type, the market is bifurcated into public utility and private utility. By component, the market is trifurcated into software, hardware, and services. Based on application, the market is trifurcated into electric, gas, and water.

North America region is dominating the utility asset management market share due to deregulation of the electric industry. The deregulation of the power sector in various nations has facilitated many private organizations to achieve their strategic goals to reduce the cost of electricity to end consumers and to have minimum losses by monitoring & tracking their networks regularly.

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and growing market share by merger, partnerships and others. These players include General Electric (U.S.), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), DNV GL (Norway), Aclara Technologies (U.S.), Sentient Energy (U.S.) ,IBM (U.S.), Hitachi Energy (Switzerland), Black & Veatch (U.S.), ABS Group (U.S.), Schneider Electric (France), IFS (Sweden), Getac (Taiwan), Fujitsu (Japan) ,Lindsey Manufacturing (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In February 2022, Eaton Corporation partnered with L.G. Electronics to provide flexible load management for distributed renewable energy applications. Through this collaboration, Eaton Corporation has integrated its smart power management technology, including its smart circuit breakers and E.V. chargers, with the LG ThinQ Energy mobile app and L.G. power management solutions to simplify power management Load.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.3% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

- Private Utility

- Public Utility

By Component

- Software

- Hardware

- Services

By Application

- Electric

- Transformers

- Substations

- Transmission & Distribution Lines

- Gas

- Water

By Geography

- North America (By Type, By Component, By Application, By Country)

- U.S. (By Application)

- Canada (By Application)

- Europe (By Type, By Component, By Application, By Country)

- U.K. (By Application)

- Germany (By Application)

- France (By Application)

- Italy (By Application)

- Spain (By Application)

- Russia (By Application)

- Rest of Europe (By Application)

- Asia Pacific (By Type, By Component, By Application, By Country)

- China (By Application)

- India (By Application)

- Japan (By Application)

- Australia (By Application)

- South East Asia (By Application)

- Rest of Asia Pacific (By Application)

- Latin America (By Type, By Component, By Application, By Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America (By Application)

- Middle East & Africa (By Type, By Component, By Application, By Country)

- GCC (By Application)

- South Africa (By Application)

- Rest of Middle East and Africa (By Application)