Utility Asset Management Market

Utility Asset Management Market Size (2024-2029):

The Global Utility Asset Management Market was worth USD 5.17 billion in 2023 and is anticipated to reach a valuation of USD 8.48 billion by 2029, and is predicted to register a CAGR of 10.41% from 2024 - 2029.

Market Trends:

UAM provides detailed equipment diagnostics, and real-time data provides a true picture of equipment condition and minimizes the risk of failure using predictive and preventive maintenance approaches. The hardware segment is predicted to be one of the main contributors to market expansion. The transformer applications segment is predicted to have one of the largest market shares in the market as it is the most important asset in the network.

Market Drivers

Deregulation of the electricity industry is a driving force behind the development of new technologies and new markets for the transmission of electricity. Utilities focus on the costs of building new transmission and distribution (T&D) systems or extending the grid to emerging communities. To maintain profitability, utilities have lowered their strategic goals to lower the cost of electricity for customers, ensure high environmental and occupational health standards, improve service quality, and better safety measures for personnel and equipment. Escalating energy consumption supported by the growing number of commercial and residential infrastructures around the world is predicted to increase the expansion of the global utility asset management market in the coming years. Apart from this, there has been a rapid increase in the deployment of various new power generation techniques capable of meeting the escalating call for energy.

Market Restraints:

The lack of availability of skilled workers with the proper technical knowledge to install complicated hardware and equipment can reduce the call for utility asset management.

Market Opportunities:

The global utility asset management market is predicted to experience phenomenal expansion over the foreseen period. This is due to the tremendous expansion of the power sector coupled with the demographic boom and growing call for energy that has driven the utility asset management market in various regions. The expansion is primarily attributable to the gradation of the aging of the utility infrastructure and rising investments in distributed generation and related government regulations, which are predicted to continue over the anticipated years.

Market Challenges:

The high cost associated with implementing monitoring and surveillance systems is likely to hamper the utility asset management market during the foreseen period.

Market Key Developments:

• Apana has introduced the first online data set of commercial water incentives, programs, and discounts. For firms that consume huge volumes of water, this free resource is made to assist in reducing the initial price of water efficiency technologies that optimize and decrease water employment and comply with regulations. water world
• UESI introduces the utility infrastructure asset management division. UESI's fifth division was established to advance and disseminate knowledge related to holistic asset management of the lifecycle of utility infrastructure that will ensure resilience and sustainability.

UTILITY ASSET MANAGEMENT MARKET REPORT COVERAGE:

Market Segmentation:

Utility Asset Management Market - By Offering:

• Solution
• Service

Depending on the type of service, the managed services segment is predicted to grow at the fastest CAGR during the foreseen period.

Utility Asset Management Market - By Enterprise:

• Large enterprises
• SMEs

The small and medium-sized enterprises (SMEs) category is predicted to record faster expansion in the enterprise asset management market during the outlook period. This is mainly due to the promotion of competitiveness in the industrial landscape, where SMEs expand their scope of expansion by taking advantage of many technologies in development, on a worldwide scale.

Utility Asset Management Market - By Deployment:

• On-premises
• Cloud

The local implementation of this software provides better organizational control and data security because the software is installed on the company's computers and servers.

Utility Asset Management Market - By Vertical:

• Energy and Utilities
• Manufacturing
• Healthcare and Life Sciences
• Transportation & Logistics
• IT & Telecom
• Government and Defense
• Oil & Gas

The manufacturing category had the largest share of the utility asset management market in 2019. This was mainly due to the rising rate of digitization of the manufacturing industry, with an increase in spending on infrastructure and an increase in customer call for personalized products.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia Pacific region is predicted to experience expansion with the highest CAGR from 2022 - 2027, where China was the largest market domestically, followed by India and Japan. Escalating population coupled with a huge expansion in energy call has resulted in a phenomenal expansion in electrical infrastructure in the region and subsequently in the expansion of the utility asset management market. Geographically, North America generated $ 1.37 billion in revenue in 2021. It is predicted to maintain its dominant position in the coming years due to the presence of favorable regulatory policies in the locale. At the same time, escalated utility spending, positive green energy prospects, and the presence of several well-known utility asset management companies in the region would support expansion. On the other hand, Europe is supposed to show substantial expansion in the near future, driven by escalating financial support from regulators to reduce emissions.

North America is likely to be one of the largest markets for utility asset management, followed by Asia Pacific (APAC). The strong expansion in these regions is attributed to augmented industrialization and urbanization, escalated improvement in public service infrastructure, and rising capacity for renewable energy generation. Expansion in countries like India, Japan, and China is further driving the overall market in the Asia Pacific area.

Market Key Players:

The key players in the global Utility Asset Management Market are

1. ABB Ltd. (Switzerland)
2. Siemens AG (Germany)
3. General Electric Company (U.S.)
4. S & C Electric Company (U.S.)
5. Sentient Energy, Inc. (U.S.)
6. Aclara Technologies LLC (U.S.)
7. Emerson Electric Co. (U.S.)
8. Enetics Inc.  (U.S.)
9. Lindsey Manufacturing Co. (U.S.)
10. Net control Oy (Finland)
11. Cniguard Ltd. (U.K.)
12. Vaisala OYJ (Finland)