The Global Utility Asset Management Market was valued at USD 2.62 billion in 2016 and is projected to reach USD 5.37 billion by 2025, growing at a CAGR of 8.29% from 2017 to 2025.
Asset management refers to any system that monitors and maintains things of value to an entity or group. Asset management provides utility managers and decision-makers with critical information on capital assets and timing of investments. Benefits of utility asset management includes – improved regulatory compliance, more meaningful financial reporting, improved reliability, long term system integrity, cost savings, and improving the security and safety of assets.
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1. Market Drivers
1.1 Increasing use of software analytics in smart grid optimization
1.2 Need for maximizing the reliability and resiliency of the power network
1.3 Rising investments in distributed generation and related government regulations
1.4 Advancements in aging utility infrastructure
2. Market Restraints
2.1 Issues related with new technology implementation
2.2 High capital requirement by sensor technology
The Global Utility Asset Management Market is segmented on the utility type, component, application, and region.
1. Utility Type:
1.1 Private Utility
1.2 Public Utility
2. By Component:
3. By Application:
3.2 Transmission & Distribution Line
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Siemens AG
2. S&C Electric Company
3. Aclara Technologies LLC
4. Enetics Inc.
5. Netcontrol OY
6. Vaisala OYJ
7. ABB Ltd
8. General Electric Company
9. Sentient Energy, Inc.
10. Emerson Electric Co.
11. Lindsey Manufacturing Co.
12. Cniguard Ltd
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Utility Asset Management Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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