Utility Asset Management Market Analysis:
In-depth examination of the current & future trends, market expansions, regional conditions, market size, growth drivers, limitations, and key players overview along with their business details. Reported historical data from 2017 to 2022 and makes available the forecast data from the year 2023 to 2032 which is based on their revenue status. This Study provides global markets improvement trends, hostile vision assessment, key region developments, policies, plans are discussed, and manufacturing strategies are also discussed.
Introduction of market factors, after COVID impact analysis, Porter's five forces, supply/value chain, competitive landscape, product matrix, peer analysis, and company profiles.
Utility Asset Management Market is expected to reach approximately USD 7,340 Million, registering a CAGR of 9.9% from 2022 to 2030.
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Segmentation
The global utility asset management market has been segmented by application, component, and utility type. Based on applications, the market has been segmented into transmission & distribution lines, transformer, and sub-station. Among these, the substation is projected to dominate the utility asset management market till 2023. This can be attributed to the rising distribution substations and growing urbanization globally.
Based on component, the market has been divided into hardware and software. Hardware dominated the market in 2016, and is projected to be the fastest-growing material type. The sensors in hardware which provide accurate data on various parameters such as, voltage, heat, current, temperature, and frequency can propel the segment growth. The data provided by sensors are used by equipment /component management systems to perform a regular checkup of systems.
Based on the utility type, the market has been segmented into public utility and private utility. Public utility dominated the market in 2016 and is projected to be the fastest-growing type over the next five years due to increasing investments in grid modernization and requirement for energy efficiency. Maintenance of substations and transmission & distribution lines for ensuring a steady power supply can induce the need for utility asset management software. Countries from India and China and their approach in modernizing public infrastructure can fuel the market growth.
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Regional Analysis
By region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to grow at the highest CAGR over the forecast period, with China taking the lead followed by India and Japan. Rising population with tremendous energy demand has resulted in phenomenal growth for electrical infrastructure in the region and subsequently resulted into growth for utility asset management market. On the other hand, North America can also command a hefty share of the market owing to efforts of grid modernization.
Competitive Outlook
Netcontrol Oy, Siemens AG, Cniguard Ltd., Enetics Inc., S & C Electric Company, Aclara Technologies LLC, Lindsey Manufacturing Co., General Electric Company, Emerson Electric Co., Sentient Energy, Inc., Vaisala OYJ, and ABB Ltd. are key players of the global utility asset management market.
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