Utility Asset Management Market Size (2024 - 2029)

The utility asset management market is poised for growth, driven by increasing energy consumption and the expansion of commercial and residential infrastructures globally. Despite challenges such as high implementation costs and a shortage of skilled workers, the market is recovering from the COVID-19 impact and has returned to pre-pandemic levels. Governments in emerging and underdeveloped regions are recognizing the importance of utility asset management as a strategic investment to enhance their power grid networks and reduce maintenance-related losses. This presents significant opportunities, particularly in regions like Africa, where such systems are underdeveloped. The Asia-Pacific region, especially China and India, is expected to experience substantial growth in market size during the forecast period.

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Market Size of Utility Asset Management Industry

Utility Asset Management Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 7.50 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Utility Asset Management Market Major Players

*Disclaimer: Major Players sorted in no particular order

Utility Asset Management Market Analysis

The Utility Asset Management Market is expected to grow at a CAGR of around 7.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the long -term, the rising consumption of energy backed by the increasing number of commercial and residential infrastructures worldwide is set to augment the utility asset management market growth in the coming years.
  • On the other hand, the high cost associated with the implementation of monitoring and tracking systems and the unavailability of skilled workers is likely to hinder the utility asset management market during the forecast period.
  • Nevertheless, a number of governments of both emerging and underdeveloped nations across the world are increasingly viewing utility access management as a strategic infrastructural investment that will help to sustain its power grid network in the long term and help them to minimize its losses that arise due to lack of regular maintenance and service. Regions such as Africa, with a negligible utility asset management system, is expected to provide ample opportunity to the companies involved in the utility asset management market in the near future.
  • Asia-Pacific is expected to witness significant growth during the forecast period, with the majority of the demand coming from China and India.

Utility Asset Management Industry Segmentation

Utility Asset Management helps electric utilities to manage vital assets by keeping track of their age, consumption, and maintenance history, among other characteristics. The Utility Asset Management Industry is driven by rising energy consumption, ageing infrastructure, expanding distributed energy resources, and the requirement for effective and dependable power.

The Utility Asset Management Market is segmented by application, utility type, and geography. By application, the market is segmented into transformer, sub-station, and transmission & distribution networks. By utility type, the market is segmented into a public utility and a private utility. The report also covers the market size and forecasts for the utility asset management market across major regions. The market size and forecasts for each segment have been done regarding revenue (USD billion).

Application
Transformer
Sub-Station
Transimission & Distribution Network
Utility Type
Public Utility
Private Utility
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Utility Asset Management Market Size Summary

The Utility Asset Management Market is poised for significant growth, driven by the increasing demand for energy and the expansion of commercial and residential infrastructures globally. The market has rebounded to pre-pandemic levels after the initial setbacks caused by COVID-19. The long-term growth is supported by the strategic investments from governments in emerging and underdeveloped nations, aiming to enhance their power grid networks and minimize losses from inadequate maintenance. However, challenges such as the high costs of implementing monitoring systems and a shortage of skilled workers may impede progress. Regions like Africa, with minimal existing utility asset management systems, present substantial opportunities for market players. The Asia-Pacific region, particularly China and India, is expected to witness robust demand due to rapid urbanization and industrialization, necessitating upgrades to transmission and distribution infrastructure.

The market's expansion is further fueled by the transition towards smart grids and the integration of IoT technologies to improve energy efficiency and reduce transmission losses. Developed countries are actively converting traditional grids into smart systems, while developing nations like Bangladesh are making strides in grid modernization with international support. The increasing electricity demand, driven by population growth and industrial activities, underscores the need for effective utility asset management. Key industry players, including ABB Ltd, Siemens AG, and General Electric Company, are at the forefront, implementing advanced monitoring and control systems to enhance grid reliability and efficiency. These developments are expected to sustain the market's growth trajectory over the forecast period.

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Utility Asset Management Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Transformer

      2. 2.1.2 Sub-Station

      3. 2.1.3 Transimission & Distribution Network

    2. 2.2 Utility Type

      1. 2.2.1 Public Utility

      2. 2.2.2 Private Utility

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Utility Asset Management Market Size FAQs

The Utility Asset Management Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)

ABB Ltd., Siemens AG, General Electric Company, Emerson Electric Co. and S&C Electric Company are the major companies operating in the Utility Asset Management Market.

Utility Asset Management Software Market Report Snapshots

Utility Asset Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)