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Utility Asset Management Market Research Report- Forecast to 2030

Utility Asset Management Market Report by Application (Transformer, Sub-Station, Transmission & Distribution Lines), by Component (Hardware, and Software), by Utility Type (Public Utility, Private Utility) and By Region - Global Forecast to 2030

ID: MRFR/E&P/3946-HCR | December 2022 | Region: Global | 111 Pages         

Utility Asset Management Market

Utility Asset Management Market is projected to be worth USD 5.53 Billion by 2027, registering a CAGR of 9.95% during the forecast period (2021 - 2027)

Segmentation

By Application Transformer Sub-Station Transmission Distribution Lines
By Component Hardware Software)
By Utility Type Public Utility Private Utility

Key Players

  • ABB Ltd. (Switzerland)
  • Siemens AG (Germany)
  • General Electric Company (U.S.)
  • S & C Electric Company (U.S.)
  • Sentient Energy Inc. (U.S.)
  • Aclara Technologies LLC (U.S.)
  • Emerson Electric Co. (U.S.)
  • Enetics Inc. (U.S.)
  • Lindsey Manufacturing Co. (U.S.)
  • Netcontrol Oy (Finland)
  • Cniguard Ltd. (U.K.)
  • Vaisala OYJ (Finland)

Drivers

  • Development of new technologies
  • Construction costs of new transmission and distribution (T&D) systems
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Utility Asset Management Market Scenario:


Utility Asset Management Market to grow at a CAGR of 9.95% during the forecast period 2022-2030 with valuation of USD 5.53 Billion. The market was valued at USD 3.91 Billion in 2020.


Utility asset management is a cost-effective and efficient technique for operating, maintaining, and renewing electrical assets that combine technical concepts with in-depth economic analysis. As a result of the liberalization of the electrical industry, new technologies and markets for power transmission are being established. Electric utilities aim to reduce consumer electricity costs to ensure that new technology is worthwhile. A robust utility asset management ensures environmental and occupational health standards, good service quality, and improved personnel and equipment safety.


The global utility asset management market can be divided into four categories based on application, component, utility type, and geography. Which category rules the market at any given time is determined by a variety of factors including component specifications, asset health, urbanization, grid modernization, and energy demand. This market is likely to grow at a rapid pace in the coming years. Increased energy consumption, together with the upgrading of outdated utility infrastructure, and related government restrictions, are all contributing to this expansion.


The deregulation of the electricity industry, is a driving force behind the development of new technologies and markets for power transmission. Electric utilities are focused on construction costs of new transmission and distribution (T&D) systems, or providing grid extension to emerging communities. To maintain profitability, electric utilities have narrowed down their strategic goals to reduce the cost of electricity to customers, ensuring high environmental and occupational health standards, improving service quality and better safety measures for personnel and equipment. 


New technology and operation methods are required to facilitate market-driven network services while the need for network services is growing. With time, adequate network services are expected to produce a similar impact that the introduction of the gas turbine and combined cycle technology has produced in the generation sector, where the competition is now well established. Electricity industry reform will also introduce new challenges into network introduction interconnections. At the distribution level which is below 132kV, issues in network management are mainly that of voltage regulations, voltage fluctuations, distribution plant loading and utilization, fault level, and generation stability. Harmonics, phase balancing, supply availability, electrical losses and security are also some of them. From the distribution systems perspective, the challenges are in the way to manage within the lowest maintenance and operating costs, maximizing the life-span of existing plant and equipment, and investing in new technology. Operating optimally with reduced workforce, locally restructuring the electricity industry both effectively and efficiently, and meeting these constraints while enhancing system reliability and efficiency are among other challenges.


Global Utility Asset Management Market


The global utility asset management market is expected to witness a phenomenal growth during the forecast period. This is due to the considerable growth in the power sector with population boom along with rise in energy demand has propelled the utility asset management market in various regions. The growth is primarily attributed to up gradation of aging utility infrastructure and growing investments in distributed generation and related government regulations, which is likely to continue during the forecast years. The Asia Pacific region is expected to grow at the highest CAGR from 2017 to 2023, wherein China was the largest country-level market, followed by India and Japan. Rising population with tremendous energy demand growth has resulted in phenomenal growth for electrical infrastructure in the region and subsequently resulted into growth for utility asset management market.


Utility Asset Management Market Key Players:


The key players of global utility asset management market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Aclara Technologies LLC (U.S.), Emerson Electric Co. (U.S.), Enetics Inc.  (U.S.), Lindsey Manufacturing Co. (U.S.), Netcontrol Oy (Finland), Cniguard Ltd. (U.K.), and Vaisala OYJ (Finland).


Industry Update



  • Sentient Energy has entered into a partnership with OnPoint Digital Solutions and Koch Engineered Solutions (KES) for creating a union with predictive analytics with the help of electrical, environmental, and situational data.

  • Fluence Energy, founded by two industry titans and energy storage pioneers, Siemens and AES, is a global market leader in energy storage products and services, and digital applications for renewables and storage. Recently the company has entered into a strategic partnership with cQuant.io an industry leader in energy analytics. The Fluence IQ Digital Platform will be used by the two firms to deliver a full suite of digital apps focused on optimizing the development and management of power generating and energy storage projects.

  • Koch Engineered Solutions' Sentient Energy and OnPoint Digital have partnered up to combine and enhance their predictive analytics solution for electric utilities; the combination will bring considerable electrical experience and a deep domain of the sector. Sentient's intelligent grid sensors are combined with OnPoint's digital platform for predictive analysis of electrical outcomes, as well as performance analytics.


Utility Asset Management Market Segmentation:


 utility asset management


Global utility asset management market has been segmented as on application, component, utility type and region. Based on applications, the market has been segmented as transformer, sub-station, transmission & distribution lines. Among these, the substation, is projected to dominate the utility asset management market through 2023. The dominant position of this segment can be attributed to the rising distribution substation coupled with growing urbanization across the globe. Based on component, the market has been segmented into hardware, and software. Hardware dominated the market in 2016, and is projected to be the fastest-growing material type. The sensors in the hardware segment provide the data related to various utility assets, based on various parameters, such as, voltage, current, heat, temperature, and frequency. The data provided by sensors are used by equipment /component management system to provide actionable information which is used to form a predictive maintenance schedule, depending on the health of assets. 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 packaging type over the next five years, as a result of increasing investments in grid modernization and requirement for energy efficiency. Public utilities are funded by government and have a huge customer base. Increasing investments in distributed energy generation sources have increased the grid complexity, as these sources are to be connected to grid for reliable supply of power.


The utility asset management market is expected to have huge number of developments over the forecast period, owing to continuous technological advancement in energy sector coupled with growing power demand. The market has also been expected to have high expansion activities by multinationals and well-established companies. Mergers and acquisition activities are expected to be seen over the forecast period with numerous contracts and agreements between top EPC and Government across the globe.


The report for Global Utility Asset Management Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the Utility Asset Management Market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: USD 5.53 Billion
  • 2030 : Significant value
  •   CAGR   9.95% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Application, Component, Utility Type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Aclara Technologies LLC (U.S.), Emerson Electric Co. (U.S.), Enetics Inc. (U.S.), Lindsey Manufacturing Co. (U.S.), Netcontrol Oy (Finland), Cniguard Ltd. (U.K.), and Vaisala OYJ (Finland).
      Key Market Opportunities   New product launches and R&D Amongst major key Players
      Key Market Drivers

  • Development of new technologies
  • Construction costs of new transmission and distribution (T&D) systems


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    Frequently Asked Questions (FAQ) :

    The market growth rate in the near future is expected to be more than 9.95%.

    Utility Asset Management Market is projected to be worth USD 5.35 Billion by 2027

    Some of the most renowned vendors in the market are General Electric Company (U.S.), Aclara Technologies LLC (U.S.), Vaisala OYJ (Finland), Sentient Energy, Inc. (U.S.), Emerson Electric Co. (U.S.), Enetics Inc. (U.S.), Cniguard Ltd. (U.K.), Siemens AG (Germany), Netcontrol Oy (Finland), ABB Ltd. (Switzerland), Lindsey Manufacturing Co. (U.S.), S & C Electric Company (U.S.), and others.

    In 2020, the public utility segment managed to gain the highest traction in the global market.

    The applications of utility asset management include sub-station, transformer as well as transmission & distribution lines.