Utility Asset Management Market Research Report- Forecast to 2030

Utility Asset Management Market Research Report Information By Application (Transformer, Sub-Station, Transmission, and Distribution Lines), By Component (Hardware and Software), By Utility Type (Public Utility and Private Utility), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)‚ÄĒForecast till 2030

ID: MRFR/E&P/3946-HCR | 111 Pages | Author: Anshula Mandaokar | June 2023         

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The utility asset management market size is expected to reach approximately USD 7,340 Million, registering a CAGR of 9.9% from 2022 to 2030.


Global Utility Asset Management Market Research Overview (MRFR Insights)


Upgrading of aging utility infrastructure and increasing investment in distributed generation, along with the corresponding government regulations, are the primary drivers of growth during the forecast period. Moreover, the market growth is reinforced by the rising energy consumption worldwide and the expanding range of economic and residential infrastructures over the next few years. Besides that, assorted novel power generation techniques have been rapidly developed to meet the growing energy needs.


COVID-19 Impact Analysis on Utility Asset Management Software Industry


Due to the emergency triggered by the COVID-19 outbreak, every country has experienced strange circumstances. Financing new businesses is a significant challenge during economic downturns as supply chains are disrupted. In addition, due to the halt in operations, revenue for major players operating in the UAM market decreased for the year ending December 31, 2020. Several state-owned and privately operated utilities have been scarred due to this unprecedented situation, which has also impacted the growth of the market. A considerable decrease in demand for goods and services across the commercial and industrial sectors reduced incoming cash flows at the establishments. As a result, this has affected organizations' and governments' investment potential, limiting the development of new grid infrastructures.


Utility Asset Management Market Dynamics


Several utility asset and services management solutions are also in high demand because of their advantages, including lower prices, lower emissions, improved end-user reliability, and the growing use of software package analytics for grid improvement. The market is expected to grow in the coming years. However, the implementation of newer technologies will pose challenges. The market growth is reinforced by the rising energy consumption worldwide and the expanding range of economic and residential infrastructures over the next few years. Besides that, assorted novel power utility asset and services management generation techniques have been rapidly developed to meet the growing energy needs.


Market Key Drivers



  • Increased efforts to combat long-lasting power outages to favor market growth


With the growing amount of sudden power outages across different countries due to factors such as abrupt grid problems, faults in transmission and distribution lines, natural disasters, weather problems, and many others, utility asset and services management will continue to gain popularity. Many governments in emerging and developed countries see utility asset and services management as a strategic investment to upgrade infrastructure, focusing on maintaining power grids for the long term and decreasing losses from lack of maintenance. Furthermore, unexpected power outages have severely affected residential, commercial, and industrial operations, leading to the need for more resilient, including transmission and distribution lines.


Market Key Restraints



  • Lack of technical expertise restrains market growth due to capital-intensive deployment


Various technologies, such as predictive maintenance, corrective maintenance, and condition-based maintenance, require unpredictable, costly installation procedures and high risks associated with maintaining the equipment for longer periods. These factors could limit the market growth. The lack of precise technical knowledge when putting the tools in place and connecting the hardware, combined with errors when prioritizing the functional layouts, can severely affect the system's efficiency, resulting in reduced repair durations and the potential for over-maintenance.


Market Key Opportunities



  • An integrated approach to Big Data Analytics and Artificial Intelligence (AI) to complement industry outlooks


By combining big data analytics with artificial intelligence, smart asset management can improve operational performance in several ways. A smart asset management system (SAM) can help utilities reduce capital expenditures, operations & maintenance costs. Companies should prioritize based on regulatory requirements, asset criticality, and other factors. Utility asset and services management utilizes technological intelligence, including SCADA, CMMS, and enterprise asset management, to interpret real-time asset performance assessments.


Utility Asset Management Market Segmentation


Application Insights


The utility asset management market segmentation, based on application, is transformer, sub-station, transmission, and distribution lines. The utility asset management market growth was prominently high under the transformer utility asset and services management category in 2021. To ensure an uninterrupted electricity supply to distribution centers and end consumers, transformers require regular monitoring and maintenance services. Distribution transformers are the most commonly used transformers worldwide because they operate continuously. The transformer is used in commercial buildings, industrial facilities, and electric utility asset and services management, mostly in areas with high electricity leakage costs. A rising population and rapid urbanization also contribute to the increase in power transformer installations, especially in developing countries. However, the sub-station is anticipated to be the fastest growing in the coming years.


Component Insights


The utility asset and services management market segmentation, based on component is hardware and software. In 2021, software utility asset management accounted for the largest market share of the market. The need for remote and mobile detection, inspection, and diagnostic tools in vast networks has led major players in the industry to launch utility asset management software. Using IoT, AI, and analytics, IBM's Maximo application suite enhances performance, extends critical asset lifecycles, and decreases operational costs and downtime by using a single, integrated cloud-based platform.


Utility Type Insights


Based on utility type, the market is divided into public utility and private utility. The private utility category dominated the market for utility asset and services management in 2021. Vast electricity networks of non-government companies and increasing investments to revolutionize the grid to lower power outage problems favor the segment outlook.


Global Utility Asset Management Market Share, by Region, 2021 (%)

Utility Asset Management Market Share, by Region, 2021


Utility Asset Management Market Overview, by Region


By region, the utility asset management market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.


North America Analysis


North America dominated the market share in 2021. In various nations, deregulation of the power sector has allowed private businesses to reduce electricity costs for end consumers and to have minimum losses by regularly monitoring and tracking their networks. Several factors contribute to the market's growth in this region, including increased digitalization and the adoption of IoT sensors by the utility sector. Moreover, abundant growth opportunities are available due to key players' presence.


Asia-Pacific Analysis


Asia-Pacific accounted for the second-largest market share in the market in 2021. It is believed that the installation of automated monitoring and tracking systems, as well as the upgrade of power distribution and transmission infrastructure, is contributing to the market's growth. In the region, fertilizer, automotive, petrochemical, and chemical industries are experiencing steady growth, which has resulted in a rise in electricity demand and proper maintenance of various electricity grid components.


Utility Asset Management Market Competitive Landscape Outlook


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as 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.), and Emerson Electric Co. (U.S.) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, on February 2022, In the oil and gas, utility, mining, and manufacturing industries, G.E. Digital's Asset Performance Management (APM) was recognized for its leadership capabilities. This software and services package is designed to optimize the performance of industrial companies' critical assets.


Prominent players in the utility asset management market research include 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.), and 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), among others.


Scope of the Utility Asset Management Market Report


Application Outlook



  • Transformer

  • Sub-Station

  • Transmission

  • Distribution Lines


Component Outlook



  • Hardware

  • Software


Utility Type Outlook



  • Public Utility

  • Private Utility


Region Outlook



  • North America


    • US

    • Canada

    • Mexico


  • Europe


    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe


  • Asia-Pacific


    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific


  • Rest of the World


    • South America

    • Middle East

    • Africa



Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Utility Asset Management Market Forecast & Size:


To identify and estimate the market size for the utility asset management market report segmented by application, component, and utility type by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the utility asset management market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the utility asset management market growth (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)


Market Influencing Factors:


To find out the factors which are affecting the utility asset and services management market size among consumers (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Utility asset management producers

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 7,340 Million
  CAGR   9.9% CAGR (2022-2030)
  Base Year   20221
  Forecast Period   2022 to 2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application, Component, and Utility Type
  Geographies Covered   North America, Europe, Asia-Pacific, and the 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   An integrated approach to Big Data Analytics and Artificial Intelligence (AI) to complement industry outlooks
  Key Market Drivers   The growing use of software package analytics for grid improvement
 

Frequently Asked Questions (FAQ) :

The  utility asset management market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~9.9% over the next 10 years, according to  utility asset management market research.

Europe is expected to register the highest CAGR during 2022 - 2030

North America held the largest share in 2021

The market size is expected to be USD 7,340 Million by 2030.

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) are the major companies operating in the market.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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