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 | February 2021 | Region: Global | 111 pages

Utility Asset Management Market Scenario:

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), The market was valued at USD 3.91 Billion in 2020.

Asset management is a concept that has been used in both, private and public sectors with a vast number of interpretations. Asset management can be defined as a systematic process of, cost-effectively, operating, maintaining and upgrading of electrical assets by combining engineering practices and economic analysis with sound business practice. Any given electrical distribution network is made up of the primary and secondary plants. Hence these assets too, can be classified as either primary or secondary plant assets. The rapid rates of technology developments and technology integration have continued to pose challenges to asset management in the global electrical power sector.

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.

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.

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 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.