Evolve Business Intelligence has published a research report on the Global Utilities Asset Management Market, 2023–2033. The global Utilities Asset Management market is projected to exhibit a CAGR of around 14.08%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Utilities Asset Management Market: ABB Ltd., Siemens AG, General Electric Company, Emerson Electric Co., S&C Electric Company, Sentient Energy Inc., Aclara Technologies LLC, Enetics Inc., Lindsey Manufacturing Co., and Netcontrol Oy
Market Highlights
The global Utilities Asset Management market is projected to be valued at USD 14.5 Billion by 2033, recording a CAGR of around 14.08% during the forecast period. Utilities asset management refers to the systematic approach of managing and maintaining utility assets, such as electricity grids, water and wastewater systems, gas pipelines, and renewable energy infrastructure. It involves various activities including asset tracking, condition monitoring, maintenance scheduling, and performance analysis. The goal of utilities asset management is to optimize asset performance, extend their lifespan, minimize risks, and ensure the reliable delivery of utility services to customers.
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COVID-19 has had a significant impact on the utilities asset management sector. The pandemic disrupted supply chains, limited workforce availability, and resulted in delays in maintenance and infrastructure projects. Utilities faced challenges in conducting regular inspections and maintenance activities, leading to potential risks in asset performance and reliability. The financial constraints caused by the economic downturn also affected utilities’ budgets, resulting in reduced investments in asset management systems and infrastructure upgrades.
Segmental Analysis
The global Utilities Asset Management market has been segmented based on Utility Type, and Application.
Based on the Utility Type, the Utilities Asset Management market is segmented into Public Utility, and Private Utility. The Public Utility segment is expected to have the larger market share throughout the forecast period.
Based on Application, the global Utilities Asset Management market has been divided into Transformer, Sub-Station, and Transmission & Distribution Network. The Transmission & Distribution Network segment is anticipated to dominate the market.
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Regional Analysis
The Utilities Asset Management market is divided into five regions: North America, Europe, Asia-Pacific, South America, and Middle East, &Africa. Among these regions, North America and Europe, utilities have well-established infrastructure and regulations that emphasize asset management and reliability. These regions have robust asset management systems in place and prioritize maintenance and upgrades to ensure the longevity and performance of utility assets. The focus is on leveraging advanced technologies and data analytics to optimize asset operations, reduce downtime, and improve efficiency. In emerging economies, such as Asia Pacific, the utility sector is experiencing rapid growth and urbanization, resulting in increased demand for reliable utility services. These regions are investing in expanding their utility infrastructure, including transmission and distribution networks, to meet the growing energy requirements. Asset management becomes crucial in these regions to ensure the efficient operation and maintenance of infrastructure and to minimize risks associated with asset failures.