According to the new
market research report "Utility Asset Management Market by Application
(Transformer, Sub-Station, Transmission & Distribution Lines), Component
(Hardware, Software), Utility Type (Public Utility, Private Utility), and
Region - Global Forecast to 2022", published by MarketsandMarkets™, the utility asset management market is expected to
grow from an estimated USD 2.75 Billion in 2017 to USD 4.09 Billion by 2022,
registering a CAGR of 8.25%, from 2017 to 2022. The global market is set to
witness a significant growth due to increasing investments in grid
modernization, requirement for energy efficiency, necessity to reduce
transmission and distribution losses, and increasing grid complexity.
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The public
utility segment is expected to hold the largest share of the utility asset
management market, by utility type, during the forecast period
Most of the utilities across the globe are either
country owned or state owned. The public utility segment within the utility
type segment led the utility asset management market in 2016 and is expected to
dominate the market during the forecast period.
The growth of this segment is primarily driven by
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 T&D lines are expected to be maintained in a
good condition to achieve reliable power and energy efficiency. Thus,
management of utility assets is needed to maintain the good health of assets
and reduce T&D losses. These factors are likely to drive the utilities to
make heavy investments in utility asset management.
Browse and in-depth TOC on "Utility Asset Management Market"
79 - Tables
32 - Figures
147 - Pages
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TOC @
The hardware segment is
expected to be the fastest growing component segment of the utility asset
management market
The
component segment is divided into hardware and software sub-segments. The
sensors in hardware and equipment/component management market in software, led
the utility asset management market in 2016, and is expected to dominate the
utility asset management market during the forecast period.
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. These 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. Countries,
such as the US and Germany are expected to drive the market demand, mostly
because of the ongoing investments in grid modernization.
North America: The
leading market for utility asset management system
In
this report, the utility asset management market has been analyzed with respect
to five regions, namely, North America, Europe, Asia Pacific, the Middle East
and Africa, and South America. The market in North America is expected to
dominate the global utility asset management market.
For
instance, on 14th January 2016, the department of energy in the US announced an
investment of USD 220 million for America’s grid modernization which is
distributed across 80 different projects. Hence, the US presents a greater
opportunity for utility asset management.
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To enable an
in-depth understanding of the competitive landscape, the report includes
profiles of some of the top players in the utility asset management market.
These players include Siemens AG (Germany), ABB Ltd. (Switzerland), General
Electric Company (US), and Emerson Electric (US). The leading players are
trying to understand the markets in developing economies and are adopting
various strategies to increase their market share.
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