Utility Asset Management Market to Capture Unparalleled Growth with A 8.25% CAGR Growth By 2022

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.

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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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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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2018 Global Oil & Gas Pumps Market to 2023 – Leading Players are Flowserve, Sulzer, KSB, Weir Group and Grundfos

According to recent research, “Oil & Gas Pumps Market by Type (Centrifugal, Positive Displacement (Screw Pumps, Reciprocating Pumps, Rotary & Gear Pumps, Progressive Cavity Pumps), Cryogenic), Application (Upstream, Midstream, Downstream), Region - Global Forecast to 2023”, the global pumps market in oil & gas industry is expected to grow from an estimated USD 8.47 billion in 2018 to USD 10.36 billion by 2023, at a CAGR of 4.12%. In 2018, the market in North America is estimated to be the largest, followed by Asia Pacific. Factors such as growth of unconventional resources in the North American, South American, and Asia Pacific regions and development of gas terminals are expected to drive the oil & gas pumps market during the forecast period.

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The global pumps market in oil & gas industry is dominated by a few major players that have a wide regional presence. The leading players in the pumps market are Flowserve (US), Sulzer (Switzerland), KSB (Germany), Weir Group (UK), and Grundfos (Denmark).  

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The major strategies adopted by the players include contracts & agreements, new product developments, investments & expansions, mergers & acquisitions, and partnerships. Contracts & Agreements was the most commonly adopted strategy from January 2015 to August 2018. The industry players also adopted new product developments and investments & expansions, which were the second and third most widely followed strategies during the same period.

Sulzer is a global industry player that delivers reliable and sustainable solutions. It offers pumping solutions, services for rotating equipment, and separation, mixing, and application technology. The company provides its products and services to industries such as the oil & gas, power, and water. Sulzer operates through 4 business segments, namely, pumps equipment, rotating equipment services, Chemtech, and applicator systems. It offers oil & gas pumps through its pump’s equipment segment, which accounted for 36.7% of the total net sales in 2017. The pumps equipment segment focuses on production, transport, crude oil & gas processing, supply, treatment, transport of water as well as wastewater collection, fossil-fired, nuclear, and renewable power generation. Sulzer operates worldwide through its strong network with over 180 production and service locations in more than 40 countries. In January 2018, Sulzer partnered with Al Majal Technical Services (AMTS) as its authorized repair partner in Iraq. The partnership aimed to strengthen each other’s capability to execute the overhaul, site service, repair and maintenance of pumps, turbines, and compression equipment as well as their associated ancillaries.

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KSB is one of the leading manufacturers of pumps and industrial valves. These are used in a large variety of applications such as building services, industry, water transport, wastewater treatment, and power plant processes. It operates through 3 business segments, namely, pumps, valves, and service. The pump business segment consists of single- and multistage pumps and associated control and drive systems. These pumps are used across various applications such as manufacturing, chemical/petrochemical, transport, energy supply, water transport and wastewater treatment, construction/building services, and the hydraulic transport of solids in mining. KSB has a strong global presence in more than 100 countries and operates through 170 service centers. In March 2017, KSB established an independent operation in Zambia. The expansion aimed to ensure that its rapidly expanding customer base has access to the company’s sales and support services.  

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Shelly Singh
MarketsandMarkets™ INC.
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sales@marketsandmarkets.com

Paralleling Switchgear Market 2018 Global Industry Size, Demand, Growth Analysis, Share, Revenue, Manufacturers and Forecast 2023

According to recent research “Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region - Global Forecast to 2023", the global paralleling switchgear market is estimated to grow at a CAGR of 5.82% from 2018 to 2023, to reach a market size of USD 1.55 billion by 2023. The increase in distributed generation, ageing and overburdening of power grids, and investment in industrial sectors such as power generation, oil & gas, telecommunication, construction, and mining are likely to drive the paralleling switchgear market during the forecast period. 

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The paralleling switchgear market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The leading players in the paralleling switchgear market include GE (US), Kohler (US), Caterpillar (US), Cummins (US), Schneider Electric (France), and Russelectric (US). 

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The industrial segment is estimated to be the fastest-growing segment of the paralleling switchgear market, by end-user, from 2018 to 2023. The growth of this segment is driven by the increasing demand for critical power from utilities/power generation in developing regions such as Asia Pacific, the Middle East & Africa, and South America. Increased focus on data center services in finance and e-commerce sectors and large investments in public infrastructure projects by governments globally are leading to the increased demand for generators for power generation, which, in turn, would drive the demand for paralleling switchgear used for paralleling multiple power sources in various end-user industries.

Based on transition type, the closed transition mode of paralleling switchgear market is expected to grow at the highest rate from 2018 to 2023. The growth of closed transition type switchgear can be attributed to its capability to maintain power supply to critical loads at all times with no interruption in electrical service. Closed transition equipment such as switchgear and automatic transfer switches uses a make-before-break operating sequence to maintain uninterrupted power to essential loads throughout a transfer between live sources. However, open transition segment is estimated to hold a higher market share as it is the more widely used technology and cost-effective in comparison to closed transition. The growing requirement from telecommunication, construction, distributed generation, and replacement demand also supports the higher share of the open transition segment in paralleling switchgear market.

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The standby segment of the paralleling switchgear market, by type, is estimated to grow at the highest rate from 2018 to 2023. Factors such as rising demand from data centers, hospitals, and solar PV sectors is driving the growth of this market. Growing demand from the Asia Pacific will continue to drive the standby segment of the paralleling switchgear market, led by demand from countries such as China and India. 

Low voltage segment of paralleling switchgear market, by voltage, will grow at the highest rate during the forecast period. Low voltage segment is primarily used for mission critical operations in hospitals, data centers, and telecom sector. Rising investments in healthcare and data centers industries, including the construction of new facilities, as well as extension and upgrade of existing facilities in the Asia Pacific, North America, and Europe, are expected to drive the demand for low voltage paralleling switchgear. 

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The paralleling switchgear market has been segmented, by region, into Asia Pacific, Europe, North America, South America, and the Middle East & Africa. The Asia Pacific market is projected to grow at the highest rate from 2018 to 2023, followed by North America and the Middle East & Africa. China and India are the largest markets in the Asia Pacific region and have seen increasing investments in data centers, public infrastructure, and telecommunication sectors in the recent past. The Indian market is projected to grow at the highest CAGR of 7.48% from 2018 to 2023 in the Asia Pacific region. Increasing investments in data centers, construction, telecommunication, manufacturing, water and wastewater treatment, and growing urbanization are the major factors driving the growth of the paralleling switchgear market in the region.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. 

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. 

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com