The utility asset management business is expected to be influenced by increased energy consumption, which is being supported by an increase in the number of residential and commercial facilities worldwide. In addition, an increasing number of governments in emerging and developing countries throughout the world recognize the importance of utility asset management. The solution is a strategic infrastructure investment that is projected to help preserve the power grid network over time while also reducing losses caused by a lack of regular repair and maintenance.
The continual rise of businesses such as chemicals, automobiles, petrochemicals, and fertilizers is predicted to increase demand for power and need effective maintenance of many components of an electrical grid.
Key Highlights of the Utility Asset Management Market:
- The United States utility asset management industry is projected to lead the market over the forecast period. The market growth can be attributed to the deregulation of the electric industry.
- China utility asset management industry is estimated to grow at a significant rate in the next ten years. The regional growth of the market can be ascribed to the upgradation of power transmission and distribution infrastructure.
- On the basis of type, the private utility segment is projected to maintain its dominance market-wide. Extensive electricity networks of private companies and a surge in investments to transform the grid to minimize power outage issues are anticipated to foster segment growth.
- Based on components, the software segment is expected to reign the market in terms of value. The high demand for software to cater to the mounting demand for mobile and remote detection, diagnostic tools, and inspection in vast networks is projected to uplift the prospects for this segment.
New Market Updates Shaping Utility Asset Management Market
In April 2021, ABB introduced speedy, sensitive drone-based gas leak detection and GHG gas measuring system. The company has launched HoverGuard, which helps revolutionize the capabilities of safety and environmental measurement for technicians of pipelines having the length of millions of kilometers. This new addition to the ABB Ability Mobility Gas Leak Detection System addresses the leaks fast and reliably.
In February 2022, Eaton united with LG Electronics to deliver flexible load management for applications in distributed renewable energy. With this collaboration, Eaton has incorporated its smart power management technology, such as its EV chargers and smart circuit breakers, with the LG power management solutions and LG ThinQ Energy mobile app to facilitate power management load.
In September 2020, GENERAL ELECTRIC came into a contract with BKK, a Norwegian power company, to employ its virtual solutions of Asset Performance Management (APM) to back the digital evolution of BKK. Post the implementation, BKK used Asset Performance Management (APM) of GENERAL ELECTRIC under an agreement of an initial five-year license to boost the digital transformation of operations and maintenance practices of BKK across a fleet of 30 hydroelectric power stations with the capacity of 1.6 GW.
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Key Market Segmentation
By Type:
- Public Utility
- Private Utility
By Component:
- Hardware
- Software
- Services
By Application:
- Electric
- Substations
- Transformers
- Transmission and Distribution Lines
- Gas
- Water
By Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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