Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Utilities Asset Management Market By Component, By Utility Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report, the utilities asset management market size was valued at $4.3 billion in 2021, and is estimated to reach $12.4 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.
Utility asset management allows companies to manage critical assets and track age, usage, maintenance history and a variety of other variables. Moreover, asset performance management (APM) improves asset management with data analysis, condition monitoring and predictive maintenance to support better operational decisions.
An asset management system that includes APM functionality minimizes the risk of equipment failure and optimizes equipment life. The result is increased efficiency, reduced emissions, reduced costs, and maximized service uptime and reliability for end users.
In addition, one of the key benefits of introducing asset management tools to power utilities is the ability to collect and store real-time data in a centralized system. Making this data available to workers, managers and technicians not only speeds up workflow processes, but also creates a complete picture of all valuable assets.
Growth in concerns for environmental, health & safety standards, improved service quality, and better security measures for personnel and equipment drive growth of the utility asset management market. Moreover, utility asset management reduces maintenance and operating costs and maximizes life of existing assets and equipment.
This increases acceptance of utility asset management, which propels growth of the market. Moreover, rise global energy demand, emergence of smart cities, increasingly distributed energy resources, and demand for efficient and reliable energy drive growth of the utility asset management market. However, high cost associated with implementation of monitoring and tracking systems is expected to hinder the utility asset management market during the forecast period. Furthermore, adoption of advance technologies such as artificial intelligence and IoT in utility asset management provide ample growth opportunities for the market.
The utility asset management market is segmented on the basis of component, utility type, application, and region. On the basis of component, the market is segmented into hardware, software, and service. The hardware segment is further divided into sensors, cameras, and others. The software segment is further divided into on-premise and cloud. The service segment is further divided into professional services and managed services. Furthermore, the professional services segment is further categorized into training & education, integration & deployment, and support & maintenance. By utility type, the market is fragmented into public utility and private utility. Depending on application, it is segregated into transmission & distribution lines, sub-station, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the market are ABB Ltd., Black & Veatch., Cniguard Ltd., DNV GL, Enetics, Inc., EnrichAI, IBM Corporation, IFS, InPipe Energy, Microsoft Corporation, Netcontrol Oy, Neuroflux, Oracle corporation, Platoi, Schneider Electric, Siemens AG, and Vigti. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the utilities asset management market analysis from 2021 to 2031 to identify the prevailing utilities asset management market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the utilities asset management market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global utilities asset management market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Utility Type
Transmission Distribution Lines
Rest of Europe
Rest of Asia-Pacific
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: UTILITIES ASSET MANAGEMENT MARKET, BY COMPONENT
CHAPTER 5: UTILITIES ASSET MANAGEMENT MARKET, BY UTILITY TYPE
CHAPTER 6: UTILITIES ASSET MANAGEMENT MARKET, BY APPLICATION
CHAPTER 7: UTILITIES ASSET MANAGEMENT MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/qimxgo
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