The utility asset management market is projected to reach USD 4.09 billion by 2022, at a CAGR of 8.25%, from 2017 to 2022. Increasing investments in grid modernization, requirement for energy efficiency, reliable power, increasing grid complexity, and aging infrastructure are the major drivers of the utility asset management market. Leading players in the utility asset management market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), General Electric (US), and Emerson Electric (US).
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“The utility asset management market is projected to grow at a CAGR of 8.25%, from 2017 to 2022”
The utility asset management market is projected to reach USD 4.09 billion by 2022, at a CAGR of 8.25%, from 2017 to 2022. Increasing investments in grid modernization, requirement for energy efficiency, reliable power, increasing grid complexity, and aging infrastructure are the major drivers of the utility asset management market.
The intensive capital requirement for the sensor technology could be the major restrain for the utility asset management market. Advanced communication network in the grid is still not prevalent in many utilities.
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Hence, utilities are reluctant to invest on additional infrastructure for asset monitoring and overhaul activities.
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“The transformer sub-segment, within the application segment, is expected to grow at the highest CAGR, from 2017 to 2022”
The transformer sub-segment, is estimated to be the largest market in the application segment during the forecast period.
This market is expected to grow in the future as a result of increasing investments being made by utilities in grid modernization in North America and other parts of the world. Moreover, Europe and some countries of Asia Pacific, such as Australia, India, and China also present opportunities as energy efficiency and reliable power generation is a prime consideration for utilities in these regions.
The transformer sub-segment is poised to grow significantly during the forecast period. This is likely to drive the utility asset management market in the application segment.
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“Asia Pacific: The fastest growing market for utility asset management system”
The market in Asia Pacific is expected to be the fastest growing market for utility asset management, closely followed by Europe. The market in Asia pacific is primarily driven by economies, such as China, Japan, and India.
The government of these economies is looking forward to invest heavily in grid modernization. Apart from these countries, the Australian government has also begun to invest in its T&D network to improve its energy efficiency.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 27%, Tier 3- 13%
- By Designation: C-Level- 35%, Manager-Level- 25%, Others- 40%
- By Region: North America- 60%, Europe-30%, and Asia Pacific- 10%,
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2015: Tier 1 = >USD 20 billion, Tier 2 = USD 10 billion to USD 20 billion, and Tier 3 =
Leading players in the utility asset management market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), General Electric (US), and Emerson Electric (US).
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The report defines, describes, and forecasts the global utility asset management market by application, component, utility type, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and key issues. It also covers various important aspects of the market.