The utility asset management market is projected to reach USD 4.09 billion by 2022, at a CAGR of 8.26%, 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.
Hence, utilities are reluctant to invest on additional infrastructure for asset monitoring and overhaul activities.
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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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 2017, and are 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.
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