Press release
Utility Bill Management System Market Prophesied to Grow at a Faster Pace by 2028
Utility Bill Management System is a system aided with computer aided tools used by operators of electric utility grids to optimize, control and monitor the performance of the transmission and generation system in real time. Utility Bill Management Systems are used in power generation, transmission and distribution. These systems helps the operators to gain competitive advantage, reduce their costs and improve their efficiency and productivity. The companies are under pressure to implement the Utility Bill Management System because of the strict regulations made by the government regarding the control of environmental emissions. These systems facilitate seamless integration of power generation resources also provides services like data analytics, state emission, load forecasting and fault calculation. This helps the companies in reducing excess power generation and to generate the required power to meet the peak demand.
Hence factors like growth in industries in emerging economies and rising energy crisis impel the Utility Bill Management System Market.
Global Utility Bill Management System Market: Dynamics
The factors, such as rise in energy crisis as well as growth in industries in emerging economies are anticipated to drive the growth of the Utility Bill Management System Market. With the rise in energy cost there is a need for an energy efficient system, hence this factor has a positive impact on the Utility Bill Management System Market. The budget of operation for the production cycle can be decreased with the help of Utility Bill Management System which in turn would reduce the production and also the cost of the product, hence this factor will fuel the growth of the Utility Bill Management System Market.
However, Lack of technological awareness regarding privacy & security has raised a number of concerns for the retailers which is hindering the adoption of Utility Bill Management System. Lack of skilled personnel is another factor restraining the growth of the market.
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Global Utility Bill Management System Market: Segmentation
The Global Utility Bill Management System market can be segmented on the basis of end user, application and region.
By end user
Residential
Commercial
By application
Home Energy Management System (HEMS)
Building Energy Management System (BEMS)
Industrial Energy Management System (IEMS)
Global Utility Bill Management System Market: Competition Landscape
Key Developments
In April 2017, ABB and IBM collaborated in industrial artificial intelligence solutions. ABB’s extensive portfolio of digital solutions and deep domain knowledge and IBM’s machine learning and artificial intelligence combined together will benefit the customers. So together they will bring the real time cognitive insights to the floor and smart grids. It enables the utilities to optimize operations and maintenance of smart grids as Watson applied by ABB and IBM can predict the supply patterns in electricity generation and demand from historical data.
Key Vendors
The key vendors in Utility Bill Management System market are Schneider Electric SE, ABB Ltd, CA Technologies, PLC Cisco Systems Inc., General Electric Company, International Business Machine Corporation, Honeywell International, Inc., Siemens AG, Emerson Process Management and Eaton Corporation.
Global Utility Bill Management System Market: Regional Outlook
Geographically, the global Utility Bill Management System market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Japan.
Asia Pacific is expected to show a potential growth in terms of CAGR i.e. compound annual growth rate due to the advancement in technology and many leading players are focusing on this region for the expansion.
The market is dominated by developed regions such as North America and Europe owing to advanced utility infrastructure and availability of funds for supporting the operational advancements.
For the next five years Middle East and Africa could be the best market for investment as the region is pushed towards the growth of Industrial Energy Management System.
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