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Utility Asset Management Market Insights | Key players: Siemens AG, ABB, Ltd., General Electric, S&C Electric and Sentient Energy

03-06-2019 07:32 AM CET | Energy & Environment

Press release from: MarketsandMarkets™

Utility Asset Management Market Estimated to Witness a Remarkable Growth with a CAGR over 8.25%

Utility Asset Management Market Estimated to Witness a Remarkable Growth with a CAGR over 8.25%

According to recent research "Utility Asset Management Market by Application (Transformer, Sub-Station, Transmission & Distribution Lines), Component (Hardware, Software), Utility Type (Public Utility, Private Utility), and Region - Global Forecast to 2022", The global utility asset management market is projected to grow at a CAGR of 8.25%, from 2017 to 2022. The North American market is estimated to be the largest for utility asset management, followed by Europe in 2017. The growth of the utility asset management market is driven by growing investments in distributed generation, upgradation of aging utility infrastructure, and maximizing the reliability of the power infrastructure.

Browse 79 Market Data Tables and 32 Figures spread through 147 Pages and in-depth TOC on "Utility Asset Management Market"
https://www.marketsandmarkets.com/Market-Reports/utility-asset-management-market-218324969.html

The public utility segment is expected to hold the largest share of the utility asset management market, by utility type, during the forecast period

Most of the utilities across the globe are either country owned or state owned. The public utility segment within the utility type segment led the utility asset management market in 2016 and is expected to dominate the market during the forecast period.

The growth of this segment is primarily driven by increasing investments in grid modernization and requirement for energy efficiency. Public utilities are funded by government and have a huge customer base. Increasing investments in distributed energy generation sources have increased the grid complexity, as these sources are to be connected to grid for reliable supply of power. The T&D lines are expected to be maintained in a good condition to achieve reliable power and energy efficiency. Thus, management of utility assets is needed to maintain the good health of assets and reduce T&D losses. These factors are likely to drive the utilities to make heavy investments in utility asset management.

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The hardware segment is expected to be the fastest growing component segment of the utility asset management market

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 2016, and is 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.

North America: The leading market for utility asset management system

In this report, the utility asset management market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The market in North America is expected to dominate the global utility asset management market.

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For instance, on 14th January 2016, the department of energy in the US announced an investment of USD 220 million for America’s grid modernization which is distributed across 80 different projects. Hence, the US presents a greater opportunity for utility asset management.

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the utility asset management market. These players include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (US), and Emerson Electric (US). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market share.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com

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