Utility Asset Management Market Booming by Size, Revenue, and Growing Popularity by 2028

A recent report published by QMI on the Utility Asset Management market is a detailed assessment of the most important market dynamics. After carrying out a thorough research on the market of utility asset management historical as well as current growth parameters, business expectations for growth are obtained with utmost precision. The study identifies specific and important factors affecting the market for utility asset management during the forecast period. It can enable manufacturers of utility asset management to change their production and marketing strategies in order to envisage maximum growth.

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Understanding Utility Asset Management market-
Global Utility Asset Management Market allows electrical utilities to control sensitive assets, trackage, use, history of maintenance, and a number of other variables. Electricity industry deregulation is a force behind the development of new energy-transmission technologies and markets. Assets form the utility industry's lifeline.

Component-based, the market is segmented into hardware and software. The hardware segment is categorized into sensors, infrared cameras and others which include feeder protection tools and sensing transmitters. The software section includes equipment/component management systems, performance management systems, and production systems. Due to the increased upgrading of aging utility infrastructure, the Hardware segment is projected to grow at the highest CAGR from 2017 to 2028.

The global market for utility asset management has been segmented into transmission & distribution lines, sub-station, and transformer-based on application. The transformer application segment is projected to have the largest market share since it is the grid's most important asset. Based on utility type, the market has been divided into private utility and public utility.

The majority of utilities worldwide are either owned by a government or controlled by a state the segment of public utilities within the utility type segment led the market for the utility asset management in 2016 and is projected to dominate the market during the forecast period.

Strategic Factors Impacting Market Growth:

o Decline in electricity costs

o Technological advancement for utility asset management

In this research report, the demand for utility asset management was examined for five regions, namely Europe, Asia Pacific, North America, Middle East and Africa, and South America. The North American market is expected to dominate the global market for the management of utility properties. For instance, the U.S. Department of Energy reported on January 14, 2016 an investment of USD 220 million to modernize America's grid, which is spread through 80 different projects. Therefore, the US provides a greater opportunity for utility asset management.

During the forecast period, Asia Pacific is expected to be one of the fastest-growing regions for the demand for utility asset management. Some of the fastest-growing economies and growing energy & power demand to cater for high population & industries are expected to drive demand in this nation. China and India are expected to have significant demand registered during the forecast period. The Middle East, including the UAE, Iran, Saudi Arabia, Qatar and others, is offering high market opportunities during the forecast period. In terms of market demand during the forecast period, the rest of the world including South America and Africa are developing regions.

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Companies Covered: Siemens AG, General Electric Company, Aclara Technologies LLC, Netcontrol OY, ABB Ltd, EneticsInc, Sentient Energy, Emerson Electric Co, S&C Electric Company, and others.

Market Segmentation:

By Utility Type:
o Private Utility
o Public Utility

By Component:
o Hardware
o Software

By Application:
o Sub-Station
o Transmission & Distribution Lines
o Transformer

By Region:

North America
o By Country (US, Canada, Mexico)
o By Utility Type
o By Component
o By Application

Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Utility Type
o By Component
o By Application

Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Utility Type
o By Component
o By Application

Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Utility Type
o By Component
o By Application

Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Utility Type
o By Component
o By Application

Rest of the World
o By Region (South America, Africa)
o By Utility Type
o By Component
o By Application

Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.