Utility Asset Management Market to witness widespread expansion during 2020 – 2028 according to new research report | General Electric Company, Aclara Technologies LLC, Netcontrol OY, ABB Ltd, Sentient Energy

Global Utility Asset Management Market Projected to Grow due to Increasing Investment in Power Infrastructure

Utility asset management facilitates electric utilities to observe track age, critical assets, usage along with its maintenance history and a range of other variables. The risk of equipment failure is minimized with a utility asset management system that relies on data analytics and condition based maintenance while equipment lifetimes are maximized. The results are seen in gained efficiency, lower emissions and reduced costs, with maximum uptime and reliability of service for end users. Requirement for energy efficiency, increasing investments in grid modernization, increasing grid complexity, and necessity to reduce losses in T&D lines are driving the growth of the market.

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Key Takeaways of the Utility Asset Management Market Study
1. Based on component, into hardware and software. The hardware segment is further classified into infrared cameras, sensors, and others which include feeder protection device and sensing transmitter.
2. North American region, investments for T&D up gradation is taking place in order to achieve energy efficiency and reduce T&D losses.
3. Up-gradation of aging utility infrastructure is another factor driving the growth of the market.
4. Growing industrialization and urbanization and rising renewable power generation capacity in the region.

Notable Development Trends to Open up New Horizons of Growth for Utility Asset Management Market
The leading companies in the market focus on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period.
1. June 3, 2019 - 16 April, 2019 - A US utilities fund giant is to launch a $3 billion (£2.3 billion) strategy it has been running domestically for four decades into the UK. The Reaves Utility Income Ucits fund, which launches in May, invests in telecoms and energy utilities, largely in the US, although with a global remit.
2. Nov. 6, 2019 - IBM today announced Maximo Asset Monitor to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets.
3. Jul 9th, 2020 - Trimble and Cityworks, a Trimble Company, have released a real-time asset management solution for water and wastewater utilities. by combining Cityworks® asset management software with Trimble's Telog® IoT recorders and the latest release of Trimble Unity™ Remote Monitoring Software-as-a Service (SaaS), enables utilities to leverage sensor data, location intelligence and analytics in their asset management strategies.

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Major points covered in the report:
1. Macroeconomic factors affecting the Utility Asset Management market and its potential
2. Utility Asset Management Market dynamics, such as drivers, challenges, and trends
3. Detailed value chain analysis of the Utility Asset Management market
4. The cost structure of the products and segments covered in the study
5. key product segments, regions and by major market participants are analyzed
6. Analysis of demand and supply, such as top manufacturing and consuming regions, overall trade scenario with imports/exports details
7. Analysis of the market structure, including a tier-wise categorization of key market participants
8. Competitive landscape of the Utility Asset Management market, including detailed profiles of the top players in this market

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Some of the major players in the Utility Asset Management market are General Electric Company, Aclara Technologies LLC, Netcontrol OY, ABB Ltd, Sentient Energy, Emerson Electric Co, S&C Electric Company, Siemens AG, and Enetics Inc.

Market Segmentation:
By Utility Type:
• Private Utility
• Public Utility

By Component:
• Hardware
• Software

By Application:
• Sub-Station
• Transmission & Distribution Lines
• 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

Reasons To Buy This Report:
• Market size estimation of the global utility asset management market on regional and global basis
• Unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:
We provide customization of the study to meet specific requirements:
• By Segment
• By Sub-segment
• By Region/Country

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This release was published on openPR.