Grid Asset Management Market Analysis, Growth Factors and Dynamic Demand by 2032

The global Grid Asset Management market size was valued at $4.3 billion in 2021, and is projected to reach $12.4 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

Utility asset management is a method for running, repairing, and replacing electrical infrastructure that combines technical ideas with careful economic analysis. Also, energy suppliers are aiming to reduce client electricity rates and guarantee new technology for greater efficiency.

Superior service quality, better equipment and personnel safety, and compliance with environmental, health, and safety regulations are all ensured by strong utility asset management. The market for utility asset management is driven by a rise in energy consumption, ageing infrastructure, an increase in distributed energy resources, and a requirement for reliable and efficient energy. Also, the use of IoT and AI in utility asset management for better insights creates attractive potential for the expansion of the global market. Yet, the utilities sector suffers from a lack of competent labour and expensive implementation costs for asset management. hinders the Utilities Asset Management Market Growth.

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Component, utility type, application, and geography are the divisions used to segment the utility asset management market. The market is divided into three categories based on component: service, software, and hardware. Sensors, cameras, and other components are further broken down into the hardware category. On-premise and cloud software are further separated into separate segments. Professional services and managed services are two more divisions of the service market. In addition, the professional services market is further divided into the support and maintenance, integration, and training and education segments. The market is divided into public utility and private utility according to utility type. It is divided into transmission and distribution lines, sub-stations, and other categories depending on the application. It is examined from the perspectives of North America, Europe, Asia-Pacific, and LAMEA.

Due to the rapid construction of power generation facilities, the hardware category led growth of the utilities asset management market share in 2021 and is anticipated to continue dominating the market in the years to come. However, due to the significant need for asset management software for efficient and smooth operations, the software category is anticipated to increase at the highest rate throughout the projection period.

The utility asset management sector is largely dominated by North America. The use of IoT sensors by the utility sector and a rise in digitalization are two reasons that have been linked to market growth in this area. Furthermore, the existence of major companies offers the market plenty of room for expansion. However, due to the rapid expansion of energy infrastructure in the region, Asia-Pacific is anticipated to experience the greatest growth rate over the projection period.

Market Segmentation
Global Grid Asset Management Market: Segmentations

Global Grid Asset Management Market: By Types
Classic Grid Asset Management
Smart Grid Asset Management

Global Grid Asset Management Market: By Applications
Residential Grid Asset
Commercial Grid Asset
Industrial Grid Asset

Global Grid Asset Management Market: Major Players
ABB Group
Cisco Systems, Inc.
General Electric Company
International Business Machine
Itron Inc.
Landis+Gyr AG
Oracle Corporation
Open Systems International, Inc.
Schneider Electric SE
Siemens AG

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Global Grid Asset Management Market: By Regions
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)

Key Benefits:

• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.

• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.

• Porter's Five Force Model and SWOT analysis are used to study the global Grid Asset Management market and would help stakeholders make strategic decisions.

• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.

• In-depth analysis of the types of Grid Asset Management would help in identifying future applications in this market.

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