Utilities Asset Management Market Size, Growth, Top Key Player, Key Segments, Current Trends and Future Prospect to 2032 | ABB Ltd., Black & Veatch., Cniguard Ltd.

The global utilities asset management market revenue was around US$ 4.7 billion in 2022 and is estimated to reach US$ 12.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 11.3% during the forecast period 2023 to 2031.

Utilities asset management blends technical concepts with detailed economic research to deliver an efficient and cost-effective approach to operating, maintaining, and renewing electrical assets.

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Factors Influencing Market Growth

- Increasing demand for energy, aging infrastructure, rising distributed energy resources, and, the requirement for reliable and efficient energy help in the growth of the utilities asset management market.

- The adoption of the Internet of Things (IoT) and artificial intelligence (AI) technology in utility asset management for more suitable understandings to make lucrative possibilities for global market growth.

- The lack of a qualified workforce and the high cost of performance of asset management in the utilities sector hinder market growth.

Impact of COVID-19

Due to the COVID-19 pandemic, the electricity demand was down, owing to the full closure of processing plants, large trading houses, and also, manufacturing industries. And this led to little downfall in the utilities asset management industry during COVID-19.

According to the U.S. Energy Information Administration (EIA), power sales in the commercial sector lowered by 4.7% in 2020 as many businesses stayed shut, due to COVID-19. however

After the pandemic, the growth of the market increased due to the rise in the adoption of remote working and automation of operations in the utility sector across the globe.

Regional Analysis

North America dominated the utility asset management market. The development of the market this led by several factors including the rise in adoption of IoT sensors and digitalization by the utility sector. Also, the existence of key players is delivering plenty of growth opportunities for the market growth.

Asia-Pacific region is expected to see the highest growth rate during the forecast period, owing to the immediate development of energy infrastructure across the region.

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Leading Companies

The leading prominent companies profiled in the global utilities asset management market are: -

- ABB Ltd.
- Black & Veatch.
- Cniguard Ltd.
- DNV GL
- Enetics, Inc.
- EnrichAI
- IBM Corporation
- IFS
- InPipe Energy
- Microsoft Corporation
- Netcontrol Oy
- Neuroflux
- Oracle corporation
- Platoi
- Schneider Electric
- Siemens AG
- Vigti
- Other prominent key players

Segmentation Outline

The global utilities asset management market segmentation focuses on Component, Utility Type, Application, and Region

Segmentation based on Component

- Hardware
o Sensors
o Cameras
o Others
- Software
- Deployment Model
o On-premise
o Cloud
- Service
o Professional Services
o Managed Services

Segmentation based on Utility Type

- Private Utilities
- Public Utilities

Segmentation based on Application

- Transmission & Distribution Lines
- Sub-station
- Others

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Segmentation based on Region

- North America
o The U.S.
o Canada
- Europe
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

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Analyze market outlook with recent trends and SWOT analysis.

Dynamic market scenario along with market growth opportunities for the coming years.

Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.

Regional and national analyzes integrating supply and demand forces that are influencing market growth.

Market value (millions of dollars) and volume (millions of units) data for each segment and sub-segment

Competitive scenario involving the market share of the main players, along with the new projects and strategies adopted by the players in recent years.

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