Grid Asset Management Market is Going to Boom : ABB, Siemens, General Electric

HTF MI introduces new research on Grid Asset Management covering the micro level of analysis by competitors and key business segments (2023-2029). The Grid Asset Management explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

Some of the major key players profiled in the study are ABB (Switzerland), Siemens (Germany), General Electric (United States), Schneider Electric (France), Hitachi (Japan), Mitsubishi Electric (Japan), Eaton Corporation (United States), Toshiba (Japan), Honeywell (United States), Emerson Electric (United States), Rockwell Automation (United States), Cisco Systems (United States).

The global Grid Asset Management market size is expanding at robust growth of 10.9%, sizing up market trajectory from USD 4.9 Billion in 2023 to USD 12.2 Billion by 2029.

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Definition:
Grid Management Assets are the infrastructure and technology required to monitor, regulate, and optimise energy networks. It is used by utility companies, energy managers, and grid managers to increase the reliability, effectiveness, and resilience of power systems. The main drivers of this asset are the expanding usage of renewable energy sources, the rising need for smart grid solutions, and the need for system stability. Limited interoperability standards and high implementation costs place the constraint. Rapid advancements in IoT, data analytics, and digitization have created new opportunities for grid management asset solutions. Among the difficulties are the integration of dispersed energy resources and cybersecurity risks. Artificial intelligence and machine learning are new trends in predictive maintenance and improved grid optimisation. The intended audience includes energy technology firms, energy grid operators, and power utilities.

On the off chance that you are engaged with the industry or expect to be, at that point this investigation will give you a complete perspective. It's crucial you stay up with the latest sectioned by Applications [Grid Monitoring and Control, Energy Efficient and Optimization, Grid Planning and Expansion, Others], Product Types [SCADA Systems, Distribution Management Systems, Advanced Metering Infrastructure, Others] and some significant parts of the business.

Market Trends:
 Integration of artificial intelligence (AI) and machine learning (ML) technology to provide advanced analytics.
 Greater emphasis on managing distributed energy resources (DERs).
 Edge computing capabilities are being developed.

Market Drivers:
 Increasing integration of renewable energy sources into the grid.
 Increased demand for smart grid solutions, driven by the need for improved grid dependability.
 Emphasis on grid stability, grid resilience, and the optimisation of power flows

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Grid Asset Management Market by Key Players: ABB (Switzerland), Siemens (Germany), General Electric (United States), Schneider Electric (France), Hitachi (Japan), Mitsubishi Electric (Japan), Eaton Corporation (United States), Toshiba (Japan), Honeywell (United States), Emerson Electric (United States), Rockwell Automation (United States), Cisco Systems (United States)

Grid Asset Management Market by Geographical Analysis:

• APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)

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Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, LATAM, Europe, Australia or Southeast Asia.

Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
sales@htfmarketintelligence.com

About Author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, resea rch, tools, events, and experience that assist in decision-making.

This release was published on openPR.