Press release
Utility Asset Management Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Siemens AG, International Business Machines Corporation, General Electric Company
Utility Asset Management Global Market Report 2024
The utility asset management market size is expected to see rapid growth in the next few years. It will grow to $7.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to smart grid integration, renewable energy integration, data analytics and predictive maintenance, resilience and disaster preparedness. Major trends in the forecast period include adoption of advanced analytics and AI, IoT and sensor integration, shift towards predictive maintenance, focus on cybersecurity and data privacy.
Market Overview -
Utility asset management refers to the systematic approach of overseeing, maintaining, and optimizing the infrastructure and assets owned and operated by utility companies. It identifies and addresses potential risks associated with Utility asset failures by implementing preventive and predictive maintenance strategies.
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Automation Technologies Revolutionizing Asset Management
The increased use of automation technologies is expected to propel the growth of the utility asset management market going forward. Automation technologies include a wide range of methods, processes, and systems that use diverse technologies to do tasks with minimal human participation. Utility asset management (PAM) helps automation technologies by providing a comprehensive approach of managing and maintaining physical assets in industrial settings and enhancing overall performance. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2021, factories worldwide installed 517,385 new industrial robots, representing a 31% annual growth rate. Therefore, the increased use of automation technologies is driving the growth of the utility asset management market.
Competitive Landscape -
Major companies operating in the utility asset management market are Siemens AG, International Business Machines Corporation, General Electric Company, Oracle Corporation, Schneider Electric SE, SAP SE, ASEA Brown Boveri, Jacobs Solutions Inc., Emerson Electric Co., CGI Inc., John Wood Group PLC, Hexagon AB, Black & Veatch, Arcadis NV, Mott MacDonald, GHD Group Pty Ltd., Environmental Systems Research Institute, Bentley Systems, Industrial and Financial Systems, Accruent, Infor, Sensus Metering Systems
Innovation In Asset Management Solution For Enhanced Safety And Efficiency
Major companies operating in the utility asset management market are focusing on innovation, such as enterprise asset management solutions, to advance their market offering. Enterprise asset management (EAM) solutions encompass the management and maintenance of physical assets owned by a company throughout its entire lifecycle. For instance, in November 2023, Trimble Inc., a US-based software, hardware, and services technology company, launched Trimble Unity AMS to enhance the reliability and efficiency of electric utilities. Trimble Unity AMS, built on the Cityworks enterprise asset management platform, enables electric utilities to manage their infrastructure assets effectively throughout their lifecycle. This includes permits and construction to operations, maintenance, and replacement. The solution connects with Esri ArcGIS, the system of record for asset and network information, to provide a centralized source of current data for decision-making and operations. This GIS-centric method improves operational efficiency and situational awareness in electric utilities.
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Key Segments -
The utility asset management market covered in this report is segmented -
1) By Type: Public Utility, Private Utility
2) By Component: Hardware, Software, Services
3) By Application: Electric, Gas, Water
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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