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Utility Asset Management Market Trends, Top Companies, Share, Growth And Forecast 2033
Utility Asset Management Market
As per the report, the utility asset management market size has grown rapidly in recent years. It will grow from $4.43 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Utility Asset Management Market Report Structure
3. Utility Asset Management Market Trends And Strategies
4. Utility Asset Management Market - Macro Economic Scenario
5. Utility Asset Management Market Size And Growth
…..
27. Utility Asset Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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