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Utility Asset Management Global Market Analysis, Trends, Growth, Research And Forecast 2033
Utility Asset Management Global Market Analysis
According to The Business Research Company's, 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 growth in the historic period can be attributed to infrastructure expansion and development, regulatory compliance and safety, asset performance and reliability, lifecycle cost management.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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Market Drivers and Trends:
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.
Growing demand for oil and natural gas is expected to propel the growth of the workover rig market going forward. Oil and natural gas are fossil fuels extracted from the Earth, serving as crucial sources of energy for various industries and daily life. Growing demand for oil and natural gas is driven by the expanding use of these resources in transportation, manufacturing, and energy production. Workover rigs help to sustain and increase demand for oil and gas by maximizing the production potential of existing wells, optimizing reservoir performance, and simplifying the responsible management of mature assets throughout their life cycle. For instance, in October 2023, according to the International Energy Agency, a France-based intergovernmental organization, the projection suggests a 6% increase in worldwide oil demand between 2022 and 2028, reaching a total of 105.7 million barrels per day. Additionally, there is an expectation that global gas demand will grow at an average annual rate of 1.6% from 2022 to 2026. Therefore, the growing demand for oil and natural gas is driving the growth of the workover rig market.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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
Utility Asset Management Market 2024 Key Insights:
• 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%.
• Automation Technologies Revolutionizing Asset Management
• Innovation In Asset Management Solution For Enhanced Safety And Efficiency
• North America was the largest region in the utility asset management market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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