Global Utility Asset Management Market to Reach $8.15 Billion by 2029, Growing at 10% CAGR

What Is the Expected Size and Growth Rate of the Utility Asset Management Market?
The market size for utility asset management has witnessed a swift expansion in the last few years. The market, which is projected to surge from $4.97 billion in 2024 to $5.56 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 11.8%. The historical growth of this market is ascribed to elements like expansion and development of infrastructure, compliance with regulations and safety measures, asset performance and dependability, and management of lifecycle costs.

In the coming years, the market size for utility asset management is predicted to experience swift expansion. Experts project that by 2029, it will attain a valuation of $8.15 billion, reflecting a compound annual growth rate (CAGR) of 10.0%. This anticipated growth during the forecast period is largely credited to factors such as the inclusion of smart grids, the incorporation of renewable energy, data analysis and predictive maintenance, as well as readiness for resilience and disasters. The forecast period is also set to witness major trends such as the implementation of advanced analytics and AI, the incorporation of IoT and sensors, a shift towards predictive maintenance, and a heightened emphasis on cybersecurity and data privacy.

What Factors Are Fueling Growth in the Utility Asset Management Market?
Boosted by the surging adoption of automation technologies, the utility asset management market is anticipated to experience significant growth. These sophisticated technologies encompass a broad spectrum of mechanisms, procedures, and systems capable of performing tasks with minimal human intervention. Utility asset management (PAM), in this scenario, provides an all-encompassing solution for managing and maintaining physical assets in industrial environments, greatly improving overall performance. As evidence of this growing trend, in September 2023, the International Federation of Robotics, based in Germany and dedicated to robotics research, reported that 553,052 industrial robots were installed in factories worldwide in 2022, marking a 5% rise from the previous year. This increasing reliance on automation technologies is intensifying the expansion of the utility asset management market.

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Which Leading Companies Are Shaping the Growth of the Utility Asset Management Market?
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

What Are the Major Trends Shaping the Utility Asset Management Market?
Firms playing a significant role in the utility asset management market are emphasizing on innovative strategies, such as introducing enterprise asset management (EAM) solutions, to enhance their market offerings. EAM solutions address the supervision and upkeep of a company's physical assets in their entirety. An illustration of this would be Trimble Inc., a US-based firm offering hardware, software, and services technology, that launched Trimble Unity AMS in November 2023, aimed at improving the efficiency and reliability of electric utilities. The Trimble Unity AMS is based on the Cityworks enterprise asset management platform, encouraging electric utilities to handle their infrastructure assets competently through their entire lifecycle, from permits and construction to operations, maintenance, replacement. The system integrates with Esri ArcGIS, a record-keeping system for asset and network details, establishing a unified base of real-time data useful for decision making and operations. This GIS-oriented technique boosts operational efficiency and situational awareness among electric utilities.

What Are the Key Segments of the Utility Asset Management Market?
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

Subsegments:
1) By Public Utility: Government-Owned Utilities, Municipally-Owned Utilities, State-Owned Utilities
2) By Private Utility: Investor-Owned Utilities (IOUs), Cooperative Utilities, Privately-Held Utilities

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Which Region Dominates the Utility Asset Management Market?
North America was the largest region in the utility asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the utility asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Utility Asset Management Global Market Report?

- Market Size Analysis: Analyze the Utility Asset Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Utility Asset Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Utility Asset Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Utility Asset Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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