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Comprehensive Utility Asset Management Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Utility Asset Management Market
The growth of the utility asset management market is anticipated to be driven by the rising implementation of automation technologies. These technologies comprise several techniques, procedures, and systems that operate with minimal human intervention. Utility asset management or PAM compliments these automation technologies by offering an intensive approach to managing and maintaining physical assets in industrial environments, thereby boosting overall performance. For example, the International Federation of Robotics, a Germany-based robotics research institution, indicated that in September 2023, global factories had installed 553,052 industrial robots in 2022, marking a 5% increase from the preceding year. Hence, the growing adoption of automation technologies is fuelling the expansion of the utility asset management market.
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What growth opportunities are expected to drive the utility asset management market's CAGR through 2034?
In recent times, there has seen a swift expansion in the size of the utility asset management market. From $4.97 billion in 2024, it is projected to escalate to $5.56 billion in 2025, showcasing a compound annual growth rate (CAGR) of 11.8%. The historical growth can be linked to factors such as the enlargement and development of infrastructure, adherence to regulations and safety measures, asset efficiency and dependability, and the management of lifecycle costs.
The market size of utility asset management is predicted to experience a notable surge in the coming years, enhancing its value to $8.15 billion by 2029 with an impressive Compound Annual Growth Rate (CAGR) of 10.0%. The anticipated growth in the forecasted period can be ascribed to the amalgamation of smart grid, renewable energy, data analytics, and predictive maintenance, along with resilience and readiness for disasters. Essentials trends in the forecast period encompass the incorporation of AI and advanced analytics, integration of IoT and sensors, a shift towards predictive maintenance, as well as a focus on cybersecurity and data privacy.
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What are the emerging trends shaping the future of the utility asset management market?
The key players in the utility asset management market are concentrating on innovation, including the development of enterprise asset management solutions, in order to enhance their market offerings. Enterprise asset management (EAM) solutions are designed to oversee and maintain a firm's physical assets throughout their lifecycle. For example, in November 2023, Trimble Inc., an American company that specializes in software, hardware, and technology services, introduced Trimble Unity AMS to boost the reliability and performance of electric utilities. Built on the Cityworks enterprise asset management platform, Trimble Unity AMS allows for effective management of the infrastructure assets of electric utilities at all stages of their lifecycle, from permits and construction to operations, maintenance, and replacement. The solution can also integrate with Esri ArcGIS, the system for holding asset and network information, thereby generating a unified source of updated data for decision making and operations. This GIS-centric approach enhances operational performance and situational understanding within electric utilities.
Which growth-oriented segments of the utility asset management market are leading the industry's development?
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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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 companies are at the forefront of innovation in 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
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What Is Covered In The Utility Asset Management Global Market Report?
•Market Size Forecast: Examine the utility asset management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the utility asset management market for a structured understanding.
•Key Players Overview: Analyze major players in the utility asset management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the utility asset management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the utility asset management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the utility asset management market.
•Industry Challenges: Identify potential risks and obstacles affecting the utility asset management market.
•Competitive Landscape: Review strategic developments in the utility asset management market, including expansions, agreements, and new product launches.
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