Utilities Asset Management Market Poised for 11.3% CAGR Growth, Key Players, Market Size, Share, and Emerging Trends through 2031

According to the report published by Allied Market Research, the global utilities asset management market generated $4.3 billion in 2021, and is projected to reach $12.4 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Utility asset management enables electric utilities to manage critical assets, tracking age, usage, maintenance history, and a range of other variables. Utility asset management consists of web-connected smart devices that obtain, analyze, and process data collected from their surroundings using embedded systems including sensors, processors, and communication hardware. When implemented into industries and organizations that rely heavily on usage of their assets, an asset management tool can help to better manage and maintain mission-critical equipment across entire operations.

COVID-19 Scenario:

1. The outbreak of COVID-19 pandemic has had a negative impact on the growth of the global utilities asset management market, owing to the strict implementation of lockdowns in various countries across the globe.

2. Lockdowns resulted in the closure of various manufacturing facilities, large trading houses, and processing plants in various industries, which negatively impacted the growth of the global industry. In addition, there was a shortage of workforce which further aggravated the impact on the market across the globe.

3. Besides, significant drop in power sales in the commercial sector during the pandemic additionally impacted the growth of the global market.

4. However, the market is expected to grow rapidly after the pandemic, owing to rise in adoption of remote working and automation of process in the utility sector across the globe.

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The report offers detailed segmentation of the global utilities asset management market include component, utility type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Furthermore, the key factors that drive the utilities asset management market trends include rise in energy demand, aging infrastructure, increase in distributed energy resources, and need for efficient and reliable energy. However, factors such as lack of skilled workforce and high cost of implementation of asset management in the utilities sector are expected to hamper the utilities asset management market growth. On the contrary, adoption of IoT and AI technology in utility asset management for better insights is expected to offer remunerative opportunities for the expansion during the Utilities Asset Management Market Forecast.

Based on component, the hardware segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The software segment, on the other hand, is expected to cite the fastest CAGR of 13.0% during the forecast period.

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Based on utility type, the public utilities segment held the dominating market share in 2021, holding nearly four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The private utilities segment, on the other hand, is expected to cite the fastest CAGR of 12.7% during the forecast period.

Based on application, the transmission & distribution lines segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The sub-station segment, on the other hand, is expected to cite the fastest CAGR of 12.3% during the forecast period.

Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 13.3% during the forecast period.

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The key players analyzed in the global utilities asset management market report include ABB Ltd., Black & Veatch., Cniguard Ltd., DNV GL, Enetics, Inc., EnrichAI, IBM Corporation, IFS, InPipe Energy, Microsoft Corporation, Netcontrol Oy, Neuroflux, Oracle corporation, Platoi, Schneider Electric, Siemens AG, and Vigti.

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