Press release
Utility Asset Management Market Size Projected To Reach $8.15 Billion By 2034 With A Cagr Of 10%
Utility Asset Management
What Is the Projected Growth of the Utility Asset Management Market?
The market size for utility asset management has experienced significant expansion in the past few years, escalating from $4.97 billion in 2024 to a projected $5.56 billion in 2025. This reflects a compound annual growth rate (CAGR) of 11.8%. Factors behind the historic period's growth include the extension and advancement of infrastructure, adherence to regulations and safety standards, reliability and performance of assets, and the management of lifecycle costs.
The market size of utility asset management is predicted to undergo swift expansion in the upcoming years, escalating to $8.15 billion by 2029 with a yearly growth rate of 10.0%. The predicted growth in the upcoming period can be ascribed to the inclusion of smart grids, assimilation of renewable energy, data analytics and preemptive maintenance, along with resilience and readiness for any disaster. Key trends foreseeing the growth in the market for this duration include the implementation of superior analytics and AI, IoT and sensor integration, a change in favour of predictive maintenance, coupled with a strong emphasis on cybersecurity and data confidentiality.
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What Are the Different Utility Asset Management Market Segments?
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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What Are the Primary Drivers Shaping the Utility Asset Management Market?
The projected expansion of the utility asset management market is largely attributed to the growing adoption of automation technologies. These automation systems, employing a variety of technologies, streamline the execution of numerous tasks with minimal human intervention. Utility asset management (PAM) aids these technologies by offering a wide-ranging approach for the management and upkeep of physical assets in industrial contexts, thereby improving overall performance. For example, the International Federation of Robotics, a German robotics research organisation, reported in September 2023 that during 2022, there was a global installation of 553,052 industrial robots in factories, marking a 5% increase from the preceding year. Consequently, this rise in the adoption of automation technologies is steering the growth trajectory of the utility asset management market.
Which Companies Are Leading 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
What Are the Major Trends Shaping the Utility Asset Management Market?
Leading firms in the utility asset management arena are honing their focus on innovation, specifically enterprise asset management solutions, in order to enhance their market presence. The lifecycle of a company's tangible assets, from acquisition to disposal, is covered by enterprise asset management (EAM) solutions. An illustrative example occurred in November 2023, when US technology firm Trimble Inc., specializing in software, hardware, and services, inaugurated Trimble Unity AMS, designed to boost the efficacy and trustworthiness of electric utilities. Relying on the Cityworks enterprise asset management platform, Trimble Unity AMS enables electric utilities to effectively maintain their infrastructure assets from cradle to grave, involving everything from permits and construction to operations, maintenance, and eventual replacement. The solution integrates with Esri ArcGIS, forming a single repository of updated data, enhancing real-time decision-making and operations. This geospatially-oriented approach chips in towards heightened operational efficiency and improved situational awareness for electric utilities.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Utility Asset Management Market?
2. What is the CAGR expected in the Utility Asset Management Market?
3. What Are the Key Innovations Transforming the Utility Asset Management Industry?
4. Which Region Is Leading the Utility Asset Management Market?
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