Global Utility Asset Management Market Projected to Grow at 10% CAGR, Reaching $8.15 Billion by 2029

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts

What Will the Utility Asset Management Industry Market Size Be by 2025?
In recent times, the market size of utility asset management has witnessed quick expansion. The value is poised to expand from $4.97 billion in 2024 to $5.56 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.8%. Factors such as infrastructure expansion and development, regulatory compliance and safety, enhanced asset performance and reliability, and lifecycle cost management have contributed to the growth in the historic period.

What's the Long-Term Growth Forecast for the Utility Asset Management Market Size Through 2029?
The projected market size for utility asset management is anticipated to experience swift expansion in the coming years, reaching a value of $8.15 billion by 2029, backed by a compound annual growth rate (CAGR) of 10.0%. The expected growth during this forecasted period is largely due to factors like the integration of smart grids and renewable energy, the application of data analytics and predictive maintenance, and the focus on resilience and disaster readiness. The forecasted period will also witness major trends including the implementation of advanced analytics and AI, the incorporation of IoT and sensors, a shift towards predictive maintenance, and an emphasis on cybersecurity as well as data privacy.

View the full report here:
https://www.thebusinessresearchcompany.com/report/utility-asset-management-global-market-report

What Are the Key Growth Drivers Fueling the Utility Asset Management Market Expansion?
The continued adoption of automation technologies is anticipated to fuel the expansion of the utility asset management market. This encapsulates a broad range of techniques, processes, and systems that employ various technologies to execute tasks with minimal human interaction. Utility asset management (PAM) supports these technologies by offering a holistic strategy for the management and maintenance of physical assets within industrial premises, thereby improving top-line performance. To illustrate, the International Federation of Robotics, a Germany-based robotics research entity, reported in September 2023 that 553,052 industrial robots were installed globally in factories in 2022, marking a 5% rise from the preceding year. Consequently, the escalating use of automation technologies is steering the growth trajectory of the utility asset management market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14525&type=smp

What Are the Key Trends Driving Utility Asset Management Market Growth?
Key players in the utility asset management market are prioritizing innovative methods such as enterprise asset management solutions in a bid to enhance their market presence. These solutions oversee the management and upkeep of a company's physical assets throughout their lifecycle. For example, Trimble Inc., a software, hardware, and services technology firm based in the United States, introduced Trimble Unity AMS in November 2023. The aim was to boost the reliability and efficiency of electric utilities. Trimble Unity AMS, which is based on the Cityworks enterprise asset management platform, aids electric utilities in managing their infrastructure assets throughout their lifespan. This range encompasses everything from permits and construction to operations, maintenance, and replacement. The solution features integration with Esri ArcGIS, an essential system for asset and network information, providing a consolidated data source crucial for decision-making and operations. This GIS-centric approach enhances operational efficiency and situational awareness within electric utilities.

How Is the Utility Asset Management Market Segmented?
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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=14525&type=smp

Which Companies Are Leading the Charge in Utility Asset Management Market Innovation?
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

Which Regions Are Leading the Global Utility Asset Management Market in Revenue?
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.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=14525

"This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work."

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.