Automation Technologies Revolutionizing Asset Management Emerges as a Core Driver of the Utility Asset Management Market in 2025

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What Is the Expected CAGR for the Utility Asset Management Market Through 2025?
In recent times, the market size of utility asset management has expanded swiftly. With a compound annual growth rate (CAGR) of 10.7%, it is projected to rise from $4.97 billion in 2024 to $5.51 billion in 2025. The growth during the historic period is due to factors such as, infrastructure growth and development, compliance with regulations and safety measures, reliable asset performance, and lifecycle cost management.

What's the Projected Size of the Global Utility Asset Management Market by 2029?
The market size for utility asset management is anticipated to witness robust expansion in the coming years. With a compound annual growth rate (CAGR) of 9.8%, it is predicted to reach a value of $8.01 billion by 2029. The projected growth in the coming years is mainly attributed to the integration of smart grids and renewable energy, data analytics, predictive maintenance, and preparedness for resilience and disaster. Upcoming trends during this forecast period are predicted to be the increased adoption of advanced analytics and AI, integration of IoT and sensors, a shift towards predictive maintenance, and heightened focus on cybersecurity and data privacy.

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Top Growth Drivers in the Utility Asset Management Industry: What's Accelerating the Market?
Growth in the utility asset management market is anticipated to be fueled by the escalating adoption of automation technologies. These technologies incorporate an array of techniques, procedures, and systems that carry out tasks with the least amount of human intervention. Utility asset management (PAM) bolsters automation technologies by offering a holistic strategy for managing and preserving physical assets in industrial environments, thus improving overall efficiency. For example, the International Federation of Robotics, a research organization for robotics based in Germany, reported that in 2023, factories across the globe had installed 553,052 industrial robots in 2022, marking a 5% increment from the year before. Hence, the rising implementation of automation technologies is steering the expansion of the utility asset management market.

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What Trends Will Shape the Utility Asset Management Market Through 2029 and Beyond?
Leading utility asset management market players are directing their efforts towards innovation, such as enterprise asset management solutions, to strengthen their presence in the market. Enterprise asset management (EAM) solutions oversee the supervision and conservation of a company's physical assets throughout their lifespan. For example, in November 2023, US-based technology firm Trimble Inc., known for its software, hardware, and services, released Trimble Unity AMS to boost the dependability and efficacy of electric utilities. Trimble Unity AMS, developed on the Cityworks enterprise asset management platform, empowers electric utilities to manage their infrastructure assets effectively all through their lifecycle. It covers aspects like permits, construction, operations, maintenance, and replacement. The solution integrates with Esri ArcGIS, a record-keeping system for asset and network information, to present a unified source of up-to-date data for decision-making and operations. The use of this GIS-centric approach enhances operational efficiency and situational perception in electric utilities.

What Are the Main Segments in the Utility Asset Management Market?
The utility asset managementmarket 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 Top Companies are Driving Growth 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

Which Regions Will Dominate the Utility Asset Management Market Through 2029?
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.

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