"Actionable Insights to Fuel Your Growth"

Utility Asset Management Market Size, Share & COVID-19 Impact Analysis, By Type (Public Utility and Private Utility), By Component (Hardware, Software, Services), By Application (Transformers, Substations, and Transmission & Distribution Lines), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101647

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global utility asset management market size stood at USD 3.31 billion in 2019 and is anticipated to attain USD 6.20 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Utility Asset Management Market

Request Sample

Asset management (AM) services are a combination of various hardware, software, tools, and solutions deployed to increase productivity and lower maintenance requirements in facilities. These systems widely incorporate prevention, prediction, and condition-based approach to enable electric utilities to monitor and track performance for continuous evaluation. The solution is based on data analytics and artificial intelligence (AI) to mitigate the risk of electrical system failures and plan replacement/repair operations strategically to enhance the unit’s efficiency.


Halt in Heavy-duty Operations amid COVID-19 Pandemic May Hamper Growth


The sudden spread of COVID-19 or coronavirus, a global crisis, has substantially affected different nations. Many countries have adopted strict measures to combat the viral infection and limit its human to human spread by shutting down various commercial and industrial operations. Consequently, the utility asset management industry has also been reasonably affected by the repercussions of this global turmoil.


Additionally, the halt in various heavy-duty end-user operations such as manufacturing industries, processing facilities, and temporary closure of large commercial offices has led to an unprecedented decline in the demand for electricity. This has left electric utilities with significant cash deficits, making them incapable of maintaining their operational capabilities with feasible incomes.


LATEST TRENDS


Request a Free sample to learn more about this report.


Growing Measures to Mitigate Power Outage Problems is a Current Trend


Several countries across the globe have observed a significant spike in the number of power cuts caused by various reasons deteriorating operations. Numerous problems due to erratic human decisions and natural calamities have led different public and private grid owners/operators to adopt stringent actions like utility asset management to diminish the impact.


For instance, in April 2019, the Mexican state-owned utility company, Comisión Federal de Electricidad (CFE), stated that the Yucatán peninsula territory of the country was stuck with a second power outage in days after a first one. The company also reported a fire outbreak caused beneath the transmission lines leaving millions of its customers without electricity.


Development of Advanced Solutions through Partnerships Among Players is a Prominent Trend


Various utility asset management market players are regularly concentrating on growing their products & solutions offerings, along with expanding their portfolios to cater to a wide range of customers. Additionally, organizations are also focusing on collaborative hardware and software development to introduce new utility asset management solutions to analyze complex operational data.


For example, in July 2018, General Electric or GE joined forces with Microsoft to augment the adoption of the Industrial Internet of Things (IIoT) across different verticals and expand the digital transformation of industries. The partnership was labeled as the largest one between two organizations and targets to adjoin the former’s Predix portfolio and Microsoft’s Azure Data & Analytics and Azure IoT for enhanced results.


DRIVING FACTORS


Rapidly Increasing Energy Demand & Adoption of Green Energy Technology will Propel Growth


The energy consumption across the world has observed a steep increase over the years due to the continually growing residential and commercial infrastructures. Subsequently, various nations have observed a tremendous rise in the deployment of multiple power generation techniques to serve the growing demand. It would further drive the companies to undertake different utility asset management technologies to transfer the produced energy efficiently.



  • For example, in March 2020, the International Renewable Energy Agency (IRENA) reported that the overall renewable capacity totaled over 2.53 terawatt (TW) across the globe in 2019, exhibiting 175.8 GW of annual increase from 2.36 TW in 2018.


Increasing Concerns to Upgrade Long-standing Transmission & Distribution Networks to Boost Growth


A positive outlook from national governments to invest and develop the aging infrastructure and support the extension of smart grid technologies is set to favor the utility asset management market growth. Furthermore, numerous public and private entities are readily adopting techniques such as outage management, distribution management, asset management, and peak load management, which is likely to augment the market.



  • For instance, in March 2019, the China Southern Power Grid announced to invest about USD 24.6 billion between 2018 and 2022 to enhance power grids with better disaster prevention capacity. The state-owned utility also aims to diminish the annual power outage durations across various cities to balance the growing demand.


RESTRAINING FACTORS


Requirement of Significant Capital & High Technical Expertise May Hinder Growth


The capital intensive nature of advanced technology operations and high risks associated with maintaining the needed equipment for longer durations without optimum proficiency may hamper the utility asset management market growth. Additionally, the lack of correct technical knowledge while installing the expensive equipment and joining the hardware, coupled with inaccuracies in prioritizing the operational layouts, can significantly impact the efficiency of the system, thereby leading to constrained repair durations and over maintenance harms.


SEGMENTATION


By Type Analysis


Public Utility Division is Anticipated to Account For Significant Share Over the Forecast Period


Based on type, the global utility asset management market can be bifurcated into public utility and private utility. The existence of long-standing transmission & distribution setups by different national utility companies, coupled with the increasing cases of system malfunctions in the networks, is set to favor the growth of the public utility segment.


Additionally, the private utility segment is projected to observe significant expansion owing to the growing investments by non-government organizations to place new infrastructures to support different power generation technologies.


By Component Analysis


To know how our report can help streamline your business, Speak to Analyst


Hardware Segment to Observe Considerable Growth Backed By Setup of New Power Generation Facilities


Based on the component, this market can be majorly categorized into hardware, software, and services. The growing demand for power across various sectors, coupled with the rapidly expanding power generation facilities, is likely to drive the growth of the hardware segment.


The software segment is also expected to grow substantially owing to the increasing concerns of diagnosing and combating mounting problems across electricity networks. Additionally, the growth of the services segment is assisted by the rising demand for various management checks to comprehend the technical aspects of old and new grids for improved efficiency.


By Application Analysis


Transmission & Distribution Lines Segment to Hold Major Share Stoked by Rising Natural Circumstances


Based on the application, the market is segmented into transformers, substations, and transmission & distribution lines. The transmission & distribution (T&D) lines segment is anticipated to hold the major share owing to the high susceptibility to overground lines & systems, as well as the increasing occurrences of human and natural circumstances jeopardizing the networks.


Furthermore, the abruptly increasing electrical infrastructure development across various nations is set to propel the growth of the substations segment. The transformers segment is also likely to observe steady growth due to the continuous development of new systems integrated with automated technology by numerous manufacturers.


REGIONAL INSIGHTS


North America Utility Asset Management Market Size, 2019 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The industry has been analyzed across five key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is likely to account for the dominating portion of the market owing to various factors such as favorable regulatory policies, positive green energy outlook, increasing utility expenditure, and the presence of key management companies, among others. For example, in July 2019, the United States Federal Energy Regulatory Commission (FERC) issued Order No. 860 (RM16-17-000, AD19-17-000) to streamline the collection of data for surveillance & analytics and eliminate duplicate entries.


Europe is also set to exhibit substantial growth over the forecast period due to the stern emission control regulations, along with encouraging financial support and targets for low carbon generation technologies. Furthermore, the setup of new renewable facilities such as solar and onshore & offshore wind power, coupled with the growing need to develop the T&D infrastructure to support the expansion, is set to propel growth in this region. In September 2020, the European Investment Bank (EIB) declared to allocate over USD 3.5 billion to propel clean energy projects across Europe, as well as the globe.


Asia Pacific utility asset management market is also projected to account for considerable market share over the forecast timeframe. The continuously evolving industrial infrastructures, advantageous rural electrification objectives, presence of long-standing T&D networks, high investments in smart grid developments, and the rising number of power outages are some of the factors augmenting the market size in the region.


KEY INDUSTRY PLAYERS


Black & Veatch is Focusing on Fabricating New Products & Partnering With Other Players


The utility asset management market includes a significant number of participants offering a wide range of products & services at country, regional, and global levels, thereby shaping the competitive landscape. These key players, such as ABB, Schneider Electric, IBM, General Electric Company, or GE, and many others are concentrated to serve different aspects of an electrical power grid and serve specific requirements of utility asset management operations.


Black & Veatch is readily aiming to undertake different collaboration initiatives to expand its geographical foothold and product reach along with unveiling new developments. For example, In February 2020, the company announced to join forces with a United Kingdom-based data analytics company called Rezatec, to uncover new possibilities for its utility asset management systems. The collaboration further targets to integrate BV Europe’s ECO-X cloud-based digital ecosystem along with Rezatec’s AI-driven analytics and data science for optimized asset management.


LIST OF KEY PLAYERS PROFILED IN THIS REPORT:



KEY INDUSTRY DEVELOPMENTS:



  • August 2020 – Emerson Electric declared to purchase the U.S.-based technology software provider, Open Systems International, Inc. (OSI Inc.), for about USD 1.6 billion. The company targets to enhance its offering with OSI’s portfolio to propel digitization and improve grid reliability.

  • July 2020 – Schneider Electric introduced a new line of its EcoStruxure power SCADA software designed particularly for power networks. The Power SCADA Operation (PSO) 2020 is set to work as an open-source platform with enhanced speed & cybersecurity for fast decision support for electrical distribution systems.


REPORT COVERAGE


An Infographic Representation of Utility Asset Management Market

To get information on various segments, share your queries with us



The market research report presents a comprehensive assessment of the global utility asset management market sizing by offering valuable insights, facts, industry-related information, and historical data. Several research methodologies and approaches are adopted to formulate meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global industry. 


Report Scope & Segmentation











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Public Utility

  • Private Utility



By Component



  • Hardware

  • Software

  • Services



By Application



  • Transformers

  • Substations

  • Transmission & Distribution Lines



By Geography



  • North America (United States and Canada)

  • Europe (United Kingdom, Germany, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 3.31 billion in 2019 and is projected to reach USD 6.20 billion by 2027.

In 2019, the North America market value stood at USD 1.09 billion.

Registering a CAGR of 8.5%, the market will exhibit substantial growth over the forecast period (2020-2027).

The transmission & distribution lines segment is anticipated to hold a significant share and dominate this market during the forecast period.

Increasing investments to replace age-old electrical infrastructure, growing energy demand, and setup of new green power technologies are some of the major factors driving the growth of the market.

ABB, Schneider Electric, IBM, Black & Veatch, and Eaton are the key players operating in the market.

North America dominated the market in terms of share in 2019.

The increasing production from low-carbon generation technologies will require a more efficient and reliable electrical power grid to transfer the produced power to its destination, thereby propelling the adoption of utility asset management solutions.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Utility Asset Management Market Size, Share and Global Industry Trend Forecast till 2026
  • Oct, 2020
  • 2019
  • 2016-2018
  • 220

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X