Utility Asset Management Market to Reach USD 6.88 Billion by 2029; Siemens Smart Infrastructure Launches VersiCharge XL to Surge Growth

The global utility asset management market size was valued at USD 4.45 billion in 2021. The market is projected to grow from USD 4.63 billion in 2022 to USD 6.88 billion by 2029, exhibiting a CAGR of 5.8% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Utility Asset Management Market Size, Share & COVID-19 Impact Analysis, By Type (Public Utility, Private Utility), By Component (Software, Hardware, Services), By Application (Electric {Transformers, Substations, Transmission & Distribution System}, Gas, Water), and Regional Forecast, 2022-2029.”

Market Growth Hampered by Supply Chain Disruptions Caused by COVID-19 Pandemic

Every nation has been strangely impacted by the global emergency caused by the COVID-19 pandemic's outbreak. With supply networks disrupted during economic downturns, financing new enterprises is considered as a big hurdle. For significant utility asset management players active in the global market, revenue declined for the year ending December 31, 2020, compared to the same period in 2019, due to halt in operations.

Siemens Smart Infrastructure Launches VersiCharge XL

A new sustainable electric vehicle charging concept structure from Siemens Smart Infrastructure was launched with the goal of electrifying fleets and other significant, high-demand charging applications in the U.S. The new VersiCharge XL (U.L. Standard) concept was developed in collaboration with Nexii Building Solutions using their exclusive low-carbon footprint sustainable building material in the U.S. to swiftly and effectively electrify parking lots and new or existing building structures. The solution, which resembles a contemporary gas station, was created in late 2021 and deployed in Peachtree Corners, Georgia, the U.S., at Siemens' research and development facility for electrical products and mobility solutions.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/utility-asset-management-market-101647

Increasing Investments to Upgrade Power Transmission to Promote Market Growth

The deployment of various technologies, including as peak load management, outage management, asset management, and distribution management, and a positive perspective from national administrations to promote the construction of smart grid infrastructures are projected to increase market size.

The necessity for unexpected, expensive installation processes together with significant risks while maintaining the necessary equipment for longer periods of time across multiple technologies, such as condition-based maintenance, predictive maintenance, and corrective maintenance, may slow the market growth.

Innovative Product Launch Announcement by Key Players to Bolster Market Growth

The prominent utility asset management players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.

Notable Industry Development:

• April 2021: The world's quickest and most accurate drone-based method for detecting greenhouse gas emissions was introduced by ABB. In order to improve safety and environmental measuring capabilities for operators of the millions of kilometers of pipelines that travel around the globe, the business developed HoverGuard. The HoverGuard upgrade to ABB Ability Mobile Gas Leak Detection System offers the remedy by locating leaks more quickly and accurately.

List of Key Players Mentioned in the Report:

• General Electric (U.S.)


• ABB (Switzerland)


• Eaton (Ireland)


• Siemens (Germany)


• DNV GL (Norway)


• Aclara Technologies (U.S.)


• Sentient Energy (U.S.)


• IBM (U.S.)


• Hitachi Energy (Switzerland)


• Black & Veatch (U.S.)


• ABS Group (U.S.)


• Schneider Electric (France)


• IFS (Sweden)


• Getac (Taiwan)


• Fujitsu (Japan)


• Lindsey Manufacturing (U.S.)

Further Report Findings

North America will dominate the global utility asset management market share in 2021. The deregulation of the electric industry is likely to drive the region’s market. The deregulation of the power sector in various nations has facilitated many private organizations to achieve their strategic goals to reduce the cost of electricity to end consumers.

By component, the market is trifurcated into software, hardware, and services. The software segment is set to dominate the market in 2021, owing to the mounting requirement for remote and mobile detection, inspection, and diagnostic tools in vast networks.

Table of Segmentation