Utility Asset Management Market to Witness Considerable Growth at 8% CAGR from 2017 – 2023

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Utility Asset Management Market Research Report

Market Insights

Utility asset management is extensively used in the private and public sectors in a variety of ways. It is a systematic process for cost effectively operating, maintaining and upgrading electrical assets. Market Research Future has produced new research for the global utility asset management market which projects considerable growth over the forecast period of 2017 to 2023. Predicted to grow at a CAGR of 8% during the forecast period, the global utility asset management market is primarily driven by the deregulation of the electricity industry.

The deregulation of the electricity industry has led to the development of new technologies for cost effective power transmission. Implementing these new technologies and methods for transmission & distribution are key activities being pursued by utilities. Moreover, urbanization in emerging economies has led to an increased demand for electricity which in turn has prompted electrical utilities to provide grid extensions. Utility asset management allow electric utilities to maintain profitability by providing assistance in fulfilling strategic goals. Reduced costs of electricity, high environmental standards, improved service qualities and improved safety measures for employees and equipment are all products of utility asset management. Asset strengthening and re-engineering processes are also expected to drive the market as electric utility companies strive to incorporate the latest in technology to save costs and achieve long lasting profitability. Old grid networks are being upgraded and there is a rising investment in distributed generation which is expected to drive the market with significant growth over the forecast period.

Market Segmentation

MRFR's segmental analysis of the global utility assent management market is segmented on the basis of application, component, utility type, and region. By application, the market is segmented to include transmission & distribution lines, substation, and transformer. Among these, the substation segment will dominate the market due to the rising urbanization which has increased the need for distribution substations.

By component, the market is divided between hardware, and software.  Between these, the hardware segment accounted for the most significant segment as they are used extensively in various forms such as sensors for the management of various utility assets.

By utility type, the market is categorized into private utility and public utility. The public utility segment dominates the market and is expected to grow at the highest CAGR as they are government funded and have a massive consumer base, thus increasing investments are made in these particular type of utility.

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Regional Analysis

The Asia Pacific is a significant regional market segment due to grow at the highest CAGR during the assessment period. China accounts for the leading country in the APAC market, and is followed by India and Japan. The presence of a sizeable consumer population which is ever-growing has resulted in a tremendous demand for energy which has in turn, created the need for electrical infrastructure. High investments in advanced electrical utilities infrastructure drive the market. Moreover, the governments of these region are committed toward converting several prominent cities in the region into smart cities, thus increasing investments in advanced metering and other electricity technologies, thus increasing growth of the utility asset management market.

Key Players

Notable market players who are innovating, and providing the market with opportunities for growth while maintaining lead positions include Lindsey Manufacturing Co., S & C Electric Company, Cniguard Ltd., ABB Ltd., Vaisala OYJ, Siemens AG, Aclara Technologies LLC, Sentient Energy, Inc., Enetics Inc., General Electric Company, Emerson Electric Co., and Netcontrol Oy. MRFR has extensively recorded the competitive strategies used by these players in order to offer a comprehensive view of the global utility asset management market.

Latest Industry News

• Swank Capital and Cushing Asset Management have announced that rebalancing of the Cushing Utility Index will be a part of normal index operations and index changes will become effective in October