Utility Asset Management Market Analysis

Global Utility Asset Management Market Overview:

Utility Asset Management Market Size was valued at USD 4.1 Billion in 2022. The Utility Asset Management market industry is projected to grow from USD 4.50 Billion in 2023 to USD 9.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.90% during the forecast period (2024–2032). The world's expanding business and residential infrastructure, along with rising energy demand are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Utility Asset Management Market Trends

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  Growing demand for energy is driving the market growth

  
  

Market CAGR for Utility Asset Management is being driven by the rising demand for energy. Numerous administrations have announced significant electrification goals for remote areas, presenting enormous prospects for the UAM market growth. The installation of new transmission and distribution lines and the integration of contemporary electrical technologies for effective grid connections are expected to multiply as ongoing efforts to extend energy delivery to remote places are implemented. In addition, a sharp growth in the use of green energy technology has been seen throughout the globe to support the strict emission regulatory rules intended to improve the industry landscape.

The utility asset management sector is expected to grow due to the rising number of unexpected power outages that occur in many nations due to various reasons, including sudden grid issues, transmission and distribution line faults, weather issues, natural catastrophes, and many more. Many governments increasingly view utility asset management in emerging nations as a strategic investment in infrastructure improvement that will focus on preserving its long-term power grid and assist in minimizing losses brought on by a lack of regular maintenance and servicing. Unexpected power outages have also adversely impacted several residential, commercial, and industrial activities. As a result, there is a strong need to upgrade the transmission and distribution lines and other electrical power grid infrastructures with more durable technologies.

Installation of Automated Monitoring and Tracking Systems Investments The deployment of various technologies, such as peak load management, outage management, asset management, and distribution management, along with a positive outlook from national administrations to support the expansion of smart grid infrastructures, will likely increase market size. The National Development and Reform Commission and the China National Energy Administration emphasized developing a smart grid to enhance functioning. The goal was to allocate energy resources in the network as efficiently as possible to encourage the effective usage of electrical components and distribution and transmission networks. The China Electricity Commission published 483 criteria, some of which addressed transmission and distribution equipment online monitoring and other requirements for the upkeep of the power infrastructure. Additionally, in response to the increased demand for power, authorities are now concentrating on how best to use it. The global market is expanding due to reducing worries about transmission and distribution losses and implementing the Internet of Things to boost energy conservation and consumption efficiency. Thus, driving the Utility Asset Management market revenue.

Utility Asset Management Market Segment Insights:

Utility Asset Management Application Insights

Based on application, the Utility Asset Management market segmentation includes transformer, sub-station, transmission, and distribution lines. The sub-station segment dominated the market, accounting for 35% of market revenue. The expanding distribution substation and the world's population are the two main factors driving this increase. Given that utilities in North America and the rest of the globe are investing more money in grid modernization throughout the projection period. Furthermore, several countries, like Australia, India, and China, have promised since their utilities prioritize dependable power generation and energy efficiency.

Utility Asset Management Component Insights

The Utility Asset Management market segmentation, based on Components, includes hardware and software. The hardware segment dominated the market. Because remote and mobile detection, inspection, and diagnostic technologies are increasingly needed in large networks. Major participants in the industry have introduced asset management software. For instance, IBM's Maximo application suite is a single, integrated cloud-based platform that uses IoT, AI, and analytics to improve performance, increase the lifespan of crucial assets, and reduce operating expenses. AI-powered monitoring, inspection, and predictive maintenance technologies also increase reliability because remote and mobile detection, inspection, and diagnostic technologies are increasingly needed in large networks.

Utility Asset Management Utility Type Insights

Based on Utility Type, the Utility Asset Management market segmentation includes public utility and private utility. The private utility category generated the most income. Huge non-government energy networks and rising grid-revolutionization investments to reduce power outage issues are expected to improve the sector's prospects. 

Figure 1: Utility Asset Management Market, by Utility Type, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Utility Asset Management Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Utility Asset Management market will dominate; deregulation of the electric sector will probably drive the region's market. Many commercial organizations have been able to meet their strategic objectives to lower the cost of energy to end users and to have minimal losses by continuously monitoring and tracking their networks, thanks to the deregulation of the power industry in many different countries.

Further, the major countries studied in the market report are The US, Canada, German, Japan, India, France, the UK, Italy, Spain, China, Australia, South Korea, and Brazil.

Figure 2: Utility Asset Management Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe has the second-largest market share for Utility Asset Management. Because there are fewer concerns about transmission and distribution losses and IoT (Internet of Things) is being used to increase energy usage and conservation efficiency, the utility asset management sector in the region is growing. Furthermore, the German Utility Asset Management market dominated, while the UK Utility Asset Management market grew fastest in Europe.

From 2023 to 2032, the Asia-Pacific Utility Asset Management Market will develop at the quickest CAGR. Installing automated monitoring and tracking systems has improved the infrastructure for electricity distribution and transmission, one of the elements fueling the market's expansion. The region's steadily expanding industries—including those in the automotive, fertilizer, petrochemical, and chemical sectors—have raised the need for energy and necessitated the appropriate upkeep of the grid's different parts. Furthermore, China's Utility Asset Management market had the highest market share, while India's Utility Asset Management market was the fastest expanding in the Asia-Pacific region.

Utility Asset Management Key Market Players & Competitive Insights

Leading market companies are extensively spending R&D on increasing their product lines, which will help the Utility Asset Management market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Utility Asset Management industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.

Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Utility Asset Management industry to serve clients and expand the market sector. The Utility Asset Management industry has provided some of the most important benefits recently.  Major players in the Utility Asset Management market, including GE Digital, ABB, and others, are attempting to increase market demand by investing in research and development operations.

The American multinational firm General Electric has a division called GE Digital. The company, headquartered in San Ramon, California, offers industrial businesses software and industrial Internet of things (IIoT) services. Industrial software and services are the main emphasis of GE Digital in the following four markets: Manufacturing applications that support discrete and process industries, water utilities, and large-scale digital transformation initiativesUtility Services for Electricity and Telecommunications, Petroleum products, and the manufacture of chemicals are two neighboring industries to the oil and gas sector. In February 2022, Asset Performance Management (APM) from G.E. Digital has won awards for pioneering capabilities for the manufacturing, mining, utilities, and oil & gas sectors. Asset Performance Management (APM) from the corporation is a collection of software and service solutions to improve the performance of crucial assets for industrial businesses.

ABB is a leader in automation and electrification technologies, creating a more resource-conserving and sustainable future. The company's solutions link software and technical expertise to optimize objects' production, movement, power, and operation. ABB's 105,000 workers are dedicated to driving breakthroughs that speed up industrial change, building on more than 130 years of excellence. In April 2021, The world's quickest and most accurate drone-based method for detecting greenhouse gas emissions was introduced by ABB. To improve safety and environmental measuring capabilities for operators of the millions of kilometers of pipelines that travel throughout 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.

Key Companies in the Utility Asset Management Market include

• ABB Ltd. (Switzerland)


• Siemens AG (Germany)


• General Electric Company (U.S.)


• S & C Electric Company (U.S.)


• Sentient Energy Inc. (U.S.)


• Aclara Technologies LLC (U.S.)


• Emerson Electric Co. (U.S.)


• Enetics Inc. (U.S.)


• Lindsey Manufacturing Co. (U.S.)


• Netcontrol Oy (Finland)


• Cniguard Ltd. (U.K.)


• Vaisala OYJ (Finland)

Utility Asset Management Industry Developments

October 2022:To reduce CO2 emissions overall, Adani PowerLimited (APL) hired Black & Veatch to optimize operations and enhance the dependability and performance of its power assets in India. The implementation will support the dependable, efficient, and sustainable operation of India's almost 12 GW of thermal power generating equipment by reducing unscheduled shutdowns and increasing operational efficiency.

February 2022:A new sustainable electric vehicle charging concept structure was introduced by Siemens Smart Infrastructure in the United States. It is intended to electrify fleets and large-scale, high-demand charging applications. 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 quickly and effectively electrify parking lots and new or existing building structures.

April 2024 Leading provider of structural asset management solutions for the electric utility industry, Osmose Utilities Services Inc. is pleased to announce the acquisition of IMCORP, the technology leader in underground power cable life cycle condition assessment and performance. In this strategic acquisition, which expands its portfolio of utility asset management services, Osmose has added state-of-the-art diagnostics and assessments for underground power cable systems as part of its offerings. Electric utilities will benefit from a unique approach that ensures the reliability and performance of both above-ground as well as underground infrastructure by integrating IMCORP's expertise and innovative technology with Osmose's comprehensive asset management solutions.

November 2023 Stem, a global leader in AI-driven clean energy solutions and services, announced a multi-year technology and commercial alliance with SB Energy USA Corp (SB Energy), one of America's largest owner-operators and renewable developers.

In the month of March 2023, the US Department of Energy announced a $13 billion dollar investment towards the power grid through the Grid Resilience Innovative Partnership (GRIP) initiative and the Transmission Facilitation Programme. This will boost demand for grid upgrading, enhancing its infrastructure, as well as is anticipated to enhance utility asset management firms.

Adani Power Limited (APL), in October 2022, engaged Black & Veatch’s services to improve its assets’ efficiency and reliability in India.

During September 2022: there was a full-scale installation of computerized monitoring and control system by an electric utility company located in Seguin, Texas. These included integration of SCADA system with Outage Management System software, Advanced Metering Infrastructure (AMI) technology, GIS Mapping and energy efficiency software for better customer reliability. It would enable the utility firm to manage its huge networks spread over wide distances.

 In May 2022: GE Digital announced Distributed Energy Resource Management System (DERMS), which will support utilities on Distributed Energy Resources (DERs) journey toward a safe, secure, and resilient grid. That application provides intelligence, operations and economics necessary to connect with DERs while optimizing them.

Siemens launched an electrification concept called VersiCharge XL in February 2022, meant for large fleets as well as high-demand charging applications throughout the United States. A modular design that could be scaled quickly enabled this new development using Nexii Building Solutions. One anticipated solution is this modern gas station-like feature installed at Siemens’ research center for mobility solutions electrical products at Peachtree Corners, Georgia, within three days after being built during H2 2021.

GE DIGITAL’S Asset Performance Management (APM) has been recognized as a capabilities leader across utilities, oil and gas, manufacturing and mining industries since February 2022. It is a blend of software solutions and services known as APM that have undergone development with the goal of enhancing the performance of industrial companies’ most critical assets.

Utility Asset Management Market Segmentation:

Utility Asset Management Application Outlook

• Transformer


• Sub-Station


• Transmission


• Distribution Lines

Utility Asset Management Component Outlook

• Hardware
  
  
  
  • Sensors
  
  
  • Infrared Cameras
  
  
  
  


• Software
  
  
  
  • Equipment/component management
  
  
  • Performance Management
  
  
  • Production Management
  
  
  
  

Utility Asset Management Utility Type Outlook

• Public Utility


• Private Utility

Utility Asset Management Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America