Pune, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The global utility asset management market is set to gain traction from the increasing implementation of stringent rules by private grid operators to prevent power outage issues. These mainly occur because of natural calamities and erratic human decisions. This information is given by Fortune Business Insights™ in a new report, titled, “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.” The report further states that the 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 to Obstruct Demand Backed by Closure of Industries & Commercial Offices
The outbreak of the COVID-19 pandemic is taking a toll on a wide range of industries and utility asset management is not an exception. Owing to the complete shutdown of large commercial offices, processing facilities, and manufacturing industries, there is a decline in the demand for electricity. This, in turn, is resulting in cash deficits for electric utilities. We are providing extensively researched reports to help you better understand the current situation of the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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What Does This Report Contain?
- Elaborate data about the segments in the market.
- Historical, present, and estimated sizes of the market.
- Profiles of prominent players and their crucial strategies.
- Analysis of the drivers & obstacles in the market for utility asset management.
Drivers & Restraints-
Increasing Number of Residential & Commercial Infrastructures to Aid Growth
The rising consumption of energy backed by the increasing number of commercial and residential infrastructures worldwide is set to augment the utility asset management market growth in the coming years. Apart from that, there has been a rapid surge in the deployment of various novel power generation techniques that are capable of fulfilling the growing demand for energy. However, unavailability of skilled workers with the correct technical knowledge for installation of complicated hardware and equipment may lower the demand for utility asset management.
Segment-
Software Segment to Grow Steadily Fueled by Rising Concerns of Combat Mounting Issues
Based on components, the software segment generated 46.2% in terms of utility asset management market share. It is anticipated to exhibit considerable growth throughout the forthcoming years because of the rising concerns associated with combat mounting and diagnosing problems across several electricity networks.
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Regional Analysis-
Rising Utility Expenditure to Bolster Growth in North America
Geographically, North America generated USD 1.09 billion in terms of revenue in 2019. It is set to retain its dominant position in the coming years on account of the presence of favorable regulatory policies in the region. At the same time, the rising utility expenditure, positive green energy outlook, and presence of multiple reputed utility asset management companies in the region would favor growth. Europe, on the other hand, is set to showcase substantial growth in the near future stoked by the increasing financial support from regulatory bodies to reduce emissions.
Competitive Landscape-
Key Players Focus on Partnership Strategy to Develop Utility Asset Management Solutions
The market for utility asset management is highly fragmented with the presence of numerous renowned companies. Most of them are adopting the strategy of partnerships and collaborations to co-develop unique utility asset management solutions. Some of the others are trying to enhance their product offerings by purchasing domestic companies. Below are two industrial developments:
- August 2020: Emerson Electric is planning to buy Open Systems International, Inc. (OSI Inc.) worth USD 1.6 billion. This development would help the former to include OSI’s product portfolio in its existing lines for accelerating digitization.
- August 2020: Nokia and LS ELECTRIC signed an agreement to team up for developing analytics and intelligence-based platforms. These will be used to evaluate the performance of utility assets.
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A list of all the prominent utility asset management solution providers in the global market:
- GE (United States)
- ABB (Switzerland)
- Eaton (Ireland)
- Siemens (Germany)
- DNV GL (Norway)
- Aclara Technologies (United States)
- IBM (United States)
- Sentient Energy (United States)
- Black & Veatch (United States)
- Schneider Electric (France)
- IFS (Sweden)
- Getac (Taiwan)
- Lindsey Manufacturing Company (United States)
- Fujitsu (Japan)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Utility Asset Management Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Utility Asset Management Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Public Utility
- Private Utility
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Services
- Market Analysis, Insights and Forecast – By Application
- Transformers
- Substations
- Transmission & Distribution Lines
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Utility Asset Management Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Public Utility
- Private Utility
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Services
- Market Analysis, Insights and Forecast – By Application
- Transformers
- Substations
- Transmission & Distribution Lines
- Market Analysis, Insights and Forecast – By Country
- United States Market Analysis, Insights and Forecast – By Type
- Public Utility
- Private Utility
- Canada Market Analysis, Insights and Forecast – By Type
- Public Utility
- Private Utility
- United States Market Analysis, Insights and Forecast – By Type
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