New York, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Utility Asset Management Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Utility Asset Management Market Research Report, Application, Component, Utility Type and Region - Forecast till 2027” the market size is projected to be worth USD 6.87 Billion by 2027, registering a CAGR of 8.58% during the forecast period (2021 - 2027), The market was valued at USD 3.91 Billion in 2020.
Utility asset management involves digital approaches for maintaining the function and operations of utilities in public and private sectors. Rise of predictive analytics and deregulations of the electricity sector can provide scope for growth to the sector.
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List of the Key Companies Profiled in the Utility Asset Management Market Research Report are:
- Vaisala OYJ (Finland)
- S & C Electric Company (U.S.)
- Sentient Energy
- Inc. (U.S.)
- ABB Ltd. (Switzerland)
- Cniguard Ltd. (U.K.)
- Siemens AG (Germany)
- Enetics Inc. (U.S.)
- General Electric Company (U.S.)
- Emerson Electric Co. (U.S.)
- Netcontrol Oy (Finland)
- Aclara Technologies LLC (U.S.)
- Lindsey Manufacturing Co. (U.S.)
are prominent players of the global utility asset management market. Partnerships and collaborations are on the uptick as manufacturers aim to dominate the market.
Industry Update
Sentient Energy has entered into a partnership with OnPoint Digital Solutions and Koch Engineered Solutions (KES) for creating a union with predictive analytics with the help of electrical, environmental, and situational data.
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Mergers and Acquisitions to Drive Market Demand
Mergers and agreements are likely to take centerstage as public demand for power rises considerably. Increase reliance on power owing to rise of automation, dependence on internet and power, and considerable growth of industries can drive the demand. Agreements between public utilities and private entities for a power share agreement will dot the utility asset management market. Aim of utility companies to improve service quality, advanced measures for personnel and equipment, lowering electricity costs, and adhering to environmental and occupational health standards.
Network-driven Services to Propel Market
The move to clean energy sources owing to rapid depletion of fossil fuels and investments in renewable energy projects can push the services of power generation and transmission & distribution. Use of digital assets to monitor performance of grids and boost reliability and security can augur favorably for the utility asset management market. Digital transformation of networks backed by cybersecurity and corporate governance can be used in management of distributed energy networks. This is exemplified by the use of grid management platforms of Camus by Kit Carson Electric Cooperative and Holy Cross Energy for saving on expenses and providing reliable energy.
High Capital Requirement and Technically Skilled Personnel May Restrain Market
The capital-intensive nature of the power sector for investments in advanced technologies and high risks for maintenance of operations can restrain market growth. Lack of skilled personnel and low remuneration packages can deter people from applying to jobs in the utility asset management industry. Such factors that can negatively impact operations and efficiency of system can pose a challenge to market growth.
COVID-19 Impact
The COVID-19 pandemic has hampered the utility asset management market growth as various countries are enforcing measures to limit the spread of the virus and focus has shifted to alleviating the burden on the healthcare sector. Moreover, the temporary shutdown experienced in sectors of manufacturing, processing, and others has led to hesitancy of investments among end-users.
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Segmentation Analysis
Substations to be Leading Market Application
By applications, the market has been segmented into transmission & distribution lines, transformer, and sub-station. Among these, the substation, is projected to dominate the utility asset management market. This is attributed to rising demand for distribution substation and rising urbanization. Optimal management of substation assets at low possible costs coupled with use of condition-based maintenance and predictive maintenance can favor the segment.
Hardware Component to Register Significant Growth
By component, the market has been divided into hardware and software. The hardware component had dominated in 2016 and pegged to continue its reign till the end of the forecast period. Use of sensors to provide accurate information on machines coupled with grid modernization efforts can drive the segment growth.
Public Utility to Lead Global Market
By utility type, the market has been bifurcated into public utility and private utility. Public utilities are expected to be the fastest growing segments. This is owed to increasing investments in grid modernization and emphasis on energy efficiency. Public utilities are funded by government and have a huge customer base. Investments in distributed energy sources, management of grids, and reduction of transmission & distribution losses are other drivers of the market.
Regional Analysis
APAC to Lead Global Utility Asset Management Market
APAC is set to exhibit the highest growth rate in the utility asset management market. This is attributed to modernization of utility infrastructure and investments in distributed power generation stations. China, India, and Japan are likely to contribute to market growth due to rise in urban populace and immense demand for power.
Segmentation of Market covered in the research:
Information by Application (Transformer, Sub-Station, Transmission & Distribution Lines), by Component (Hardware, and Software), by Utility Type (Public Utility, Private Utility) and Region (North America, Europe & Asia-Pacific))
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