PUBLISHER: The Business Research Company | PRODUCT CODE: 1465930
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465930
Utility asset management involves the systematic approach to overseeing, maintaining, and optimizing the infrastructure and assets owned and operated by utility companies. The objective is to identify and mitigate potential risks associated with utility asset failures by implementing preventive and predictive maintenance strategies.
The primary types of utility asset management are categorized as public utility and private utility. A public utility is an entity that provides goods or services to the general public. The components of utility asset management encompass hardware, software, and services, applicable to various utility applications such as electric, gas, and water.
The utility asset management market research report is one of a series of new reports from The Business Research Company that provides utility asset management market statistics, including utility asset management industry global market size, regional shares, competitors with a utility asset management market share, detailed utility asset management market segments, market trends and opportunities, and any further data you may need to thrive in the utility asset management industry. This utility asset management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The utility asset management market size has grown rapidly in recent years. It will grow from $4.43 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The expansion observed in the historical period can be attributed to infrastructure expansion and development, adherence to regulatory compliance and safety standards, a focus on asset performance and reliability, and effective lifecycle cost management.
The utility asset management market size is expected to see rapid growth in the next few years. It will grow to $7.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period can be attributed to factors such as the integration of smart grids, incorporation of renewable energy sources, utilization of data analytics and predictive maintenance techniques, and an emphasis on resilience and disaster preparedness. Key trends expected in the forecast period include the adoption of advanced analytics and AI (Artificial Intelligence), integration of IoT (Internet of Things) and sensors, a shift towards predictive maintenance practices, and a heightened focus on cybersecurity and data privacy.
The increasing adoption of automation technologies is expected to drive the growth of the utility asset management market in the future. Automation technologies encompass a diverse range of methods, processes, and systems designed to perform tasks with minimal human involvement. Utility asset management (PAM) plays a crucial role in supporting automation technologies by offering a comprehensive approach to managing and maintaining physical assets in industrial settings, thereby enhancing overall performance. For example, data from the International Federation of Robotics in October 2022 revealed that in 2021, global factories installed 517,385 new industrial robots, reflecting a notable 31% annual growth rate. This underscores how the growing use of automation technologies is a key factor propelling the utility asset management market.
Prominent companies in the utility asset management market are actively pursuing innovation, particularly in the development of enterprise asset management solutions, to advance their market offerings. Enterprise asset management (EAM) solutions involve the comprehensive management and maintenance of a company's physical assets throughout their entire lifecycle. In November 2023, Trimble Inc., a US-based technology company, introduced Trimble Unity AMS to enhance the reliability and efficiency of electric utilities. Built on the Cityworks enterprise asset management platform, Trimble Unity AMS enables electric utilities to effectively manage their infrastructure assets from permits and construction to operations, maintenance, and replacement. The solution integrates with Esri ArcGIS, providing a centralized source of current data for decision-making and operations. This GIS-centric approach improves operational efficiency and situational awareness in electric utilities.
In June 2021, Macquarie Asset Management, an Australia-based financial services firm, completed the acquisition of Beauparc Utilities for $1.2 billion. This strategic acquisition aligns with Macquarie's focus on investing in infrastructure assets and significantly expands its portfolio in the waste management sector. Beauparc Utilities Limited, based in Ireland, is a company that provides essential utilities and services.
Major companies operating in the utility asset management market are Siemens AG, International Business Machines Corporation, General Electric Company, Oracle Corporation, Schneider Electric SE, SAP SE, ASEA Brown Boveri, Jacobs Solutions Inc., Emerson Electric Co., CGI Inc., John Wood Group PLC, Hexagon AB, Black & Veatch, Arcadis NV, Mott MacDonald, GHD Group Pty Ltd, Environmental Systems Research Institute, Bentley Systems, Industrial and Financial Systems, Accruent, Infor, Sensus Metering Systems
North America was the largest region in the utility asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the utility asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the utility asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The utility asset management market consists of revenues earned by entities by providing services such as asset inventory and mapping, condition assessment, and asset lifecycle management. The market value includes the value of related goods sold by the service provider or included within the service offering. The utility asset management market also includes sales of enterprise asset management (EAM) software, geographic information system (GIS) software, and work order management systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Utility Asset Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on utility asset management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for utility asset management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The utility asset management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.