Market Research Future published a research report on “Utility Asset Management Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Industry Insight
The fast-emerging utility asset management market 2020 is noticing escalated growth, which has been recorded at a ~ 8% CAGR by Market Research Future in an in-depth study. It has also noted that the market has elevated chances to reach a high valuation by the year 2023, which is based on assorted factors at the world level. Such a growth scene will take place during the years of 2017 to 2023, which is stated to be the market’s predicted period. The market will gain maximum prominence during these years.
Top Market Factors
Electricity distribution networks are made of primary and secondary plants. The crucial plant is the energy delivery plant, even as the secondary plant is the plant needed to certify that the energy is safe, operable, measurable, sustainable, and of the right quality. Utility asset management provides an ideal solution for all these operations is a proficient way. All these factors have come across the fact that the market has got a boost in recent years and will continue to get a boost in the forecast period.
The mounting importance of smartening a power grid system of countries is heightened by the budding consumer model happening through the mount in decentralized power generation systems, such as Waste-to-Power, and Rooftop Solar PV technologies. These factors have also contributed to the market’s growth over the years and will continue in the forecast period as well. In fact, the advent of smart cities and smart grids has also proved to be a significant driver for smart utility management adoption. Also, innovation in battery technology is permitting smaller devices with longer operating times and helping utility asset management to gain popularity. The integration of cloud technologies is also anticipated to provide opportunities to grow the global Utility Asset Management Market.
Furthermore, some more factors, such as the advent of oil price volatility, renewable energy, climate change policies, cost containment pressure, and changing customer behavior, are the few challenges the energy sector is seeking to address daily and gaining more valuation on the market.
Top Market Players
The market players of global Utility Asset Management market are listed as Siemens AG (Germany), ABB Ltd. (Switzerland), S & C Electric Company (U.S.), General Electric Company (U.S.), Aclara Technologies LLC (U.S.), Sentient Energy, Inc. (U.S.), Enetics Inc. (U.S.), Emerson Electric Co. (U.S.), Netcontrol Oy (Finland), Lindsey Manufacturing Co. (U.S.), Vaisala OYJ (Finland) and Cniguard Ltd. (U.K.).
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Segmentation of Market: Utility Asset Management
The global utility asset management market is also studied under segmental analysis based on segments of application, component, and utility type.
Among the application type segment, the market has included sub-station, transformer, transmission & distribution lines. Out of which, the substation segment could lead the utility asset management market throughout the year 2023. The foremost position of this segment can be accredited to the mounting distribution substation, coupled with expanding urbanization across the globe.
Among the component segment, the market has included hardware and software. The hardware led the market in the year 2016 and is projected to be the fastest-growing material type in the forecast period.
Among the utility type, the market has included public utility and private utility. Public utility led the market in 2016 and is projected to be the fastest-growing packaging type in the coming five years, owing to the expanding investments in grid modernization and the requirement for energy efficiency. Public utilities are invested by the government and have a massive customer base. Also, rising investments in distributed energy generation sources have improved the grid complexity, as these sources are to be connected to the grid for a reliable supply of power.
Regional Outlook
In the Asia-Pacific region, in the recent past, countries like Japan, Australia, and South Korea have revealed considerable strides in their efforts to smarten utility network systems. In the case of point, in the case of Japan, its significant utilities have devoted toward the widespread smart meter rollouts by the year 2024, which could pilot to installations of over 78 million smart meters in residential and low-use customers. The number of smart meters installations exceeded 10 million in 2016. Besides, the four major electric utilities, such as Tohoku Electric Power Co., TEPCO, Kyushu Electric Power Co., and Hokuriku Electric Power Co., have installed 750,000 smart meters in commercial premises, and are further planning to complete their rollouts by the end of 2023.
Global Utility Asset Management Market Table of Content (TOC):-
- Market overview
- Global Utility Asset Management Market competition by manufacturers, type and application
- Analysis of the global market by the manufacturer
- Global Utility Asset Management Market manufacturing analysis
- Industrial Chain, sourcing strategy and downstream buyers
- Marketing strategy analysis, distributors/traders
- Global market forecast 2019-2023
- Conclusion
- Appendix
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