What Has Been the Progress and Growth of the Utility Asset Management Market in Recent Years?
The utility asset management market has seen considerable growth due to a variety of factors.
• The market size of utility asset management has seen rapid expansion in the past few years. It is projected to escalate from $4.97 billion in 2024 to $5.56 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.8%.
The historic growth in this field can be credited to factors like infrastructure growth and enhancement, regulatory adherence and safety, asset performance and dependability, and lifecycle cost administration.
How Does the Forecast Look for the Utility Asset Management Market?
The utility asset management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for utility asset management is predicted to experience significant increase over the coming years, surging to a value of $8.15 billion in 2029, spurred by a compound annual growth rate (CAGR) of 10.0%.
This projected growth within the forecasting period can be associated with the integration of smart grids and renewable energy, the implementation of data analytics and predictive maintenance, as well as resilience and disaster readiness strategies. Key trends expected during this forecast period encompass the adoption of state-of-the-art analytics and AI technology, integration of IoT and sensors, a shift towards predictive maintenance, and an emphasis on cybersecurity and data protection.
What Are The Leading Drivers Of Growth In The Utility Asset Management Market?
The growth of the utility asset management market is predicted to be driven by the rising use of automation technologies. These technologies comprise various systems, processes, and methods that execute tasks with limited human involvement. The role of Utility asset management (PAM) is significant as it offers a holistic strategy for preserving and managing physical assets in industrial environments and elevating overall productivity. For example, data from the International Federation of Robotics, a German organization dedicated to robotics research, revealed that there were 553,052 industrial robots installed globally in factories in 2022, marking a 5% growth from the prior year. Consequently, the escalating use of automation technologies is fueling the expansion of the utility asset management market.
How Are The Segments Defined Within The Global Utility Asset Management Market?
The utility asset management market covered in this report is segmented –
1) By Type: Public Utility, Private Utility
2) By Component: Hardware, Software, Services
3) By Application: Electric, Gas, Water
Subsegments:
1) By Public Utility: Government-Owned Utilities, Municipally-Owned Utilities, State-Owned Utilities
2) By Private Utility: Investor-Owned Utilities (IOUs), Cooperative Utilities, Privately-Held Utilities
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What New Trends Are Influencing The Utility Asset Management Market?
Major enterprises in the utility asset management market are emphasizing innovation by introducing cutting-edge solutions such as enterprise asset management that enhances their market portfolios. Enterprise asset management (EAM) solutions are designed to handle the management and upkeep of a firm's physical assets throughout their entire lifespan. In an illustration of this trend, Trimble Inc., a US firm specialising in software, hardware, and services technology, revealed the Trimble Unity AMS in November 2023, aiming to boost the efficiency and dependability of electrical utility services. Developed on the Cityworks EAM platform, Trimble Unity AMS offers electrical utilities effective management of infrastructure assets through every stage, from permitting and construction to operations, maintenance, and eventual replacement. By integrating with Esri ArcGIS, a recognized asset and network information system, the solution can provide a consolidated source of real-time data for decision-making and operations. The GIS-centric approach has notably improved operational efficiencies and situational comprehension in electric utilities.
Who Are the Key Players In The Utility Asset Management Market?
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
What Is The Most Dominant Region In The Utility Asset Management Market?
North America was the largest region in the utility asset management market in 2024. 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.
