Global Utility Asset Management Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Utility asset management refers to the systematic approach of overseeing, maintaining, and optimizing the infrastructure and assets owned and operated by utility companies. It identifies and addresses potential risks associated with Utility asset failures by implementing preventive and predictive maintenance strategies.

Sizing and Forecast
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 growth in the historic period can be attributed to infrastructure expansion and development, regulatory compliance and safety, asset performance and reliability, 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 growth in the forecast period can be attributed to smart grid integration, renewable energy integration, data analytics and predictive maintenance, resilience and disaster preparedness. Major trends in the forecast period include adoption of advanced analytics and AI, IoT and sensor integration, shift towards predictive maintenance, focus on cybersecurity and data privacy.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
The increased use of automation technologies is expected to propel the growth of the utility asset management market going forward. Automation technologies include a wide range of methods, processes, and systems that use diverse technologies to do tasks with minimal human participation. Utility asset management (PAM) helps automation technologies by providing a comprehensive approach of managing and maintaining physical assets in industrial settings and enhancing overall performance. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2021, factories worldwide installed 517,385 new industrial robots, representing a 31% annual growth rate. Therefore, the increased use of automation technologies is driving the growth of the utility asset management market.

Key Industry Players
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

The utility asset management market report table of contents includes:

1. Executive Summary

2. Utility Asset Management Market Characteristics

3. Utility Asset Management Market Trends And Strategies

4. Utility Asset Management Market – Macro Economic Scenario

5. Global Utility Asset Management Market Size and Growth
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32. Global Utility Asset Management Market Competitive Benchmarking

33. Global Utility Asset Management Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Utility Asset Management Market

35. Utility Asset Management Market Future Outlook and Potential Analysis

36. Appendix

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