Pune, India, June 21, 2022 (GLOBE NEWSWIRE) -- The global utility asset management market is set to gain traction from the increasing implementation of stringent rules by private grid operators to prevent power outage issues. These mainly occur because of natural calamities and erratic human decisions. This information is given by Fortune Business Insights™ in a new report, titled, “Utility Asset Management Market Size, Share & COVID-19 Impact Analysis, By Type (Public Utility and Private Utility), By Component (Hardware, Software, Services), By Application (Transformers, Substations, and Transmission & Distribution Lines), and Regional Forecast, 2020-2027.” The report further states that the utility asset management market size stood at USD 3.31 billion in 2019 and is anticipated to attain USD 6.20 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period.
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Report Scope & Segmentation:
|Forecast Period 2020 to 2027 CAGR||8.5%|
|2027 Value Projection||USD 6.20 billion|
|Market Size in 2019||USD 3.31 billion|
|Historical Data for||2016-2018|
|No. of Pages||220|
|Segments covered||By Type, By Component, By Application, Regional|
|Growth Drivers||Increasing Number of Residential & Commercial Infrastructures to Aid Growth|
|Key Players Focus on Partnership Strategy to Develop Utility Asset Management Solutions|
COVID-19 to Obstruct Demand Backed by Closure of Industries & Commercial Offices
The outbreak of the COVID-19 pandemic is taking a toll on a wide range of industries and utility asset management is not an exception. Owing to the complete shutdown of large commercial offices, processing facilities, and manufacturing industries, there is a decline in the demand for electricity. This, in turn, is resulting in cash deficits for electric utilities. We are providing extensively researched reports to help you better understand the current situation of the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/utility-asset-management-market-101647
Drivers & Restraints-
Increasing Number of Residential & Commercial Infrastructures to Aid Growth
The rising consumption of energy backed by the increasing number of commercial and residential infrastructures worldwide is set to augment the utility asset management market growth in the coming years. Apart from that, there has been a rapid surge in the deployment of various novel power generation techniques that are capable of fulfilling the growing demand for energy. However, unavailability of skilled workers with the correct technical knowledge for installation of complicated hardware and equipment may lower the demand for utility asset management.
Highlights of the Report-
The report is based on extensive research on the market and its growth parameters, including drivers, restraints, challenges, and opportunities in the market. It also includes the table of segmentation, along with a list of segments dominating the market and its attributed factors. The report throws light on the significant industry developments, current Utility Asset Management market trends, and other interesting insights offered by the market. For more information on the market, log on to the company website.
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Software Segment to Grow Steadily Fueled by Rising Concerns of Combat Mounting Issues
Based on components, the software segment generated 46.2% in terms of utility asset management market share. It is anticipated to exhibit considerable growth throughout the forthcoming years because of the rising concerns associated with combat mounting and diagnosing problems across several electricity networks.
Rising Utility Expenditure to Bolster Growth in North America
Geographically, North America generated USD 1.09 billion in terms of revenue in 2019. It is set to retain its dominant position in the coming years on account of the presence of favorable regulatory policies in the region. At the same time, the rising utility expenditure, positive green energy outlook, and presence of multiple reputed utility asset management companies in the region would favor growth. Europe, on the other hand, is set to showcase substantial growth in the near future stoked by the increasing financial support from regulatory bodies to reduce emissions.
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Key Players Focus on Partnership Strategy to Develop Utility Asset Management Solutions
The market for utility asset management is highly fragmented with the presence of numerous renowned companies. Most of them are adopting the strategy of partnerships and collaborations to co-develop unique utility asset management solutions. Some of the others are trying to enhance their product offerings by purchasing domestic companies. Below are two industrial developments:
- August 2020: Emerson Electric is planning to buy Open Systems International, Inc. (OSI Inc.) worth USD 1.6 billion. This development would help the former to include OSI’s product portfolio in its existing lines for accelerating digitization.
- August 2020: Nokia and LS ELECTRIC signed an agreement to team up for developing analytics and intelligence-based platforms. These will be used to evaluate the performance of utility assets.
List of Players Operating in the Utility Asset Management Market are as follows:
- DNV GL
- Aclara Technologies
- Sentient Energy
- Black & Veatch
- Schneider Electric
- Lindsey Manufacturing Company
Utility Asset Managements Market Segmentation:
- Public Utility
- Private Utility
- Transmission & Distribution Lines
Table Of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Utility Asset Management Market
5. Global Utility Asset Management Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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