Utility Asset Management for Sustainability How to Reduce...

Utility Asset Management for Sustainability How to Reduce Environmental Impact and Costs

Posted 2023-10-17 05:25:21

Market Overview

The global utility asset management market is expected to grow from USD 4.50 billion in 2023 to USD 9.58 billion by 2032, at a CAGR of 9.90% from 2023 to 2032.

Utility asset management is the process of planning, operating, maintaining, and retiring utility assets in a cost-effective and efficient manner. This includes a wide range of activities, such as condition assessment, predictive maintenance, risk management, and asset lifecycle management.

The utility asset management industry is driven by rising energy consumption, aging infrastructure, expanding distributed energy resources, and the requirement for effective and dependable power.

The liberalization of the electrical sector has led to the development of new power transmission markets and technologies. Electric utilities work to make electricity more affordable for consumers so that new technology is viable.

Utility asset management combines technical ideas with in-depth economic analysis to create a cost-effective and efficient method for running, repairing, and replacing electrical infrastructure.

A powerful utility asset management program guarantees high service standards, adherence to occupational and environmental health regulations, and increased worker and equipment safety.

Key Players:

· ABB Ltd. (Switzerland)

· Siemens AG (Germany)

· General Electric Company (U.S.)

· S & C Electric Company (U.S.)

· Sentient Energy Inc. (U.S.)

· Aclara Technologies LLC (U.S.)

· Emerson Electric Co. (U.S.)

· Enetics Inc. (U.S.)

· Lindsey Manufacturing Co. (U.S.)

· Netcontrol Oy (Finland)

· Cniguard Ltd. (U.K.)

· Vaisala OYJ (Finland)

Market Segmentation

The market for utility asset management has been divided into segments based on utility type, geography, component, and application.

Depending on applications, the market has been divided into segments for transformers, sub-stations, transmission lines, and distribution lines. Due to increasing distribution substations and global urbanisation, this segment is currently in a prominent position. By 2023, the substation would be expected to rule the utility asset management industry.

The market has been divided into software and hardware segments depending on the component. In 2016, hardware led the industry and was expected to increase quickly. The hardware segment's sensors give information on different utility assets depending on factors, including current, temperature, heat, voltage, and frequency.

According to the condition of the assets, the equipment/component management system uses sensor data to deliver actionable information that is utilized to create a predictive maintenance schedule.

The market has been divided into public utility plus private utility segments depending on utility type.

Regional classification

Geographically speaking, North America brought in USD 1.09 billion in 2019. Due to the favorable regulatory rules in the area, it is expected to maintain its dominant position in the upcoming years. The presence of numerous reputable utility asset management businesses in the region, increased utility expenditure, and a bright outlook for green energy, and these factors would all support expansion. On the other side, Europe is poised to experience significant growth shortly, fuelled by the rising financial assistance provided by regulatory agencies to cut emissions.

Industry news

The worldwide utility asset management market is anticipated to experience impressive expansion during the anticipated period. The area's electrical infrastructure has grown phenomenally as a result of the area's growing population and high energy demand, which has also led to expansion in the utility asset management sector.

The energy demand has increased along with population growth, which has driven many countries' utility asset management industries. The upgrade of old utility infrastructure, increasing expenditures in distributed generation, and associated government restrictions are mostly to blame for the growth, which is predicted to continue throughout the forecast years.

In the upcoming years, the Infrastructure asset management Market share is expected to rise due to rising energy consumption and an increase in residential and commercial infrastructures worldwide. In addition, there has been a sharp increase in the use of various cutting-edge power-producing systems that may meet the rising energy demand.