Utility Asset Management Market Massive growth in Customer Analytics by top key players, Latest Study, Development Status 2030
Research Reports
Apr 13, 2022
Utility asset management is an approach by utility providers for keeping costs low while providing seamless services to residential and commercial areas. The power outages during natural calamities and new practices for the maintenance for electrical grid networks are likely to drive its adoption. The global Utility asset management Market report by Market Research Future (MRFR) contains insights on new policies on power distribution amid rapid urbanization and the growing population. Utility Asset Management Market is projected to be worth USD 5.53 Billion by 2027, registering a CAGR of 9.95% during the forecast period (2021 – 2027), The market was valued at USD 3.91 Billion in 2020. and takes into consideration the outbreak of the COVID-19 pandemic.
Top Impacting Factors
Despite disruptions created by the Covid-19 pandemic, the global utility asset management market is witnessing a streamlined growth owing to the factors such as deregulation of the electricity industry. These have been important driving forces behind the development of new technologies and markets for power transmission. Electric utilities are focused on construction costs of new transmission and distribution (T&D) systems, or providing grid extension to emerging communities. Therefore, to maintain profitability, electric utilities have narrowed down some strategic goals to reduce the cost of electricity to customers, ensuring high environmental and occupational health standards, better safety measures for personnel and equipment as well as improving the service quality.
Get the Sample for More Understanding@ https://www.marketresearchfuture.com/sample_request/5389
MRFR also identifies that new technology and operation methods required to facilitate market-driven network services, and the need for network services is multiplying which has given a sudden boost to the growth course of the market. The beginning of smart cities and smart grids has also proved to be a momentous driver for smart utility management adoption. With this, innovation in battery technology is permitting smaller devices with longer operating times and assisting utility asset management in gaining much popularity. The incorporation of cloud technologies is also anticipated to provide opportunities to grow the global market of utility asset management.
To add in this, other critical factors such as the oil price volatility, climate change policies, renewable energy, cost containment pressure, and changing customer behavior are few challenges found in the energy sector, which is seeking to address daily and gaining more valuation on the market.
Top Industry Players
The top industry players contributing in the global utility asset management market are Siemens Lindsey Manufacturing Co. (U.S.), AG (Germany), ABB Ltd. (Switzerland), Sentient Energy, Inc. (U.S.), General Electric Company (U.S.), S & C Electric Company (U.S.), Enetics Inc. (U.S.), Emerson Electric Co. (U.S.), Netcontrol Oy (Finland), Aclara Technologies LLC (U.S.), and Vaisala OYJ (Finland).
Buy Now report with Analysis of COVID-19 at: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5389
Segmentation of Market
The global utility asset management market amidst the COVID-19 pandemic has been studied among segments such as component, application, and utility type.
In terms of applications segment, the market has included sub-station, transformer, transmission & distribution lines. Among these, the sub-station is projected to lead the utility asset management market the whole of the year 2023. The prime position of this segment can be attributed to the mounting distribution substation, coupled with increasing urbanization across the globe.
In terms of component segment, the market has included hardware and software. Hardware segment led the market in the year 2016 and is projected to be the fastest-growing component. The sensors in the hardware segment offer the data related to diverse utility assets based on various parameters such as current, voltage, temperature, heat, and frequency.
In terms of the utility type segment, the market has included public utility and private utility. Public utility led the market in the year 2016 and is projected to be the fastest-growing packaging type over the next five years as a result of which increasing investments in grid modernization and the requirement for energy efficiency. Public utilities are funded by the government and have a vast customer base. In contrast, rising investments in distributed energy generation sources have augmented the grid complexity, as these sources are connected to the grid for a consistent supply of power.
Browse Full Report Details@ https://www.marketresearchfuture.com/reports/utility-asset-management-market-5389
Regional Front
For the thorough coverage of the study, the market has been geographically studied for mainly the Asia-Pacific region, wherein the recent past countries such as Japan, Australia, and South Korea have revealed considerable strides in efforts to smarten utility network systems. In the case of point, in Japan, significant utilities have devoted toward the extensive smart meter rollouts, which could pilot to installations of over 78 million smart meters in residential and low-use customers. The quantity of smart meter installations surpassed 10 million in the year 2016. Further, the four major electric utilities, such as TEPCO, Kyushu Electric Power Co., Tohoku Electric Power Co., have installed 750,000 number of smart meters in the commercial place. They are more into planning to complete installations by the end of 2023.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact Information:
Contact: Market Research Future 99 Hudson Street,5Th Floor New York, New York 10013 United States of America Sales: +1 628 258 0071(US) +44 2035 002 764(UK) Email: sales@marketresearchfuture.com
Tags:
PR-Wirein, Wire, Research Newswire, English