The utility asset management (UAM) market generated total revenue of USD 4.63 billion in 2022. The industry is predicted to grow at a healthy CAGR of 5.8% over the forecast period to attain a market revenue of USD 8.61 billion by 2033. Growing demand for utility asset management solutions to help boost energy grid efficiency, reliability, and safety is projected to bolster market growth.
Key Drivers Propelling the Utility Asset Management Industry
Utility Asset Management Market Value (2023) | USD 4.9 billion |
---|---|
Utility Asset Management Market Forecast Value (2033) | USD 8.61 billion |
Utility Asset Management Market CAGR (2023 to 2033) | 5.8% |
The utility asset management market attained a market revenue of USD 4.63 billion in 2022. The demand for utility asset management has witnessed healthy growth in the past few years. Key players in the industry have adapted to the strong demand for energy, enabling lower emissions, more renewable energy on the grid, and increasing plant productivity. The adoption of utility asset management has also been influenced by the rising demand for mission-critical software to improve water reliability and availability.
According to Future Market Insights (FMI) analysis, the utility asset management industry is anticipated to reach USD 8.61 billion by the end of 2033, registering a CAGR of 5.8%. FMI details the anticipated developments that are estimated to bode well for the market.
Year | Expected Valuation |
---|---|
2025 | USD 5.48 billion |
2028 | USD 6.49 billion |
2032 | USD 8.14 billion |
Short Term (2022 to 2025): In the short Term, the market is likely to benefit from the heightened demand for utility asset management in the oil and gas, power generation, and food and beverage/CPG sectors, among other sectors. The usage of utility asset management enhances productivity and minimizes the risk involved. In the power generation sector, the solution offers affordable, reliable, and cleaner electricity.
Medium Term (2025 to 2028): The industry is anticipated to be positively impacted by the growing adoption of utility asset management solutions to reduce outages and streamline maintenance. Further, regulators and citizens expect significant outcomes from utility asset management solutions. As a result, Environmental, Social, and Governance (ESG) measures are required to be ingrained into every business process and workflow. To leverage this momentum, utilities should cast themselves as businesses for a sustainable future.
Long Term (2028 to 2032): In the long run, the market is anticipated to be propelled by advancements in tools and technologies. A propagation of sensors offers an increasing variety of metrics with more frequency. New communications technologies allow quick data transmission from these sensors, while cloud computing extends the scope and pace of data analysis. With the help of Artificial Intelligence (AI), future behavior can be predicted from historical data. Such advances in technology open up doors for new possibilities to manage assets.
Based on type, the private utility sector accounted for a significant market share in the historical period. The sector is expected to lead the market in the forecast period. The accelerating investments to transform the grid to reduce power outage issues and extensive electricity networks of non-government companies are projected to propel segment growth over the forecast period. In addition, the deployment of utility asset management in private utilities to manage, monitor, and improve the functional ability of critical assets is estimated to enhance the segment scope. With the help of utility asset management, the asset life is prolonged, maintenance cost is reduced, and utility usage is alerted, along with many other benefits.
The software segment is projected to supersede the hardware and services segments. The high demand for software is the mounting requirement for mobile and remote detection, diagnostic tools, and inspection in far-reaching networks. As a result, key players in the utility asset management industry are launching advanced asset management software. For instance, IBM’s Maximo application suite is an integrated cloud-based platform that utilizes AI, IoT, and analytics to boost performance, reduce operational costs and downtime, and extend the lifecycles of critical assets. It further delivers enhanced reliability with inspection, AI-powered monitoring, and predictive maintenance systems.
The electric segment is slated to exhibit dominance over the forecast period. The electric segment is trifurcated into transformers, transmission and distribution systems, and substations. Out of these three, transformers are considered a crucial part of the power transmission network. Transformers constantly operate and require periodic maintenance and monitoring for an uninterrupted supply of electricity to end users and distribution centers. As a result, the demand for utility asset management from transformers is rising.
The management solutions have considerably incorporated the system to evaluate and optimize operating conditions, failure reduction, and life expectancy. Intensifying concerns related to the upkeep of reliable operations at reduced costs and the rising use of asset lifecycle planning, condition-based maintenance activities, and prediction are projected to support the growth of the electric segment.
The United States utility asset management industry is projected to be at the forefront over the forecast period. The complete electricity grid in the country includes low-voltage power lines and high-voltage power lines with transformers, connecting thousands of power plants to power consumers nationwide.
The country is concentrating on upgrading its current electricity grid to boost the electricity supply and minimize thermal losses caused by aging. In line with this, the United States government invested USD 2.5 billion in May 2022 to upgrade the country’s power grid capacity under the Transmission Facilitation Program (TFP) developed by President Biden’s Bipartisan Infrastructure Law.
Growth of regional market can also be attributed to the adoption of IoT sensors and surging digitalization in the utility sector. In addition to this, the high presence of key players in the country is offering ample growth opportunities for market growth.
China utility asset management market is projected to grow at a rapid pace over the upcoming years. The regional growth can be credited to the upgradation of power distribution infrastructure by installing automated tracking and monitoring systems. Further, the rising construction activities, urbanization, surging electric access, and rapid industrialization have led to an increase in electric transmission and distribution projects.
Several regional industries, such as chemical, automotive, petrochemical, and fertilizers, are demonstrating steady growth. This has resulted in high demand for electricity and proper upkeep of multiple components of an electricity grid. Reducing concerns related to distribution and transmission losses, along with the adoption of the Internet of Things to enhance efficiency in energy consumption, is anticipated to propel market growth in China.
Global players in the utility asset management industry are providing multiple products, services, and software to cater to the distinct requirements of an electrical power grid. Many companies are proactively functioning at regional and global levels to fulfil particular demands of the utilities.
Attributes | Details |
---|---|
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD million/ billion for Value |
By Type | Public Utility, Private Utility |
By Component | Hardware, Software, Services |
By Application | Electric, Gas, Water |
By Region | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
Key Countries Covered | The United States, Brazil, Mexico, Canada, the United Kingdom, Germany, France, Spain, Italy, Russia, Argentina, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia, Poland, China, New Zealand, Japan, GCC countries, South Africa, others |
Key Players | General Electric; ABB; Eaton; Siemens; DNV GL; Aclara Technologies; Sentient Energy; IBM; Hitachi Energy; Black & Veatch; ABS Group; Schneider Electric; IFS; Getac; Fujitsu; Lindsey Manufacturing |
Table 1: Global Market Value (US$ Million) Forecast by Region, 201 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 4: Global Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 6: North America Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 7: North America Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 8: North America Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 10: Latin America Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 11: Latin America Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 12: Latin America Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 13: Europe Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 14: Europe Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 15: Europe Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 16: Europe Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 17: South Asia Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 18: South Asia Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 19: South Asia Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 20: South Asia Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 21: East Asia Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 22: East Asia Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 23: East Asia Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 24: East Asia Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 25: Oceania Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 26: Oceania Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 27: Oceania Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 28: Oceania Market Value (US$ Million) Forecast by Application , 201 to 2033
Table 29: MEA Market Value (US$ Million) Forecast by Country, 201 to 2033
Table 30: MEA Market Value (US$ Million) Forecast by Component, 201 to 2033
Table 31: MEA Market Value (US$ Million) Forecast by Utility Type, 201 to 2033
Table 32: MEA Market Value (US$ Million) Forecast by Application , 201 to 2033
Figure 1: Global Market Value (US$ Million) by Component, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Application , 2023 to 2033
Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 5: Global Market Value (US$ Million) Analysis by Region, 201 to 2033
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 8: Global Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 9: Global Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 10: Global Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 11: Global Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 12: Global Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 13: Global Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 14: Global Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 15: Global Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 16: Global Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 17: Global Market Attractiveness by Component, 2023 to 2033
Figure 18: Global Market Attractiveness by Utility Type, 2023 to 2033
Figure 19: Global Market Attractiveness by Application , 2023 to 2033
Figure 20: Global Market Attractiveness by Region, 2023 to 2033
Figure 21: North America Market Value (US$ Million) by Component, 2023 to 2033
Figure 22: North America Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 23: North America Market Value (US$ Million) by Application , 2023 to 2033
Figure 24: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 28: North America Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 29: North America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 30: North America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 31: North America Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 32: North America Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 33: North America Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 34: North America Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 35: North America Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 36: North America Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 37: North America Market Attractiveness by Component, 2023 to 2033
Figure 38: North America Market Attractiveness by Utility Type, 2023 to 2033
Figure 39: North America Market Attractiveness by Application , 2023 to 2033
Figure 40: North America Market Attractiveness by Country, 2023 to 2033
Figure 41: Latin America Market Value (US$ Million) by Component, 2023 to 2033
Figure 42: Latin America Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 43: Latin America Market Value (US$ Million) by Application , 2023 to 2033
Figure 44: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 45: Latin America Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 48: Latin America Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 49: Latin America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 50: Latin America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 51: Latin America Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 52: Latin America Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 53: Latin America Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 54: Latin America Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 57: Latin America Market Attractiveness by Component, 2023 to 2033
Figure 58: Latin America Market Attractiveness by Utility Type, 2023 to 2033
Figure 59: Latin America Market Attractiveness by Application , 2023 to 2033
Figure 60: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 61: Europe Market Value (US$ Million) by Component, 2023 to 2033
Figure 62: Europe Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 63: Europe Market Value (US$ Million) by Application , 2023 to 2033
Figure 64: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 65: Europe Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 66: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 67: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 68: Europe Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 69: Europe Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 70: Europe Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 71: Europe Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 72: Europe Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 73: Europe Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 74: Europe Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 75: Europe Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 76: Europe Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 77: Europe Market Attractiveness by Component, 2023 to 2033
Figure 78: Europe Market Attractiveness by Utility Type, 2023 to 2033
Figure 79: Europe Market Attractiveness by Application , 2023 to 2033
Figure 80: Europe Market Attractiveness by Country, 2023 to 2033
Figure 81: South Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 82: South Asia Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 83: South Asia Market Value (US$ Million) by Application , 2023 to 2033
Figure 84: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 85: South Asia Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 86: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 87: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 88: South Asia Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 89: South Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 90: South Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 91: South Asia Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 92: South Asia Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 93: South Asia Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 94: South Asia Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 95: South Asia Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 96: South Asia Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 97: South Asia Market Attractiveness by Component, 2023 to 2033
Figure 98: South Asia Market Attractiveness by Utility Type, 2023 to 2033
Figure 99: South Asia Market Attractiveness by Application , 2023 to 2033
Figure 100: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 101: East Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 102: East Asia Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 103: East Asia Market Value (US$ Million) by Application , 2023 to 2033
Figure 104: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 105: East Asia Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 106: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 107: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 108: East Asia Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 109: East Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 110: East Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 111: East Asia Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 112: East Asia Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 113: East Asia Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 114: East Asia Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 115: East Asia Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 116: East Asia Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 117: East Asia Market Attractiveness by Component, 2023 to 2033
Figure 118: East Asia Market Attractiveness by Utility Type, 2023 to 2033
Figure 119: East Asia Market Attractiveness by Application , 2023 to 2033
Figure 120: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 121: Oceania Market Value (US$ Million) by Component, 2023 to 2033
Figure 122: Oceania Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 123: Oceania Market Value (US$ Million) by Application , 2023 to 2033
Figure 124: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 125: Oceania Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 126: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 127: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 128: Oceania Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 129: Oceania Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 130: Oceania Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 131: Oceania Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 132: Oceania Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 133: Oceania Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 134: Oceania Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 135: Oceania Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 136: Oceania Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 137: Oceania Market Attractiveness by Component, 2023 to 2033
Figure 138: Oceania Market Attractiveness by Utility Type, 2023 to 2033
Figure 139: Oceania Market Attractiveness by Application , 2023 to 2033
Figure 140: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 141: MEA Market Value (US$ Million) by Component, 2023 to 2033
Figure 142: MEA Market Value (US$ Million) by Utility Type, 2023 to 2033
Figure 143: MEA Market Value (US$ Million) by Application , 2023 to 2033
Figure 144: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 145: MEA Market Value (US$ Million) Analysis by Country, 201 to 2033
Figure 146: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 147: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 148: MEA Market Value (US$ Million) Analysis by Component, 201 to 2033
Figure 149: MEA Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 150: MEA Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 151: MEA Market Value (US$ Million) Analysis by Utility Type, 201 to 2033
Figure 152: MEA Market Value Share (%) and BPS Analysis by Utility Type, 2023 to 2033
Figure 153: MEA Market Y-o-Y Growth (%) Projections by Utility Type, 2023 to 2033
Figure 154: MEA Market Value (US$ Million) Analysis by Application , 201 to 2033
Figure 155: MEA Market Value Share (%) and BPS Analysis by Application , 2023 to 2033
Figure 156: MEA Market Y-o-Y Growth (%) Projections by Application , 2023 to 2033
Figure 157: MEA Market Attractiveness by Component, 2023 to 2033
Figure 158: MEA Market Attractiveness by Utility Type, 2023 to 2033
Figure 159: MEA Market Attractiveness by Application , 2023 to 2033
Figure 160: MEA Market Attractiveness by Country, 2023 to 2033
The global utility asset management market is projected to reach a valuation of USD 8.61 billion by 2033.
ABB and Siemens are the top players in the utility asset management market.
The United States is expected to dominate the utility asset management market throughout the forecast period.
The global utility asset management market is projected to expand at a CAGR of 5.8%.
Explore Similar Insights
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.