Global Utility Asset Management Market by Component (Hardware, Software, Services), Type (Public Utility and Private Utility), and Application (Electric, Gas and Water, and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030

Industry Perspective

The global Utility Asset Management Market size was worth around USD 4.12 billion in 2021 and is predicted to grow around USD 8.96 billion by 2030 with a compound annual growth rate of roughly 9.1% between 2022 and 2030. The optimistic outlook of national administrations to support the expansion of smart grid infrastructures, combined with the deployment of various technologies, such as peak load management, asset management, outage management, and distribution management, are likely to increase the size of the market. 

Market Overview

Utility Asset Management refers to the collection of software, hardware, and services that are necessary for the purposes of monitoring, managing, and increasing the operational capacity of important assets. Utilities such as gas, water, and electricity are included in the vital support. The transmission and distribution lines, substations, grid networks, and transformers necessary to transport energy to residential houses and business buildings make up an electric utility.

Gas utilities consist of the auxiliary facilities that are necessary for the production of electricity from natural gas. These facilities may include turbines, and power plants, amongst other devices. Also, UAM is an ecosystem that is interconnected and driven by data. It gathers information and analyzes it so that choices can be made more intelligently and asset efficiency can be increased.

The rising number of sudden power outages in many nations, caused by reasons such as grid difficulties, transmission, and distribution line faults, severe weather, and natural catastrophes, among others, is anticipated to accelerate the market. Many governments in developing countries throughout the globe increasingly consider utility asset management as a strategic investment to update infrastructure, which will focus on preserving its long-term power grid and aid in minimizing losses caused by a lack of regular maintenance and servicing.

Key Insights

• As per the analysis shared by our analyst team, the global utility asset management market is estimated to grow annually at a CAGR of around 9.1% over the forecast period (2022-2030) and is projected to reach USD 8.96 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on components, the software segment held the largest market share in the year 2021
• Based on type, the private utility segment dominated the market share in the year 2021
• Based on application, the electric segment accounted for the largest market share in the year 2021
• On the basis of region, North America held the majority of the market share in the year 2021

Augmenting Investments in Grid Modernization Leading to Increased Demand for Electrifications

Diverse administrations have established large electrification goals for remote areas, hence presenting enormous prospects for the UAM market growth. Continual initiatives to extend energy supplies to remote locations are predicted to result in a multiplication of new transmission and distribution lines, as well as the incorporation of contemporary electrical equipment for efficient grid connections.

However, more than 51.7%, or around 19,680 settlements, remain undeveloped, with electric power presenting a substantial opportunity for new network infrastructures. In addition, the globe has witnessed a sharp growth in the deployment of green energy technology to support the strict emission regulatory standards that are expected to significantly enhance the industrial landscape. For instance,

• In November 2022, Energy.gov announced to an investment of around USD 13 billion for the modernization and expansion of the electrical grid in the U.S. The Grid Resilience Innovative Partnership (GRIP) program and the Transmission Facilitation Program accounted for the largest direct federal investment in critical transmission and distribution infrastructure and one of the first down payments on an over $20 billion investment under the Building a Better Grid Initiative.

Integration of Advanced Technologies to Propel Industry Outlook

A paradigm for intelligent asset management based on Big Data analytics and AI enhances operational effectiveness in several ways. Companies must establish priorities based on legal requirements, the importance of their assets, and other criteria. Smart Asset Management (SAM) systems help cut capital expenditures, operations, and maintenance costs for utilities (O&M). Utility asset management is distinguished by its capacity to interpret asset performance evaluation in real-time, utilizing technical intelligence like SCADA, Computerized Maintenance Management System (CMMS), and Enterprise Asset Management (EAM).

Segmentation Analysis

Based on components, the global market is segmented into hardware, software, and services. The software segment dominates the market share owing to the growing demand for remote and mobile detection, inspection, and diagnostic tools in extensive networks. Asset management software has been developed and distributed by major market participants.

For instance, IBM's Maximo application suite is a single, integrated cloud-based platform that makes use of the Internet of Things (IoT), artificial intelligence (AI), and analytics to improve performance, prolong the lifecycles of important assets, and reduce operational downtime and costs. In addition to this, it delivers improved dependability by way of monitoring, inspection, and predictive maintenance systems that are powered by AI.

By type, the global market is segmented into public utility and private utility. The private utility segment dominates the market share owing to the vast electrical networks operated by non-governmental firms and rising expenditures made to revamp the grid in order to reduce the number of power outage problems.

On the basis of application, the global market is segmented into electric, gas, and water. The electric segment dominates the market share. The electricity transmission network cannot function properly without the transformer. The system has been considerably integrated with management systems in order to evaluate and optimize operational conditions, as well as life expectancy and failure reduction.

Additionally, increasing utilization of prediction, asset lifecycle planning, and condition-based maintenance activities are some of the key factors that are behind the growth of the electric segment in the market. Other key factors include rising concerns about maintaining reliable operations while reducing associated costs.

Recent Development

April 2021- ABB launched a new gas leak detection measuring system, HoverGaurd helps with safety and environmental measures and is operated a few kilometers for the consumers.

North America Dominated the Market Share

North America dominated the market share of the global utility asset management market owing to the shrinking cost of electricity for end consumers and ensuring that there are minimal losses by regularly monitoring and tracking their networks. The expansion of the market in this area may be ascribed to a number of reasons, including the rising prevalence of digitalization and the increasing use of Internet of Things sensors in the utility sector. In addition to this, the presence of major competitors is supplying a substantial number of potential chances for the market.

Competitive Landscape

DNV AS, ABB, Fujitsu, Black & Veatch, GETAC, General Electric, Emerson Electric Co, Eaton, Schneider Electric, Sentient Energy, Inc., Oracle, SAP SE, S&C Electric Company, Siemens, Aclara Technologies LLC, Lindsey Manufacturing Co dba, amongst others.

The global utility asset management market is segmented as follows:

By Component

• Hardware
• Software
• Services

By Type

• Public Utility
• Private Utility

By Application

• Electric
• Gas
• Water

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
    • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America