Utility Asset Management Market Gross Margin Analysis, Industry Size, Share and Growth by Forecast 2023
Market Research Future published a research report on “Utility Asset Management Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Utility Asset Management Market -Overview
Electricity distribution networks are made up of primary and secondary plants. The primary plant is the energy delivery plant whilst the secondary plant is the plant needed to ensure that the energy delivery is safe, measurable, operable, sustainable and of the right quality. Utility asset management provides the ideal solution for all these operations is an efficient & effective way.
Electricity distributors classify their assets as either primary or secondary plants assets. An uninterrupted supply to customer can only be guaranteed when both plants are adequately functional. Secondary plants assets are relatively cheaper than their primary plant counterparts, with life expectancies of approximately fifteen to twenty five years, respectively.
In managing electric utilities as business entities, capital investment in power network expansion must be efficiently linked with the management of these assets throughout their useful life. Asset management can be divided into maintenance, refurbishment and strengthening. Maintenance management is fundamental for the assets to realize their useful life. This involves the re-instatement of the plant to its intended conditions and performance through corrective action. Refurbishment is a special case of maintenance and it refers to the replacement of equipment in compliance with current technical practice, safety standards and the desired operating performance. Maintenance focuses on the replacement of components of particular equipment or the entire equipment. Asset strengthening, on the other hand, refers to the expansion or upgrading of the plant to improve the capacity and or the quality of supply to the existing customer. In re-engineering process, the task is often to upgrade or up-rate the plant such that a new income stream is achieved.
The global utility asset management market is expected to grow at ~ 8% CAGR during the forecast period.
Competitive Analysis
The key players of global Utility Asset Management market are 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.), and Vaisala OYJ (Finland).
Segmental Analysis
This study provides an overview of the global utility asset management market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the utility asset management market by its application, by component, by utility type and by region.
By Application
- Transformer
- Sub-Station
- Transmission & Distribution Lines
By Component
- Hardware
- Software
- By Utility Type
- Public Utility
- Private Utility
By Regions
- North America
- Asia Pacific
- Europe
- Rest of the World
Market Research Analysis:
Substation, by application, hardware, by component and public utility, by utility type are expected to grow with the highest CAGR.
Global utility asset management market has been segmented based on application, component, utility type and region. Based on application the market has been segmented into transformer, sub-station, transmission & distribution lines. Among these the substation, is projected to dominate the utility asset management market through 2023. The dominant position of this segment can be attributed to the rising distribution substation coupled with growing urbanization across the globe. Based on the component the market is segmented into hardware, and software. Hardware dominated the market in 2016 and is projected to be the fastest-growing material type. The sensors in the hardware segment provide the data related to various utility assets, based on various parameters, such as, voltage, current, heat, temperature, and frequency. This data provided by sensors are used by equipment/component management system to provide actionable information, which is used to form a predictive maintenance schedule depending on the health of assets. Based on the utility type, the market has been segmented into public utility, and private utility. Public utility dominated the market in 2016 and is projected to be the fastest-growing packaging type over the next five years, due to the increasing investments in grid modernization and requirement for energy efficiency. Public utilities are funded by government and have a huge customer base. Increasing investments in distributed energy generation sources have increased the grid complexity, as these sources are to be connected to grid for reliable supply of power.
Global Utility Asset Management market Following Details Segment by Table of Contents:
- Utility Asset Management market Overview
- Manufacturers Profiles
- Utility Asset Management market Competition, by Players
- Utility Asset Management market Size by Regions
- North America Utility Asset Management Revenue by Countries
- Europe Utility Asset Management Revenue by Countries
- Asia-Pacific Utility Asset Management Revenue by Countries
- South America Utility Asset Management Revenue by Countries
- Middle East and Africa Revenue Utility Asset Management by Countries
- Utility Asset Management market Segment by Type
- Utility Asset Management market Segment by Application
- Utility Asset Management market Size Forecast to 2023
- Sales Channel, Distributors, Traders and Dealers
- Research Findings and Conclusion
- Appendix
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