Utility Asset Management Market Report

The Internet of Things (IoT) is a revolutionary technological trend that has moved from academic discussions to practical implementations in a variety of industries, including manufacturing, mining, and construction, as well as healthcare. It has also brought several benefits to the utility industry. Smart technologies aid in utility management, provide remote control alternatives, boost safety, decrease expenses, and aid in the resolution of the resource depletion problem. The widespread adoption of IoT in the utility industry presents the potential to efficiently monitor and control energy, minimize energy waste, and, ultimately, increase safety and operational efficiency while conserving natural resources. 

Additionally, stable and secure energy transmission is now possible due to predictive management capabilities. Utilities companies collaborate with suppliers to optimize asset management by leveraging IoT, big data, and machine learning technology. For example, in September 2022, Itron announced a collaboration with Samsung subsidiary SmartThings to integrate Itron's industrial IoT (IIoT) network solution with SmartThings' services and solutions. As part of this collaboration, Itron's distributed intelligence (DI) ecosystem was combined with SmartThings' Energy service to provide real-time energy readings and consumption patterns to improve energy management and conservation.

Constantly increasing energy consumption as a result of rapid urbanization and population growth has resulted in a significant increase in energy demand. This has created a demand for innovative solutions and unique methods capable of improving output while using the same resources. As investments in smart grids expand, asset and energy management solutions extract more value from the system and efficiently handle rising demand. As a result, increased energy consumption pushes asset management adoption in the energy and utility industries. Furthermore, the growing number of unexpected power outages across different nations, caused by reasons such as abrupt grid difficulties, transmission and distribution line faults, weather problems, natural catastrophes, and many more, is expected to accelerate the utility asset management business. 

Many governments in both emerging and developed nations throughout the world increasingly consider utility asset management as a strategic investment in infrastructure that will focus on long-term power grid maintenance and assist in minimizing losses due to a lack of regular maintenance and servicing. Furthermore, unexpected power outages have greatly impacted various residential, commercial, and industrial operations, producing a strong need for more resilient transmission and distribution lines, as well as other electrical power grid infrastructures.

• Expansion of renewable energy asset management solutions for sustainability.
• Growth of cloud-based solutions for centralized asset management
• The trend towards outsourcing asset management services for cost-efficiency.
• Utilization of drones for asset inspections in hard-to-reach areas.

Major industry players are focusing their efforts on R&D in order to develop products and services in an attempt to increase their product offerings. They are also strengthening their market position by a number of market strategies such as product launches, mergers, collaborations, and acquisitions. For example, in February 2022, Siemens Smart Infrastructure announced a new sustainable, EV charging concept structure in the United States aimed at electrifying fleets and high-demand charging applications at scale. The new VersiCharge XL idea (UL standard) was created to swiftly and efficiently electrify new or existing parking lots and building structures in the United States through the use of a modular, scalable design built in partnership with Nexii construction Solutions utilizing their unique, low-carbon-footprint construction material. 

Again, in February 2022, Eaton teamed up with home energy solutions developer LG Electronics to provide flexible load control for renewable distributed energy applications. Eaton had agreed to merge its intelligent power management technology, such as smart breakers and EV chargers, with the LG ThinQ Energy mobile app and LG energy management solutions to ease load control in the home. Later, in May 2022, GE Digital presented the first solution to drive the energy shift resulting from its acquisition of Opus One Solutions.  Opus One DERMSTM was intended to be an end-to-end modular Distributed Energy Resource Management System (DERMS) that can assist utilities on their Distributed Energy Resources (DERs) journey to maintain the grid's safety, security, and resilience while allowing for energy affordability and user engagement in power generation/contribution.

The necessity of costly installation methods along with significant risks when maintaining the required equipment for extended periods across multiple technologies, such as predictive maintenance, corrective maintenance, and condition-based maintenance, are anticipated to impede the industry growth. Furthermore, the lack of reliable technical expertise while positioning the tools and connecting the hardware, along with faults in prioritizing the functional design, can severely damage the system's performance, resulting in limited repair durations and over-maintenance potentials. All these factors are expected to negatively impact the market expansion.

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 are some of the prominent market players operating in the global utility asset management market.

Expanding power transmission and distribution infrastructure through the installation of automated monitoring and tracking systems is one of the reasons driving the growth of the utility asset management industry in the Asia Pacific region. In addition, the increasing focus of the governments on the efficient use of power to meet the increased demand is also driving the market growth in this region. Besides this, minimizing transmission and distribution losses, as well as the implementation of IoT (Internet of Things) to enhance efficiency in energy conservation and consumption, are contributing to the growth of the region's utility asset management market. On the other hand, North America is expected to hold a significant share in the utility asset management market owing to the deregulation of the power industry in several countries which has enabled private enterprises to lower electricity bills for end users while incurring minimal losses by routinely monitoring and tracking their networks.  Additionally, rising digitization and the utility sector's deployment of loT sensors, contribute to the market growth in this region.

The report provides a detailed overview of the utility asset management market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the utility asset management market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the utility asset management market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the utility asset management market. Some key countries and region included in the utility asset management market report are as follows:

• Utility asset management market detailed segments and segment-wise market breakdown
• Utility asset management market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in utility asset management industry)
• Current, historical, and forthcoming 10 years market valuation in terms of utility asset management market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Utility asset management market demand analysis
• Utility asset management market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the utility asset management market
• Regulatory landscape by key regions and key countries
• Utility asset management market sales and distribution strategies