The utility asset management (UAM) market generated total revenue of US$ 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 US$ 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
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| Utility Asset Management Market Value (2023) | US$ 4.9 billion |
|---|---|
| Utility Asset Management Market Forecast Value (2033) | US$ 8.61 billion |
| Utility Asset Management Market CAGR (2023 to 2033) | 5.8% |
The utility asset management market attained a market revenue of US$ 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 US$ 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 | US$ 5.48 billion |
| 2028 | US$ 6.49 billion |
| 2032 | US$ 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.
Principal Consultant
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 US$ 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.
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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 | US$ 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 |
The global utility asset management market is projected to reach a valuation of US$ 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%.
1. Executive Summary | Utility Asset Management Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Hardware
5.3.2. Software
5.3.3. Service
5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Utility Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Utility Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Utility Type, 2023 to 2033
6.3.1. Private Utilities
6.3.2. Public Utilities
6.4. Y-o-Y Growth Trend Analysis By Utility Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Utility Type, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application , 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application , 2023 to 2033
7.3.1. Electric
7.3.1.1. Transformers
7.3.1.2. Substations
7.3.1.3. Transmission & Distribution System
7.3.2. Gas
7.3.3. Water
7.4. Y-o-Y Growth Trend Analysis By Application , 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Application , 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. South Asia
8.3.5. East Asia
8.3.6. Oceania
8.3.7. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Utility Type
9.2.4. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Utility Type
9.3.4. By Application br /> 9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Utility Type
10.2.4. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Utility Type
10.3.4. By Application
10.4. Key Takeaways
11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Component
11.2.3. By Utility Type
11.2.4. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Utility Type
11.3.4. By Application
11.4. Key Takeaways
12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Malaysia
12.2.1.3. Singapore
12.2.1.4. Thailand
12.2.1.5. Rest of South Asia
12.2.2. By Component
12.2.3. By Utility Type
12.2.4. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Utility Type
12.3.4. By Application
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Component
13.2.3. By Utility Type
13.2.4. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Utility Type
13.3.4. By Application
13.4. Key Takeaways
14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. Australia
14.2.1.2. New Zealand
14.2.2. By Component
14.2.3. By Utility Type
14.2.4. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Utility Type
14.3.4. By Application
14.4. Key Takeaways
15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Component
15.2.3. By Utility Type
15.2.4. By Application
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Utility Type
15.3.4. By Application
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1.USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Component
16.1.2.2. By Utility Type
16.1.2.3. By Application
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Component
16.2.2.2. By Utility Type
16.2.2.3. By Application
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Component
16.3.2.2. By Utility Type
16.3.2.3. By Application
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Component
16.4.2.2. By Utility Type
16.4.2.3. By Application
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Component
16.5.2.2. By Utility Type
16.5.2.3. By Application
16.6. United kingdom
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Component
16.6.2.2. By Utility Type
16.6.2.3. By Application
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Component
16.7.2.2. By Utility Type
16.7.2.3. By Application
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Component
16.8.2.2. By Utility Type
16.8.2.3. By Application
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Component
16.9.2.2. By Utility Type
16.9.2.3. By Application
16.10. India
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Component
16.10.2.2. By Utility Type
16.10.2.3. By Application
16.11. Malaysia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Component
16.11.2.2. By Utility Type
16.11.2.3. By Application
16.12. Singapore
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Component
16.12.2.2. By Utility Type
16.12.2.3. By Application
16.13. Thailand
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Component
16.13.2.2. By Utility Type
16.13.2.3. By Application
16.14. China
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Component
16.14.2.2. By Utility Type
16.14.2.3. By Application
16.15. Japan
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Component
16.15.2.2. By Utility Type
16.15.2.3. By Application
16.16. South Korea
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Component
16.16.2.2. By Utility Type
16.16.2.3. By Application
16.17. Australia
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Component
16.17.2.2. By Utility Type
16.17.2.3. By Application
16.18. New Zealand
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Component
16.18.2.2. By Utility Type
16.18.2.3. By Application
16.19. GCC Countries
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Component
16.19.2.2. By Utility Type
16.19.2.3. By Application
16.20. South Africa
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Component
16.20.2.2. By Utility Type
16.20.2.3. By Application
16.21. Israel
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Component
16.21.2.2. By Utility Type
16.21.2.3. By Application
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Utility Type
17.3.4. By Application
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. General Electric
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. ABB
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Eaton
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Siemens
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. DNV GL
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Aclara Technologies
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Sentient Energy
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. IBM
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Hitachi Energy
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Black & Veatch
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. ABS Group
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
18.1.12. Schneider Electric
18.1.12.1. Overview
18.1.12.2. Product Portfolio
18.1.12.3. Profitability by Market Segments
18.1.12.4. Sales Footprint
18.1.12.5. Strategy Overview
18.1.12.5.1. Marketing Strategy
18.1.13. IFS
18.1.13.1. Overview
18.1.13.2. Product Portfolio
18.1.13.3. Profitability by Market Segments
18.1.13.4. Sales Footprint
18.1.13.5. Strategy Overview
18.1.13.5.1. Marketing Strategy
18.1.14. Getac
18.1.14.1. Overview
18.1.14.2. Product Portfolio
18.1.14.3. Profitability by Market Segments
18.1.14.4. Sales Footprint
18.1.14.5. Strategy Overview
18.1.14.5.1. Marketing Strategy
18.1.15. Fujitsu
18.1.15.1. Overview
18.1.15.2. Product Portfolio
18.1.15.3. Profitability by Market Segments
18.1.15.4. Sales Footprint
18.1.15.5. Strategy Overview
18.1.15.5.1. Marketing Strategy
18.1.16. Lindsey Manufacturing
18.1.16.1. Overview
18.1.16.2. Product Portfolio
18.1.16.3. Profitability by Market Segments
18.1.16.4. Sales Footprint
18.1.16.5. Strategy Overview
18.1.16.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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