Utility Asset Management Market Worth 4.09 Billion USD by 2022
PUNE, India, September 5, 2017 /PRNewswire/ --
The report "Utility Asset Management Market by Application (Transformer, Sub-Station, Transmission & Distribution Lines), Component (Hardware, Software), Utility Type (Public Utility, Private Utility), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 2.75 Billion in 2017 to USD 4.09 Billion by 2022, registering a CAGR of 8.25%, from 2017 to 2022. The global market is set to witness a significant growth due to increasing investments in grid modernization, requirement for energy efficiency, necessity to reduce transmission and distribution losses, and increasing grid complexity.
(Logo: http://photos.prnewswire.com/prnh/20160303/792302 )
Browse 78 Market Data Tables and 65 Figures spread through 170 Pages and in-depth TOC on "Utility Asset Management Market - Global Forecast to 2022"
http://www.marketsandmarkets.com/Market-Reports/utility-asset-management-market-218324969.html
Early buyers will receive 10% customization on this report
The public utility segment is expected to hold the largest share of the Utility Asset Management Market, by utility type, during the forecast period
Most of the utilities across the globe are either country owned or state owned. The public utility segment within the utility type segment led the Utility Asset Management Market in 2016 and is expected to dominate the market during the forecast period.
The growth of this segment is primarily driven by 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. The T&D lines are expected to be maintained in a good condition to achieve reliable power and energy efficiency. Thus, management of utility assets is needed to maintain the good health of assets and reduce T&D losses. These factors are likely to drive the utilities to make heavy investments in utility asset management.
Download PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=218324969
The hardware segment is expected to be the fastest growing component segment of the Utility Asset Management Market
The component segment is divided into hardware and software sub-segments. The sensors in hardware and equipment/component management market in software, led the Utility Asset Management Market in 2016, and is expected to dominate the Utility Asset Management Market during the forecast period.
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. These 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. Countries, such as the US and Germany are expected to drive the market demand, mostly because of the ongoing investments in grid modernization.
North America: The leading market for utility asset management system
In this report, the Utility Asset Management Market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The market in North America is expected to dominate the global Utility Asset Management Market.
For instance, on 14th January 2016, the department of energy in the US announced an investment of USD 220 million for America's grid modernization which is distributed across 80 different projects. Hence, the US presents a greater opportunity for utility asset management.
Make an Inquiry @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=218324969
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the Utility Asset Management Market. These players include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (US), and Emerson Electric (US). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market share.
Browse Related Reports
Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022
http://www.marketsandmarkets.com/Market-Reports/smart-grid-market-208777577.html
Top 10 Connected/Smart Industries (IoT in Manufacturing, IoT in Retail, IoT in Utility, Connected Mining, Connected Logistics, Connected Agriculture, Smart Education and Learning, Smart Buildings, Smart Grid Management, and Smart Transportation)
Subscribe Reports from Energy & Power Domain @ http://www.marketsandmarkets.com/Knowledgestore.asp
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets' flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Rohan
MarketsandMarkets™
701 Pike Street
Suite 2175, Seattle,
WA 98101, United States
Tel: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Blog @ http://www.marketsandmarketsblog.com/market-reports/energy-and-power
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
SOURCE MarketsandMarkets
Share this article