The fast-emerging utility asset management market 2020 is noticing escalated growth, which has been recorded at a ~ 8% CAGR by Market Research Future in an in-depth study. It has also noted that the market has elevated chances to reach a high valuation by the year 2023, which is based on assorted factors at the world level. Such a growth scene will take place during the years of 2017 to 2023, which is stated to be the market’s predicted period. The market will gain maximum prominence during these years.

Top Market Factors

Electricity distribution networks are made of primary and secondary plants. The crucial plant is the energy delivery plant, even as the secondary plant is the plant needed to certify that the energy is safe, operable, measurable, sustainable, and of the right quality. Utility asset management provides an ideal solution for all these operations is a proficient way. All these factors have come across the fact that the market has got a boost in recent years and will continue to get a boost in the forecast period.

The mounting importance of smartening a power grid system of countries is heightened by the budding consumer model happening through the mount in decentralized power generation systems, such as Waste-to-Power, and Rooftop Solar PV technologies. These factors have also contributed to the market’s growth over the years and will continue in the forecast period as well. In fact, the advent of smart cities and smart grids has also proved to be a significant driver for smart utility management adoption. Also, innovation in battery technology is permitting smaller devices with longer operating times and helping utility asset management to gain popularity. The integration of cloud technologies is also anticipated to provide opportunities to grow the global Utility Asset Management Market.

Furthermore, some more factors, such as the advent of oil price volatility, renewable energy, climate change policies, cost containment pressure, and changing customer behavior, are the few challenges the energy sector is seeking to address daily and gaining more valuation on the market.

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Top Market Players

The market players of global Utility Asset Management market are listed as Siemens AG (Germany), ABB Ltd. (Switzerland), S & C Electric Company (U.S.), General Electric Company (U.S.), Aclara Technologies LLC (U.S.), Sentient Energy, Inc. (U.S.), Enetics Inc. (U.S.), Emerson Electric Co. (U.S.), Netcontrol Oy (Finland), Lindsey Manufacturing Co. (U.S.), Vaisala OYJ (Finland) and Cniguard Ltd. (U.K.).

Segmentation of Market: Utility Asset Management

The global utility asset management market is also studied under segmental analysis based on segments of application, component, and utility type.

Among the application type segment, the market has included sub-station, transformer, transmission & distribution lines. Out of which, the substation segment could lead the utility asset management market throughout the year 2023. The foremost position of this segment can be accredited to the mounting distribution substation, coupled with expanding urbanization across the globe.

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