-- Market Overview:
The high demand for utility asset managements is due to the growth in the private and public sectors. Asset management can be defined as a systematic process of, cost-effectively, operating, maintaining and upgrading of electrical assets by combining engineering practices and economic analysis with sound business practice. Electrical distribution network enhances the growing demand for electric utilities. Moreover, construction costs of new transmission and distribution systems boosts the market growth. New technology and operations method are estimated to gain higher popularity during the forecast period.
However, the rapid rates of technology developments and technology integration acts as a barrier for the growth of utility asset management market. The challenges faced by the electricity industry are optimise operation with reduced workforce, locally restructuring the electricity industry both effectively and efficiently, enhancing system reliability and efficiency.
The utility assets management market is completely dependent on the electricity industry. Thus, the increasing or decreasing demand of the electricity industry directly has an impact on the market. Moreover, the owing to continuous technological advancement in energy sector has mainly been because of growing power demand. Another factor responsible for the increase in utility assets management market is the deregulation of the electricity industry. This is the primary factor that drives the growth of the utility assets management market and has gained prevalence in the recent times, with development of new technologies and markets for power transmission. Thus, the growth of the utility assets management market is expected to go hand in hand with the growth of electricity industry.
The utility asset management market as a whole is a capital intensive industry. The dynamic business environment and cut throat competition in the market constantly requires investment in power network expansion. Development of asset strengthening require constant investment at a constant rate. The market has also been expected to have high expansion activities by multinationals and well-established companies. Mergers and acquisition activities are expected to be seen over the forecast period with numerous contracts and agreements between top EPC and Government across the globe. In the current scenario, business entities are pushing for such feature including refurbishment and re-engineering process in order to acquire a greater market share than their competitors.
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Major Key Players:
ABB Ltd, Siemens AG, General Electric Company, S & C Electric Company, Sentient Energy, Inc., Aclara Technologies LLC, Emerson Electric Co., Enetics Inc., Lindsey Manufacturing Co., Netcontrol Oy, Cniguard Ltd., and Vaisala OYJ and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Utility Asset Management Market.
Industry/ Innovation/ Related News:
September, 2017 - ABB Ltd acquired General Electric (G.E.) industrial solutions to strengthen position in electrification.
June, 2017 – S&C Electric Company deployed a solution comprised of a distributed static compensator and six switchgear units to connect Ontario’s largest solar farm to the grid to save 14,700 tons of carbon dioxide per year, an amount equivalent to planting 3,340 acres of trees.
January, 2017 – Sentient energy Inc., a leading provider of advanced grid monitoring and analytics solution to electric utilities for safe and reliable power delivery, expanded the intelligent analytics to entire distribution grid.
Market Segmentation:
The Global Utility Asset Management Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Application: Comprises Transformer, Sub-Station, Transmission & Distribution Lines
Segmentation by Component: Comprises Hardware and Software
Segmentation by Utility Type: Comprises Public Utility and Private Utility
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Regional Analysis:
Asia-Pacific market is dominating the market of utility asset management market due to growing investments in distributed generation and related government regulations. Rising population in developing countries such as China with tremendous energy demand is expected to grow utility asset management market.
North America is referred to as the second-largest utility asset management’s market due to factors such as phenomenal growth for electrical infrastructure in the region have fuelled the utility asset management.
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