The global utility asset management market is projected to grow at a CAGR of 8.25%, from 2017 to 2022. The North American market is estimated to be the largest for utility asset management, followed by Europe in 2017. The growth of the utility asset management market is driven by growing investments in distributed generation, upgradation of aging utility infrastructure, and maximizing the reliability of the power infrastructure.
Market Ecosystem:
The utility asset management ecosystem comprises energy software companies, such as, S&C Electric (US), ABB, Ltd. (Switzerland), Sentient Energy, Inc (US), Emerson Electric Co. (US), and Enetics Inc. (US). It also comprises smart grid solution companies, such as, Lindsey Manufacturing Co. (US), Siemens AG (Germany), NetControl OY (Finland), and CNIguard (UK).
Market Dynamics:
Drivers
- Upgradation of Aging Utility Infrastructure
- Growing Investment in Distributed Generation and Related Government Regulations is expected to Drive the Market
- Maximizing the Reliability and Resilience of the Power Network
Restraints
- Capital Intensive Nature of Sensor Technology
Opportunities
- Use of Software Analytics in Smart Grid Optimization
Challenges
- Challenges Associated With New Technology Implementation
Supply Chain
- Raw Material Suppliers
- Enablers
- End-Users
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Major strategies adopted by the players include contracts & agreements, new product launches, expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from 2013 to July 2017. Industry players also adopted new product launches, which was the second most widely followed strategies, respectively, during the same period.
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Based on application, into transformer, sub-station, and T&D lines. The transformer application segment is expected to account for the largest market share in the application segment as it is the most critical asset of the grid. In the North American region, investments for T&D upgradation are taking place in order to achieve energy efficiency and reduce T&D losses. While in the Asia Pacific region heavy investments in distributed energy resources being made by China, Australia, and India has resulted in the complexity of grid. This would provide an attractive market opportunity for utility asset management.
Based on component, into hardware and software. The hardware segment is further classified into sensors, infrared cameras, and others which include feeder protection device and sensing transmitter. The software segment includes equipment/component management system, performance management system, and production management system. The hardware segment is expected to grow at the highest CAGR from 2017 to 2022, owing to the increasing upgradation of aging utility infrastructure.
