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.
The utility asset management market is dominated by comprehensive players. The key players operating in this market include Siemens AG (Germany), ABB, Ltd. (Switzerland), General Electric (US), S&C Electric (US), and Sentient Energy (US).
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.
ABB Ltd. is a leading player in electrification products, discrete automation and motion, process automation, and power grid. The software required for utility asset management falls under power generation under the power grid division of ABB. This division offer solutions across industries which can optimize productivity, energy efficiency, and safety of their industrial process. ABB through its power grid solutions and services segment helps utilities, industries, transport, and infrastructure to optimize their power efficiency, meeting the requirement for reliable and efficient power which is the base of utility monitoring solutions. In January 2017, ABB Ltd. (Switzerland) and Microsoft (US) have launched a new product called “Asset Health Centre 3.0” which is the new addition to ABB ability range of digital solutions connecting customers to the IoT. The IoT is helping customers to have predictive and prescriptive analytics to monitor and prioritize emerging maintenance needs of utility assets.
Siemens AG is a leading manufacturing and engineering company. The company operates its business through nine segments, namely, power and gas, healthcare, energy management, digital factory, process industries and drives, mobility, building technologies, wind power and renewables, and financial services. Siemens AG provides utility asset management solutions under its energy management business segment. . The company provides solutions, such as smart sub-station and asset performance management which are used to reduce maintenance cost and provide higher power reliability. In February 2017, Siemens AG (Germany) implemented its efficient energy management platform at the Gestamp Production plant in Spain, the UK, Poland, Germany, and France. It has helped Gestamp to reduce its energy consumption by at least 15%. The energy efficiency platform is managed from the company’s smart grid control center in the Spanish city of Seville. It helped Gestamp to reduce its CO2 emission and plan its electricity investment.
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
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