With things going haywire, Market Research Future (MRFR) analyzes vital points to make sure that the businesses around the globe in the global utility asset management market 2020 are entirely prepared to tackle potential implications caused by COVID-19 pandemic. MRFR, from its study, estimates that the global Utility asset management Market 2020 can reach its target to get at least 8% CAGR during the forecast period 2017-2023.
Top Impacting Factors
Despite disruptions created by the Covid-19 pandemic, the global utility asset management market is witnessing a streamlined growth owing to the factors such as deregulation of the electricity industry. These have been important driving forces behind the development of new technologies and markets for power transmission. Electric utilities are focused on construction costs of new transmission and distribution (T&D) systems, or providing grid extension to emerging communities. Therefore, to maintain profitability, electric utilities have narrowed down some strategic goals to reduce the cost of electricity to customers, ensuring high environmental and occupational health standards, better safety measures for personnel and equipment as well as improving the service quality.
MRFR also identifies that new technology and operation methods required to facilitate market-driven network services, and the need for network services is multiplying which has given a sudden boost to the growth course of the market. The beginning of smart cities and smart grids has also proved to be a momentous driver for smart utility management adoption. With this, innovation in battery technology is permitting smaller devices with longer operating times and assisting utility asset management in gaining much popularity. The incorporation of cloud technologies is also anticipated to provide opportunities to grow the global market of utility asset management.
To add in this, other critical factors such as the oil price volatility, climate change policies, renewable energy, cost containment pressure, and changing customer behavior are few challenges found in the energy sector, which is seeking to address daily and gaining more valuation on the market.
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Segmentation of Market
The global utility asset management market amidst the COVID-19 pandemic has been studied among segments such as component, application, and utility type.
In terms of applications segment, the market has included sub-station, transformer, transmission & distribution lines. Among these, the sub-station is projected to lead the utility asset management market the whole of the year 2023. The prime position of this segment can be attributed to the mounting distribution substation, coupled with increasing urbanization across the globe.
In terms of component segment, the market has included hardware and software. Hardware segment led the market in the year 2016 and is projected to be the fastest-growing component. The sensors in the hardware segment offer the data related to diverse utility assets based on various parameters such as current, voltage, temperature, heat, and frequency.
In terms of the utility type segment, the market has included public utility and private utility. Public utility led the market in the year 2016 and is projected to be the fastest-growing packaging type over the next five years as a result of which increasing investments in grid modernization and the requirement for energy efficiency. Public utilities are funded by the government and have a vast customer base. In contrast, rising investments in distributed energy generation sources have augmented the grid complexity, as these sources are connected to the grid for a consistent supply of power.
For the thorough coverage of the study, the market has been geographically studied for mainly the Asia-Pacific region, wherein the recent past countries such as Japan, Australia, and South Korea have revealed considerable strides in efforts to smarten utility network systems. In the case of point, in Japan, significant utilities have devoted toward the extensive smart meter rollouts, which could pilot to installations of over 78 million smart meters in residential and low-use customers. The quantity of smart meter installations surpassed 10 million in the year 2016. Further, the four major electric utilities, such as TEPCO, Kyushu Electric Power Co., Tohoku Electric Power Co., have installed 750,000 number of smart meters in the commercial place. They are more into planning to complete installations by the end of 2023.
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Top Industry Players
The top industry players contributing in the global utility asset management market are Siemens Lindsey Manufacturing Co. (U.S.), AG (Germany), ABB Ltd. (Switzerland), Sentient Energy, Inc. (U.S.), General Electric Company (U.S.), S & C Electric Company (U.S.), Enetics Inc. (U.S.), Emerson Electric Co. (U.S.), Netcontrol Oy (Finland), Aclara Technologies LLC (U.S.), and Vaisala OYJ (Finland).