Product Code: 70387
The utility asset management market is expected to grow at a CAGR of around 7.5% during the forecast period. Factor such as deregulation of the electric industry is likely to drive the market. Deregulation of the electric sector in various countries has helped many private entities that are managing its strategic goals to reduce the cost of electricity to customers and to have minimum losses to its business by tracking and monitoring its network at a regular time interval. However, the high cost associated with the implementation of monitoring and tracking systems is likely to hinder the utility asset management market during the forecast period.
- Transformers are expected to witness significant growth during the forecast period due to the increasing number of load centers across the world.
- A number of governments of both emerging and underdeveloped nations across the world are increasingly viewing utility access management as a strategic infrastructural investment that will help to sustain its power grid network in the long term and help them to minimize its losses that arise due to lack of regular maintenance and service. Regions such as Africa, with a negligible utility asset management system, is expected to provide an ample opportunity to the companies involved in the utility asset management market in the near future.
- Asia-Pacific is expected to witness significant growth during the forecast period, with the majority of the demand coming from China, and India.
Key Market Trends
Transformer to Witness Significant Growth
- Transformers are two types i.e., power and distribution transformer. Due to its constant operation, transformers require regular monitoring and maintenance service to have an uninterrupted supply of electricity to the distribution centers and the end consumers.
- Distribution transformers are the most widely used transformers globally. It is used in commercial buildings and by industrial customers, as well as electric utilities, mostly in areas where electricity leaks are more costly.
- Moreover, with the increasing demand for electricity, especially in developing countries, power transformer installations are also increasing over the years. Rapid urbanization and a growing population are the main factors behind the increasing demand for electricity.
- The global electricity production of 20433 TWh in 2008, grew over 30% and reached 26614 TWh in 2018. With the increasing population, it is expected to exceed 28000 TWh by 2025.
- With the increasing efforts to minimize losses due to aging infrastructure and components, governments across the world are investing in tracking and monitoring systems. This, in turn, is expected to drive the utility asset management market during the forecast period.
Asia-Pacific to Witness Significant Growth
- The factors that contribute to the growth of the utility asset management market include the up-gradation of power transmission and distribution infrastructure by installing automated monitoring and tracking systems.
- In 2015, the National Development and Reform Commission and National Energy Administration of China stressed the significance of smart grid development to improve the ability of the grid to optimize the allocation of energy resources and promote efficient utilization of electrical components, and transmission and distribution network.
- In 2016, China Electricity Commission has issued 483 standards, including various standards for power grid maintenance and online monitoring of transmission and distribution equipment.
- India's utility sector transformation occurred in 2015 with the implementation of the National Smart Grid Mission (NSGM). With an outlay amount of INR 980 crore and a budgetary support of INR 338 crore, the transformation of the power grid was done by installing upgraded components with automated communication devices to monitor various factors.
- Industries, such as automotive, chemical, fertilizers and petrochemical are witnessing steady growth in the region. This has led to increase in electricity demand and proper maintenance of various components of an electricity grid.
- Moreover, with the increasing population, governments are now focusing on the effective utilization of electricity to meet the rising demand. Minimizing concerns pertaining to transmission and distribution losses and the adoption of IoT (Internet of Things) to improve efficiency in energy conservation and consumption is fueling the growth of the utility asset management market in the region.
The utility asset management market is moderately consolidated. Some of the key players in the market include ABB Ltd, Siemens AG, General Electric Company, Emerson Electric Co., S&C Electric Company, Sentient Energy Inc., Aclara Technologies LLC, Enetics, Inc., Lindsey Manufacturing Co., and Netcontrol Oy.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Transformer
- 5.1.2 Sub-Station
- 5.1.3 Transimission & Distribution Network
- 5.2 Utility Type
- 5.2.1 Public Utility
- 5.2.2 Private Utility
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 ABB Ltd.
- 6.3.2 Siemens AG
- 6.3.3 General Electric Company
- 6.3.4 Emerson Electric Co.
- 6.3.5 S&C Electric Company
- 6.3.6 Sentient Energy Inc.
- 6.3.7 Aclara Technologies LLC
- 6.3.8 Enetics Inc.
- 6.3.9 Lindsey Manufacturing Co.
- 6.3.10 Netcontrol Oy
7 MARKET OPPORTUNITIES AND FUTURE TRENDS