The key factors that drive the Utilities Asset Management Market trends include rise in energy demand, aging infrastructure, increase in distributed energy resources, and need for efficient and reliable energy. However, factors such as lack of skilled workforce and high cost of implementation of asset management in the utilities sector are expected to hamper the utilities asset management market growth.
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By component, the hardware segment dominated growth of the Utilities Asset Management Market Analysisin 2021, and is expected to maintain its dominance in the upcoming years, owing to rapid expansion of power generation facilities globally. However, the software segment is expected to witness highest growth in the forecast period, owing to high need of asset management software for smooth operations and efficiency.
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Region wise, the Utilities Asset Management Market Share was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for asset management and IoT technology. The key players that operate in the Utilities Asset Management Industry are ABB Ltd., Black & Veatch., Cniguard Ltd., DNV GL, Enetics, Inc., EnrichAI, IBM Corporation, IFS, InPipe Energy, Microsoft Corporation, Netcontrol Oy, Neuroflux, Oracle Corporation, Platoi, Schneider Electric, Siemens AG, and Vigti.
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Key Findings of the Study
- By offering, the hardware segment accounted for the largest utility asset management market share in 2021.
- By region, North America generated highest revenue in 2021.
- By application, the transmission and distribution lines segment generated the highest revenue in 2021.
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