Utility Asset Management Market - 2023: Global Opportunity Analysis and Industry Forecast
The Utility Asset Management market size will grow from USD 2.77 Billion in 2017 to USD 4.48 Billion by 2023, at an estimated CAGR of 8.32%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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This growth is attributed to increasing investments in grid modernization, requirement for energy efficiency, increasing grid complexity, and necessity to reduce losses in T&D lines. The utility asset management market has been segmented, 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 2023, owing to the increasing upgradation of aging utility infrastructure.
By Market Players:
ABB Ltd , Siemens AG , General Electric Company , S&C Electric Company , Sentient Energy, Inc. , Aclara Technologies LLC , Emerson Electric Co. , Enetics Inc. , Lindsey Manufacturing Co. , Netcontrol OY , Cniguard Ltd , Vaisala OYJ
By Application
Transformers , Substations , Transmission & Distribution Lines
By Component
Hardware , Software
By Utility Type
Public Utility , Private Utility
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