Utility Asset Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Utility Asset Management Market Growth and it is segmented by Application (Transformer, Sub-Station, and Transmission & Distribution Network), Utility Type (Public Utility and Private Utility), and Geography (North America, Asia-Pacific, Europe, South America, Middle-East, and Africa). The report offers the market size and forecasts based on revenue (in USD billion) for all the above segments.

Utility Asset Management Market Size

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Utility Asset Management Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR > 7.50 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Utility Asset Management Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Utility Asset Management Market Analysis

The Utility Asset Management Market is expected to grow at a CAGR of around 7.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the long -term, the rising consumption of energy backed by the increasing number of commercial and residential infrastructures worldwide is set to augment the utility asset management market growth in the coming years.
  • On the other hand, the high cost associated with the implementation of monitoring and tracking systems and the unavailability of skilled workers is likely to hinder the utility asset management market during the forecast period.
  • Nevertheless, 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 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.

Utility Asset Management Market Trends

This section covers the major market trends shaping the Utility Asset Management Market according to our research experts:

Transformer to Witness Significant Growth

  • Transformers are of two types, i.e., power and distribution transformers. Due to their constant operation, transformers require regular monitoring and maintenance services to have an uninterrupted supply of electricity to the distribution centres and the end consumers.
  • Distribution transformers are the most widely used transformers globally. It is used in commercial buildings, industrial customers, and electric utilities, mostly in areas where electricity leaks are more costly.
  • The global electricity production of 22268.9 TWh in 2011 grew by over 28% and reached 28466.3 TWh in 2021. With the increasing population and growing demand for electricity, the need for transformers will increase significantly.
  • Globally, the electricity grids consist of hundreds of miles of transmission lines to transmit power to millions of power consumers in each country. The United States, China, India, Brazil, and Germany are a few among many other countries that have sophisticated electricity grid systems.
  • In the United States, the entire electricity grid consists of high-voltage power lines and low-voltage power lines with transformers that connect thousands of power plants to hundreds of millions of power consumers all across the country.
  • The country is focusing on upgrading its existing electricity grid to enhance the electricity supply and reduce thermal losses due to aging. As a part of this, In May 2022, The United States government launched USD 2.5 billion in funds to upgrade the capacity of the country's power grid under the Transmission Facilitation Program (TFP) created by President Biden's Bipartisan Infrastructure Law.
  • With increasing efforts to minimize losses due to aging infrastructure and components, governments worldwide are investing in tracking and monitoring systems. This, in turn, is expected to drive the utility asset management market during the forecast period.
Utility Asset Management Market - Electricity Generation, in Terawatt-hours, Global, 2011

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.
  • With the onset of the Energy Transition, much of the focus is on the development of virtual power plants and distributed energy resources, including a variety of technologies to generate power. These installations would result in a robust transmission and distribution infrastructure. This would pave the way for an increase in the utility asset management market in the Asia-Pacific region.
  • Due to the growth in construction activities, increasing electric access, urbanization, and rapid industrialization, the Asia-Pacific region is witnessing an increase in electric transmission & distribution projects. In India, electricity generation through thermal sources has reached around 913 thousand MU (million units) of energy between April 2021 and January 2022 and compared to 834 thousand MU between April 2020 to January 2021, which has grown by around 10%. The increase in energy demand calls for expansion and upgradation of T&D systems in the country and hence increasing demand for utility asset management market in the country.
  • Moreover, all the developed countries across the globe are trying to convert traditional grids into Smart Grids; being a developing country, Bangladesh has already started taking initiatives to gradually move to a smarter grid system. In June 2022, The Government of Bangladesh and the World Bank signed a USD 515 million funding agreement to help 9 million people to get access to a reliable electricity supply while transitioning to clean energy. The Electricity Distribution Modernization Program (EDMP) will support the digitization and modernization of Palli Bidyut Samitis (PBS) in Dhaka and Mymensingh Division and reduce electricity system losses by over 2 percent.
  • Industries such as automotive, chemical, fertilizers, and petrochemical are witnessing steady growth in the region. This has led to increased 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.
Utility Asset Management Market - Growth Rate by Region, 2022-2027

Utility Asset Management Industry Overview

The Utility Asset Management Market is moderately consolidated. Some of the key players in the market include (not in a particular order) ABB Ltd, Siemens AG, General Electric Company, Emerson Electric Co., and S&C Electric Company, among others.

Utility Asset Management Market Leaders

  1. ABB Ltd.

  2. Siemens AG

  3. General Electric Company

  4. Emerson Electric Co.

  5. S&C Electric Company

*Disclaimer: Major Players sorted in no particular order

Utility Asset Management Market Concentration
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Utility Asset Management Market News

  •  September 2022: An electricity utility in Seguin, Texas, installed a complete monitoring and control system. The utility installed a SCADA system and integrated it with Outage Management System software, Advanced Metering Infrastructure (AMI) technology, GIS Mapping, and energy efficiency software to improve customer reliability. This system would help the utility to manage the vast and dispersed networks.
  •  May 2022: GE Digital announced Distributed Energy Resource Management System (DERMS), which will support the utilities on Distributed Energy Resources (DERs) journey to keep the grid safe, secure, and resilient. The software is designed to provide intelligence, operations, and economics to enable grid operators to connect and optimize DERs.

Utility Asset Management Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Application

      1. 5.1.1 Transformer

      2. 5.1.2 Sub-Station

      3. 5.1.3 Transimission & Distribution Network

    2. 5.2 Utility Type

      1. 5.2.1 Public Utility

      2. 5.2.2 Private Utility

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Asia-Pacific

      3. 5.3.3 Europe

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ABB Ltd.

      2. 6.3.2 Siemens AG

      3. 6.3.3 General Electric Company

      4. 6.3.4 Emerson Electric Co.

      5. 6.3.5 S&C Electric Company

      6. 6.3.6 Sentient Energy Inc.

      7. 6.3.7 Aclara Technologies LLC

      8. 6.3.8 Enetics Inc.

      9. 6.3.9 Lindsey Manufacturing Co.

      10. 6.3.10 Netcontrol Oy

    4. *List Not Exhaustive

**Subject to Availability
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Utility Asset Management Industry Segmentation

Utility Asset Management helps electric utilities to manage vital assets by keeping track of their age, consumption, and maintenance history, among other characteristics. The Utility Asset Management Industry is driven by rising energy consumption, ageing infrastructure, expanding distributed energy resources, and the requirement for effective and dependable power.

The Utility Asset Management Market is segmented by application, utility type, and geography. By application, the market is segmented into transformer, sub-station, and transmission & distribution networks. By utility type, the market is segmented into a public utility and a private utility. The report also covers the market size and forecasts for the utility asset management market across major regions. The market size and forecasts for each segment have been done regarding revenue (USD billion).

Transimission & Distribution Network
Utility Type
Public Utility
Private Utility
North America
South America
Middle-East and Africa
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Utility Asset Management Market Research FAQs

The Utility Asset Management Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)

ABB Ltd., Siemens AG, General Electric Company, Emerson Electric Co. and S&C Electric Company are the major companies operating in the Utility Asset Management Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Utility Asset Management Market.

The report covers the Utility Asset Management Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Utility Asset Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Utility Asset Management Software Industry Report

Statistics for the 2024 Utility Asset Management Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Utility Asset Management Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Utility Asset Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)