Market Size of Utility Asset Management Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
