Global Utility Asset Management Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023
Market Highlights Electricity distribution networks are made up of primary and secondary plants. The primary plant is the energy delivery plant whilst the secondary plant is the plant needed to ensure that the energy delivery is safe, measurable, operable, sustainable and of the right quality. Utility asset management provides the ideal solution for all these operations is an efficient & effective way. Electricity distributors classify their assets as either primary or secondary plants assets. An uninterrupted supply to customer can only be guaranteed when both plants are adequately functional. Secondary plants assets are relatively cheaper than their primary plant counterparts, with life expectancies of approximately fifteen to twenty five years, respectively. In managing electric utilities as business entities, capital investment in power network expansion must be efficiently linked with the management of these assets throughout their useful life. Asset management can be divided into maintenance, refurbishment and strengthening. Maintenance management is fundamental for the assets to realize their useful life. This involves the re-instatement of the plant to its intended conditions and performance through corrective action. Refurbishment is a special case of maintenance and it refers to the replacement of equipment in compliance with current technical practice, safety standards and the desired operating performance. Maintenance focuses on the replacement of components of particular equipment or the entire equipment. Asset strengthening, on the other hand, refers to the expansion or upgrading of the plant to improve the capacity and or the quality of supply to the existing customer. In re-engineering process, the task is often to upgrade or up-rate the plant such that a new income stream is achieved. The Global Utility Asset Management Market is expected to grow at ~ 8% CAGR during the forecast period. Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/5389 Key Players The key players of global utility asset management market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Aclara Technologies LLC (U.S.), Emerson Electric Co. (U.S.), Enetics Inc. (U.S.), Lindsey Manufacturing Co. (U.S.), Netcontrol Oy (Finland), Cniguard Ltd. (U.K.), and Vaisala OYJ (Finland).
Market Research Analysis Substation, by application, hardware, by component and public utility, by utility type are expected to grow with the highest CAGR. Global utility asset management market has been segmented based on application, component, utility type and region. Based on application the market has been segmented into transformer, sub-station, transmission & distribution lines. Among these the substation, is projected to dominate the utility asset management market through 2023. The dominant position of this segment can be attributed to the rising distribution substation coupled with growing urbanization across the globe. Based on the component the market is segmented into hardware, and software. Hardware dominated the market in 2016 and is projected to be the fastest-growing material type. The sensors in the hardware segment provide the data related to various utility assets, based on various parameters, such as, voltage, current, heat, temperature, and frequency. This data provided by sensors are used by equipment/component management system to provide actionable information, which is used to form a predictive maintenance schedule depending on the health of assets. Based on the utility type, the market has been segmented into public utility, and private utility. Public utility dominated the market in 2016 and is projected to be the fastest-growing packaging type over the next five years, due to the increasing investments in grid modernization and requirement for energy efficiency. Public utilities are funded by government and have a huge customer base. Increasing investments in distributed energy generation sources have increased the grid complexity, as these sources are to be connected to grid for reliable supply of power. Get Complete Report @ https://www.marketresearchfuture.com/reports/utility-assetmanagement-market-5389 About US
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