Utility asset management market worth $4.09B by 2022
A new market study is available, titled “Utility Asset Management Market by Application (Transformer, Sub-Station, Transmission & Distribution Lines), Component (Hardware, Software), Utility Type (Public Utility, Private Utility), and Region – Global Forecast to 2022”.
According to the report, the utility asset management market is expected to grow from an estimated $2.75 billion in 2017 to $4.09 billion by 2022, registering a CAGR of 8.25%, from 2017 to 2022, reports Digital Journal.
The global market is set to witness a significant growth due to increasing investments in grid modernization, requirement for energy efficiency, necessity to reduce transmission and distribution losses, and increasing grid complexity.
The public utility segment is expected to hold the largest share of the utility asset management market.
North America is the leading market for utility asset management system.
Some of the top players in the utility asset management market profiled in the report include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (US), and Emerson Electric (US).
Source: Digital Journal