Utility Asset Management Market
Report ID: SQMIG55C2013
Report ID: SQMIG55C2013
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Report ID:
SQMIG55C2013 |
Region:
Global |
Published Date: May, 2025
Pages:
193
|Tables:
88
|Figures:
70
Global Utility Asset Management Market size was valued at USD 6.03 Billion in 2024 and is poised to grow from USD 6.61 Billion in 2025 to USD 13.76 Billion by 2033, growing at a CAGR of 9.6% during the forecast period (2026–2033).
The increase in the number of unplanned power outages in several countries, caused by factors such as abrupt grid faults, defects in the transmission & distribution lines, weather-related problems, and natural disasters will be anticipated to propel the global utility asset management market growth.
Most of the governments of emerging countries in the world now view utility asset management as an investment strategy aimed at enhancing the infrastructure, and this will take precedence in keeping its long-term power grid unbroken and in helping to alleviate losses from non-maintenance and servicing. In addition, with the increasing population, regulatory agencies now focus on wisely using electricity in order to handle the increased demand. Reduction of concerns for transmission and distribution losses and adopting the Internet of Things to support energy saving and efficiency of consumption are fueling the growth of the world market.
How Are Cutting-Edge Technologies Transforming Utility Asset Management?
Through real-time tracking, preventative maintenance, and decision-making on the basis of facts, the confluence of IoT, analytics, and predictive maintenance software is transforming utility asset management. Such technologies optimize asset productivity, lower downtime, and enhance grid resilience. With the new energy landscape emerging, sophisticated AI-driven analytics foresee equipment issues, and IoT sensors provide constant monitoring, ensuring optimal efficiency and increased asset lifespan.
How are Startups Revolutionizing Utility Asset Management?
Startups are at the forefront of transforming utility asset management as the energy industry goes through a digital revolution. These companies enhance operational efficiency, sustainability, and transparency by leveraging advanced technologies such as blockchain, artificial intelligence, and the Internet of Things. To ensure a smart and resilient infrastructure, next-generation companies are leading the way with innovation through real-time monitoring of assets, predictive maintenance, and optimal energy trading.
Market snapshot - 2026-2033
Global Market Size
USD 5.5 billion
Largest Segment
Software
Fastest Growth
Services
Growth Rate
9.6% CAGR
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Global Utility Asset Management Market is segmented by Application, Component, Utility Type and region. Based on Application, the market is segmented into Transformers, Substations and Transmission & Distribution Lines. Based on Component, the market is segmented into Hardware and Software. Based on Utility Type, the market is segmented into Public Utility and Private Utility. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
As per the 2024 global utility asset management market analysis, the private utility sector dominated the market and is predicted to continue in the future. Growing investment in IoT-based monitoring systems, AI-driven predictive maintenance, and smart grid solutions is fueling growth. For example, Duke Energy introduced an AI-driven grid modernization program in 2024 aimed at optimizing energy delivery and minimizing power outages. Likewise, National Grid invested in digital twin technology to increase predictive maintenance and asset management. These technologies make power management more sustainable, reliable, and efficient.
The market is anticipated to be dominated by public utilities as governments press for infrastructure upgrades and the integration of renewable energy. Efficiency and reliability are improving as a result of rising expenditures in energy storage devices, smart grid technologies, and infrastructure modernization. These initiatives focus on enhancing quality of service, long-term viability, and optimization of energy delivery.
Based on the 2024 global utility asset management market forecast, with the growing demand for remote and mobile detection, inspection, and diagnostic solutions for large networks, the software segment dominated the market. Asset management software was introduced by industry leaders. The IBM Maximo application suite, for instance, is a standalone, integrated cloud-based offering that leverages analytics, IoT, and Al to maximize core asset lifecycles, boost performance, and reduce operating costs and downtime. Moreover, it provides greater reliability with predictive maintenance, monitoring, and inspection systems powered by Al.
The increase in demand for maintenance, monitoring, and consulting services within utility asset management is predicted to drive the services segment's growth over the forecast period. AI-based predictive maintenance and real-time data analytics are being implemented to enhance operational efficiency, lower downtime, and maximize asset performance for long-term resilience.
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North America is at the forefront of the utility asset management market due to its strong emphasis on government investment, aging infrastructure, and technological innovation. With a yearly budget of USD 220 million, the US Department of Energy Grid Modernization Initiative has a major role in enhancing utility infrastructure. Furthermore, the advanced asset management system is being fueled by the growing integration of renewable energy and grid resiliency initiatives. The regulatory efforts in the region toward sustainability and enhanced reliability promote developments in predictive maintenance, smart grid, and IoT-enabled asset tracking technology.
In the utility asset management market of North America, the US leads the market. With an emphasis on AI-enabled predictive maintenance, smart metering, and automated asset management solutions, the nation invests heavily in grid modernization. Moreover, the United States is witnessing a rise in grid disturbances, and hence utilities are adopting sophisticated monitoring technology. To utilize resources efficiently, investments in renewable energy, which is predicted to contribute 42% of the total generation by 2050, also require effective asset management capabilities.
Canada's utility sector is going through massive change, and by the year 2030, an amount of USD 350 billion will be utilized in the installation of electrical infrastructure expansion. Sustainable energy and secured electricity supply become the country's main priorities, and asset administration will be key in the optimization of the grid optimization. Supporting policies of the government to smart grids through energy efficiencies allow adoption of AI-powered monitoring and IoT-embedded predictive maintenance systems from Canadian utilities to cut operational costs, improve reliability and thus guarantee that the grid has long-term stability with reduced outage.
Urbanization, renewable sources of energy, and expansion of infrastructure are fueling Asia-Pacific unprecedented growth of utility asset management. According to UN ESCAP, the population of the region is anticipated to grow from 2.3 billion people in 2019 to 3.5 billion people in 2050, requiring the application of efficient energy management methods. To enhance efficiency, sustainability, and energy security, China, India, and Japan are investing heavily in grid modernization. IoT-based automation solutions and AI-based asset monitoring are required to address the growing power demand in the region.
With USD 174 billion spent on grid modernization and renewable integration, China is the largest utility asset management market in Asia-Pacific. Utilities are being transformed by China's fast-paced utilization of smart grids and AI-powered energy distribution systems. Besides, China is also a significant participant in the global market with its fast industrialization and aggressive 5G network infrastructure building, which are stimulating demand for real-time energy monitoring and predictive maintenance solutions.
India is investing heavily in utility infrastructure with USD 223 billion to modernize its system by 2030. One of the prime drivers of asset management systems is the government's efforts to integrate smart grids and use renewable energy. AI-powered asset monitoring and real-time tracking find their place in programs like the Revamped Distribution Sector Scheme (RDSS) which aims at reducing electricity losses. IoT-enabled predictive maintenance is key to India’s energy transition plan in enhancing electricity distribution and ensuring reliability across the nation.
With USD 251 billion spent on power grid investments by 2030, Japan is undergoing a grand transformation of its utility system. With over 25% of its grid assets over 50 years old, the country is facing issues with its aging energy infrastructure. Japan is making investments in cloud-based data analytics, AI-based asset monitoring, and automation technologies due to these issues. To provide improved energy distribution and reduced operating costs, increased use of renewable energy sources also creates commensurate demand for grid management and predictive maintenance solutions.
The European utility asset management market is notably driven by grid modernization, renewable energy uptake, and carbon emission reductions. With the green energy focus of the European Union, huge investments have gone into AI-based asset monitoring solutions, storage systems, and smart grids. The region is focusing on the optimization of energy delivery and resilience of the power grid by utilizing automated asset monitoring and predictive maintenance systems. The technology works in these areas is being spearheaded by the UK and France.
Focusing on predictive maintenance and real-time asset tracking with AI-enabled solutions, the UK is improving the implementation of smart grids. Robust government policies in support of utilizing renewable energy resources and system fault tolerance initiatives are leading the utility asset management business in the country. Internet of Things-based monitoring systems and cloud-based platforms for analytics in utility networks are changing the delivery of energy, making it more sustainable, lessening downtime, and enhancing the efficiency of energy.
France is on the forefront of grid modernization with efforts aimed at increasing smart meters and smoothing out energy supply. AI-facilitated asset monitoring and predictive maintenance programs are needed in line with France's government attempt at integrating more renewable energy into the grid. Cloud computing automation solutions are being deployed by utilities on a growing basis to minimize wastage of operation and ensure uninterrupted electricity supply with minimal power loss. France is leading the European utility asset management industry due to the growing emphasis on sustainable management of utilities.
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Growth in Grid Modernization Investments
Growing Usage of IoT-Based Monitoring and Smart Meters
Data Management and Integration
Aging Infrastructure
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To reinforce their market positions, leading firms in the global utility asset management market are emphasizing product innovation, strategic alliances, and AI solutions. The huge players like IBM and Schneider Electric use IoT, AI, and cloud for predictive maintenance. From these acquisitions and partnerships, geographical expansion is possible. For instance, in 2024 ABB will be investing in smart grid solutions to supplement its portfolio.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with increasing spending on grid modernization, AI-driven predictive maintenance, and renewable energy integration, the global utility asset management market is growing at a rapid pace. Governments and private utilities are focusing on upgrading smart infrastructure to enhance grid resilience and operational efficiency. The sector is transforming due to emerging technologies such as decentralized energy management, AI-driven analytics, and Internet of Things-based monitoring. The market is anticipated to evolve tremendously with technology giants such as IBM, Schneider Electric, and ABB leading the charge through the incorporation of artificial intelligence and cloud solutions. Utilities will have to incorporate advanced asset management systems in a bid to offer an efficient, reliable, and sustainable energy future, tackling challenges such as aging infrastructure and the transition to energy consumption.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 6.03 Billion |
| Market size value in 2033 | USD 13.76 Billion |
| Growth Rate | 9.6% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Utility Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Utility Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Utility Asset Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Utility Asset Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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