Top Utility Asset Management Companies

Global Utility Asset Management Market size was valued at USD 4.46 Billion in 2023 and is poised to grow from USD 4.90 Billion in 2024 to USD 10.50 Billion by 2032, growing at a CAGR of 10.0% in the forecast period (2025-2032).

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. 'Nvidia', 'Microsoft', 'Hitachi Energy', 'CS Energy', 'Schneider Electric SE', 'General Electric Company', 'ABB Ltd.', 'Siemens AG', 'Eaton Corporation', 'Hitachi Energy Ltd.', 'SAP SE', 'Oracle Corporation', 'Aclara Technologies LLC', 'Trilliant Holdings Inc.'

To increase efficiency and reliability, the government and power utilities are putting a lot of money into grid modernization. For instance, the US Department of electricity spent more than USD 220 million on electricity grid modernization during 2024. Programs like these generate greater demand for sophisticated utility asset management systems that are needed to support renewable sources of power against aging infrastructure.

Integration of AI with Predictive Maintenance: Utilities are increasingly utilizing AI-driven predictive maintenance to reduce asset failures and enhance efficiency. AI-driven asset monitoring solutions have the potential to enhance grid resilience and lower maintenance costs by as much as 30%. Companies are expected to increase their AI capabilities in 2025 to optimize energy distribution and outage forecasting.

Why is North America Leading the Utility Asset Management Market?