Utility Asset Management Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to utility asset management market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Utility Asset Management Market News

in Utility Asset Management Market
  • March 2025: Major technology and energy companies, such as Nvidia and Microsoft, formed the Open Power AI Consortium. The initiative, led by the Electric Power Research Institute (EPRI), seeks to create AI models and data sets specific to the power industry. With AI, the collaboration expects to make grids more resilient, optimize asset efficiency, and facilitate better energy management.
  • February 2025: Brookfield Asset Management invested Euro 20 billion in the buildout of French AI infrastructure such as data centers and networks. This planned investment fits into the increasing demand for AI capabilities and shows how critical solid infrastructure is to enable enhanced utility asset management technology.
  • November 2024: CS Energy, which is a government-owned Queensland utility, underpinned its asset management by leveraging the AVEVA PI System. CS Energy amplified operational efficiency and commercial availability through the integration of baseload and renewable asset data into one single source of truth. This was possible through real-time monitoring of off-site locations for optimal resource planning and safety guarantee, coupled with weather forecast and market demand-based pre-emptive scheduling of maintenance.
  • August 2024: Hitachi Energy demonstrated how predictive analytics can transform asset management. Their Lumada Asset Performance Management (APM) maximizes asset life cycles, minimizes costs, and optimizes operational efficiency by integrating predictive insights into strategic planning. By extending asset life, optimizing energy, and minimizing waste, the platform fosters sustainability.
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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?

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Global Utility Asset Management Market
Utility Asset Management Market

Report ID: SQMIG55C2013

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