Global Utility Asset Management Market is growing at a CAGR of 8.29% from 2017 to 2025
The Global Utility Asset Management Market was valued at USD 2.62 billion in 2016 and is projected to reach USD 5.37 billion by 2025, growing at a CAGR of 8.29% from 2017 to 2025. Asset management refers to any system that monitors and maintains things of value to an entity or group. Asset management provides utility managers and decision-makers with critical information on capital assets and timing of investments. Benefits of utility asset management includes - improved regulatory compliance, more meaningful financial reporting, improved reliability, long term system integrity, cost savings, and improving the security and safety of assets. Market Dynamics: 1. Market Drivers 1.1 Increasing use of software analytics in smart grid optimization 1.2 Need for maximizing the reliability and resiliency of the power network 1.3 Rising investments in distributed generation and related government regulations 1.4 Advancements in aging utility infrastructure 2. Market Restr...