Global Utility Asset Management Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023
Market Highlights Electricity distribution networks are made up of primary and secondary plants. The primary plant is the energy delivery plant whilst the secondary plant is the plant needed to ensure that the energy delivery is safe, measurable, operable, sustainable and of the right quality. Utility asset management provides the ideal solution for all these operations is an efficient & effective way. Electricity distributors classify their assets as either primary or secondary plants assets. An uninterrupted supply to customer can only be guaranteed when both plants are adequately functional. Secondary plants assets are relatively cheaper than their primary plant counterparts, with life expectancies of approximately fifteen to twenty five years, respectively. In managing electric utilities as business entities, capital investment in power network expansion must be efficiently linked with the management of these assets throughout their useful life. Asset management can be divided into maintenance, refurbishment and strengthening. Maintenance management is fundamental for the assets to realize their useful life. This involves the re-instatement of the plant to its intended conditions and performance through corrective action. Refurbishment is a special case of maintenance and it refers to the replacement of equipment in compliance with current technical practice, safety standards and the desired operating performance. Maintenance focuses on the replacement of components of particular equipment or the entire equipment. Asset strengthening, on the other hand, refers to the expansion or upgrading of the plant to improve the capacity and or the quality of supply to the existing customer. In re-engineering process, the task is often to upgrade or up-rate the plant such that a new income stream is achieved. The Global Utility Asset Management Market is expected to grow at ~ 8% CAGR during the forecast period. Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/5389 Key Players The key players of global utility asset management market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Aclara Technologies LLC (U.S.), Emerson Electric Co. (U.S.), Enetics Inc. (U.S.), Lindsey Manufacturing Co. (U.S.), Netcontrol Oy (Finland), Cniguard Ltd. (U.K.), and Vaisala OYJ (Finland).