From rising customer expectations to rapidly changing regulatory norms, the utility industry is facing numerous challenges. To overcome these obstacles, utilities are now shifting their focus to digital transformation. Scaling to a digital utility concept requires a shift in the mindset and culture of the utility providers, simplifying their business processes in line with customer needs and regulatory requirements.
According to a report by Allied Market Research, the global utility asset management market was valued at $4.3 billion in 2021 and is projected to reach $12.4 billion by 2031, registering a CAGR of 11.3 percent during the forecast period.
This prolific growth can be attributed to the rise in energy demand, aging infrastructure, increase in distributed energy resources, and need for efficient and reliable energy. At the same time, the adoption of AI and IoT technology for better insights creates lucrative opportunities for growth in the sector.
IoT and its web of interconnected devices are opening new possibilities in the utility asset management space. Utility companies can use the technology to automate and streamline tedious, repetitive tasks such as delegation, scheduling, and reporting. Time and money spent on regular inspections can also be minimized using IoT devices.
This edition of Utilities Tech Outlook delivers a bird’s-eye view of the recent developments in the utilities asset management arena and insights into how organizations are aligning with these trends and adopting new ways to transform legacy practices.
We have curated thought leadership articles from industry experts, including the Director of Transmission Services at Dairyland Power Cooperative and the Director of IT Strategy & Solution Development at JEA.
We also took a deep dive into the market trends to narrow down the list of companies delivering innovative utility asset management services and solutions. Equipped with robust technological capabilities, companies like The Woodhouse Partnership Ltd (TWPL) and Industrial Defender help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Utilities Tech Outlook’s utilities asset management services and solutions providers helps you build the partnership you and your organization need to foster an environment driven by efficient technology.
Let us know your thoughts!
