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Utility Asset Management Market Projected to Grow at a CAGR of 9.9%, Reaching USD 7.34 Billion by Forecast 2030 – Report by Market Research Future (MRFR)

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New York, US, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Utility Asset Management Market Information by Utility Type, Component, Application, and Region – Forecast till 2030”, Utility Asset Management Market could thrive at a rate of 9.9% between 2022 and 2030. The market size will be reaching around USD 7.34 Billion by the end of the year 2030

Utility Asset Management Market Overview         

Utility Asset Management refers to the process of managing and maintaining the assets owned by utilities, such as power plants, electrical grids, water and wastewater treatment plants, and other critical infrastructure. Utility asset management involves identifying, monitoring, and maintaining the assets to ensure they are functioning optimally, efficiently, and safely.

Utility Asset Management is used to prevent system failures, extend the life of assets, and reduce maintenance costs. It helps utilities to prioritize asset replacement and maintenance based on the asset’s criticality and the risks associated with its failure. The process involves the use of various technologies such as sensors, Internet of Things (IoT) devices, and analytics software to monitor the asset’s health, predict its remaining life, and schedule maintenance accordingly.

Market Competitive Landscape:

The affluent companies in the Utility Asset Management industry include

  • General Electric Company
  • Siemens AG
  • ABB Ltd
  • Emerson Electric Co
  • Schneider Electric SE
  • Hitachi, Ltd
  • S&C Electric Company
  • Oracle Corporation
  • IBM Corporation
  • CGI Group Inc
  • Among others.

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May 2021

ABB Group launched ABB Ability Asset Vista Condition Monitoring, a software solution that uses artificial intelligence to predict and prevent asset failure. The solution provides real-time data analytics and insights into the health and performance of critical assets, enabling utilities to make informed decisions about maintenance and replacement.

Utility Asset Management Market USP Covered:

Market Drivers:

The increasing demand for energy-efficient infrastructure is one of the significant driving factors for the utility asset management market. With the growing global population and economic development, energy consumption is increasing rapidly, leading to a surge in carbon emissions and environmental concerns. To mitigate this, utility companies are increasingly investing in energy-efficient infrastructure to reduce their carbon footprint and meet energy demands sustainably. Utility asset management plays a crucial role in this by providing real-time monitoring, analysis, and optimization of energy consumption, enabling companies to minimize energy wastage and optimize their energy usage.

Another driving factor for the utility asset management market is the need for a reliable and secure power supply. The increasing frequency and intensity of natural disasters, such as hurricanes, earthquakes, and wildfires, pose a significant threat to utility infrastructure, leading to power outages and downtime. Utility asset management solutions help mitigate these risks by providing predictive maintenance and real-time monitoring of infrastructure, enabling companies to proactively identify potential failures and prevent downtime. This ensures a reliable and secure power supply to end-users, enhancing customer satisfaction and loyalty.

Report Scope:

Report Metrics Details
Market Size 2030 2030: USD 7,340 Million
CAGR during 2022-2030 9.9% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, Component, and Utility Type
Key Market Opportunities An integrated approach to Big Data Analytics and Artificial Intelligence (AI) to complement industry outlooks
Key Market Drivers The growing use of software package analytics for grid improvement


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Utility Asset Management Market:

https://www.marketresearchfuture.com/reports/utility-asset-management-market-5389


Market Restraints:

The Utility Asset Management Market faces several restraints that hinder its growth and adoption. One of the significant restraints is the lack of a skilled workforce and the high cost of implementing asset management solutions. Many utilities lack the technical expertise to implement and maintain complex asset management solutions, which can lead to suboptimal utilization of assets and higher maintenance costs.

The cost of implementing asset management solutions can also be a significant barrier for some utilities, especially in developing regions. The initial cost of implementing asset management solutions can be high, and many utilities may not have the necessary budget to invest in these solutions. Additionally, the lack of a standardized approach to asset management can make it challenging for utilities to select and implement the right solutions that meet their specific needs.

Utility Asset Management Market COVID 19 Analysis

The COVID-19 pandemic has impacted the Utility Asset Management Market, with supply chain disruptions and economic uncertainty leading to a slowdown in the market’s growth. However, the post-COVID-19 scenario is expected to see a resurgence in the market due to the increasing demand for energy-efficient infrastructure and the need for a reliable and secure power supply.

Market Segmentation

By Utility Type

The Utility Type in the market includes Public Utility and Private Utility.

By Component

The Component in the market includes Hardware and Software.

By Application

The Application in the market includes Transformer, Sub-Station, Transmission, and Distribution Lines.


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Utility Asset Management Market Regional Insights

North America is the largest market for Utility Asset Management due to the region’s high adoption of smart grid technologies and digital infrastructure. The Asia-Pacific region is expected to witness significant growth in the market due to the rising investments in renewable energy sources and the growing focus on energy efficiency. Europe is also expected to witness significant growth in the market due to the region’s high adoption of smart grid technologies and the increasing investments in renewable energy sources.

Related Reports:

Digital Asset Management Software Market Research Report Information, by Deployment, by Application Areas, by End Users – Forecast to 2030

Plant Asset Management Market Research Report Information Information by Offering, by Deployment Mode, by Asset Type, by End-User, by Region – Global Forecast till 2030      

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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