The Europe Utilities Asset Management Market would witness market growth of 10.4% CAGR during the forecast period (2022-2028).
Using effective predictive maintenance solutions, utilities can make more informed judgments regarding when and where maintenance should be conducted, resulting in lower maintenance costs and improved planning. In addition, with the introduction of modern computational tools and smart meters, utilities acquire a vast quantity of data that may be utilized to enhance the operation of commissioned assets and maintenance plans.
Similarities exist between utilizing condition monitoring data for reliability estimation and problem diagnostics. The severity of a malfunction is crucial for diagnosis since it provides insight into the asset's remaining useful life. Identifying the degree of defects is comparable to estimating asset dependability. The purpose of this sort of research is to train mathematical failure models for subsequent use in more extensive investigations, such as reliability and maintenance optimization.
Each data mining approach serves a unique function and has its pros and downsides. When the majority of utilities attempt to implement condition-based preventive maintenance, it is evident that they are transitioning towards data-centric asset management. Condition-based asset health maintenance lends itself to vast amounts of data.
Several pipelines and seaports allow Germany to import petroleum and other liquids. The two largest pipelines are the Druzhba pipeline from Russia to Poland and Belarus, and the Trans-Alpine pipeline from Trieste, Italy to the Adriatic Sea. Wilhelmshaven, the main deep-water port in Germany, handles the majority of the country's foreign oil commerce. The German government adopted the Climate Action Program 2030 on October 9, 2019, to provide tax breaks and incentives for energy-efficient building renovations, higher subsidies for electric vehicles (EVs), and increase the adoption of the utilities asset management market.
The Germany market dominated the Europe Utilities Asset Management Market by Country in 2021; thereby, achieving a market value of $545.5 million by 2028. The UK market is exhibiting a CAGR of 9.5% during (2022 - 2028). Additionally, The France market would experience a CAGR of 11.2% during (2022 - 2028).
Based on Component, the market is segmented into Hardware (Sensors, Cameras, and Others), Software, and Services. Based on Utility Type, the market is segmented into Public Utilities and Private Utilities. Based on Application, the market is segmented into Transmission & Distribution Lines, Sub-station, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Utilities Asset Management Market will Hit $8.4 Billion by 2028, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., ABB Group, Siemens AG, Eaton Corporation, IBM Corporation, Schneider Electric SE, Fujitsu Limited, IFS AB, Getac Technology Corporation and S&C Electric Company.
By Component
By Utility Type
By Application
By Country
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