Bahrain

Global utilities are expected to double their annual spending on asset management solutions to $2.4 billion by 2028, according to a new study published by Navigant Research.

Michael Kelly, a research analyst with Navigant Research, said: “Utilities are interested in applying cross-departmental approaches to gathering the information that can help to develop a more holistic and data-driven asset management strategy.

“The new use of information also enables them to develop a predictive—as opposed to responsive—risk-based management strategy.”

According to the study:

  • Asset management is one of the most complex elements of the utility business.
  • The emergence of asset performance management technologies is enabling utilities to use static data in new ways to create actionable intelligence around asset life cycle management.
  • Both vendors and utilities are thinking more creatively than ever about how to improve operational efficiencies while reducing costs.
  • Utilities are adopting new asset management solutions as part of digital transformation initiatives

Technology and operational barriers are still hindering the market growth.

For more information about the report, click here.