Market Research Report
Market Data - Utility Asset Management Systems and Analytics - AMS, APM, and Advanced Analytics for T&D Networks: Global Market Analysis and Forecasts
|Published by||Navigant Research||Product code||910750|
|Published||Content info||32 Pages; 32 Tables, Charts & Figures
Delivery time: 1-2 business days
|Market Data - Utility Asset Management Systems and Analytics - AMS, APM, and Advanced Analytics for T&D Networks: Global Market Analysis and Forecasts|
|Published: September 10, 2019||Content info: 32 Pages; 32 Tables, Charts & Figures||
Asset management is one of the most complex elements of the utility business. Many utilities' current practices are plagued by rudimentary technologies and outdated strategies. In the past, asset management within a utility may have meant something as simple as multiple spreadsheets populated with asset counts, purchase dates, expected life, and suggested maintenance schedules-each maintained by various utility silos. The first step forward was the adoption of dedicated asset management systems (AMSs) and enterprise resource planning (ERP) systems, which act as the system of record. Although these software platforms offer an upgrade over archaic spreadsheet practices, they still rely on largely static data and outdated time-based maintenance programs.
With the emergence of asset performance management (APM) technologies, utilities are using static AMS data in new ways (such as systems integration and data analytics) to create actionable intelligence around asset life cycle management. Utilities are becoming interested in applying cross-departmental approaches to gathering information that can help to develop a more holistic and data-driven asset management strategy. This undertaking entails a better understanding of asset states based on how they are being operated and under what conditions. It also involves using this knowledge to develop a predictive-as opposed to responsive-risk-based management strategy.
This Navigant Research report focuses on the drivers, barriers, and regional global trends influencing the deployment of utility asset management and performance management systems. The global market for these solutions is expected to grow across all markets as utilities look to improve operational efficiencies and reduce costs. Forecasts, segmented by region, extend through 2028.