Guidehouse Insights Estimates Global Market for Holistic Asset Management to Grow to $19 Billion by 2031

(PRNewsfoto/Guidehouse Insights)

Markets shift away from direct incentives, implementation of more stringent grid codes, and aging plants generate growing base of retrofit opportunities

BOULDER, Colo., Nov. 16, 2022 /PRNewswire/ — A new report from Guidehouse Insights examines evolving market dynamics and underlying product offerings for asset owners and operators throughout the energy sector.

The coalescence of grid, energy, and digital transformations is leading to a revaluation of traditional asset management strategies across the entire energy value chain. Enterprise asset management systems (AMS), which largely act as empty containers, lack the ability to support more advanced use cases around predictive analytics, asset health monitoring, and maintenance optimization. This led to the development of sophisticated asset performance management (APM) technologies that allow utilities to use AMS data in new, cross-cutting ways to deliver actionable insights around holistic asset lifecycle management. According to a new report from Guidehouse Insights, the global market for asset management software and services is projected to grow from $5.0 billion in 2021 to nearly $18.6 billion in 2030, at a CAGR of 15.6%.

“Holistic asset management is one of the most complex elements of the utility business, as many practices are plagued by rudimentary technologies and outdated strategies,” says Michael Kelly, principal research analyst with Guidehouse Insights. “For both electric utilities and renewable energy asset owners, traditional emphases on procuring solutions at the lowest cost are giving way to more forward-thinking motivations about revenue potential and risk reduction.”

Many first-generation renewable energy plants have left significant value on the table due to the use of simplistic solutions acquired at the lowest cost. These basic asset management strategies are now vulnerable as markets shift away from direct incentives (i.e., ROI tied to performance), more stringent grid codes are implemented, aging plants generate a growing base of retrofit opportunities, and demand for portfolio-level monitoring and control (M&C) increases, according to the report.

The report, Market Data: Holistic Asset Performance Management, provides analyses for the market potential of asset management solutions. The report’s chief goal is determining the status of this emerging industry and its potential growth for both electric utility and renewable energy applications. An executive summary of the report is available for free download on the Guidehouse Insights website

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 15,000 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: Holistic Asset Performance Management, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse

+1.646.941.9139

[email protected]

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SOURCE Guidehouse Insights

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