Advances in sensing and monitoring technology have the potential to completely revolutionize the way the power grid is managed and maintained. While the penetration level of these systems is relatively low today, adoption is expected to accelerate rapidly over the next several years. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from asset management and condition monitoring (AMCM) systems for the power grid will grow from $2.1 billion annually in 2014 to $6.9 billion by 2023.
'The advent of the smart grid is causing utilities to reevaluate their approach to asset management,' says Richelle Elberg, senior research analyst with Navigant Research. 'The prices for sensing and monitoring devices have fallen to the point where a credible and compelling business case for deployment can be made.'
The growing availability and affordability of these technologies comes at a critical time for many utilities, according to the report. Faced with aging infrastructure, knowledge drain as long-time employees reach retirement age, an increasingly two-way grid, and rising pressure for not only better efficiency and reliability, but also profitability, utilities are likely to find more effective AMCM solutions to be indispensable in the coming years.
The report, 'Asset Management and Condition Monitoring', analyzes the global market for AMCM solutions and describes where they are needed in the grid. It highlights significant market drivers and applications and outlines challenges to deployment. Global market forecasts for condition monitoring sensors in the grid and asset management software solutions, including asset-management-as-a-service and analytics, extend through 2023. Sensor forecasts are segmented by location in the grid, including transmission and distribution substations, transmission lines, distribution lines, and distribution transformers. The report also provides in-depth profiles of key vendors and several utility deployment case studies. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, 'Asset Management and Condition Monitoring,' is a summary and reflects Navigant Research's current expectations 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 Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.