Posted by Heidi Schwartz
A recent report from Navigant Research analyzes the global market for smart grid technologies, including global market forecasts through 2023 for revenue, broken out by technology, application, component and region.
The past two years have seen accelerating technological advancements and shifting priorities among utility industry stakeholders. The benefits of smart grid technology are becoming increasingly quantifiable, not only in terms of improved grid reliability, but also in economic benefits. According to a recent report from Navigant Research, worldwide revenue from smart grid technologies is expected to grow from $44.1 billion in 2014 to $70.2 billion in 2023.
“Transmission system upgrades are being driven by the need to interconnect offshore or remote wind and solar farms, as well as ongoing electrification across Asia Pacific and other developing regions,” says Richelle Elberg, senior research analyst with Navigant Research. “Meanwhile, government mandates, particularly in Europe, are expected to continue to drive strong smart meter penetration gains over the next decade.”
Utility deregulation and increased competition add another element to the market landscape surrounding improvements to transmission and distribution grids, according to the report. Competitive pressures are driving a deeper commitment to smart grid technology, as utility management realizes the power of smarter grids to improve customer satisfaction and engagement.
The report, “Smart Grid Technologies,” analyzes the global market for smart grid technologies, with a focus on transmission upgrades, substation automation, distribution automation, information and operations technology (IT/OT) software and services, and advanced metering infrastructure (AMI). It provides a detailed analysis of the market drivers, challenges, and trends, as well as regional and country factors, for each smart grid technology segment. Global market forecasts for revenue, broken out by technology, application, component, and region, extend through 2023. An Executive Summary of the report is available for free download on the Navigant Research website.