Utility Asset Management and Grid Monitoring Technology Will Reach Nearly $7 Billion in Annual Revenue by 2023
New technologies could prove indispensable in a time of power grid transformation, report concludes
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.