|By Business Wire||
|March 6, 2014 05:43 PM EST||
Most utilities today handle asset management with what amounts to a run-to-fail strategy. Despite the growing availability of new solutions, many utilities have not yet incorporated sensing or monitoring technology into their networks. With the advent of the smart grid, however, the inclusion of sensing and monitoring systems is starting to make compelling economic sense. Click to tweet: According to a new report from Navigant Research, cumulative utility spending on asset management and condition monitoring systems for the power grid will total $49.2 billion during the period from 2014 to 2023.
“Emerging sensor technology and analytics solutions have the potential to completely revolutionize the way the power grid is managed and maintained,” says Richelle Elberg, senior research analyst with Navigant Research. “The proliferation of distributed generation and electric vehicles means that soon, business-as-usual strategies will no longer be viable for effective asset management. Fortunately, the price of sensors and solutions is set to fall dramatically over the next few years.”
Asset management and control monitoring solutions encompass physical devices (sensors, intelligent electronic devices, smart meters, etc.) that may share real-time or near real-time data with the operations center. They also include software solutions, such as asset management systems and, increasingly, analytics solutions. The ultimate goal, according to the report, is for all of these solutions to work in concert to provide management with a holistic view of the current and expected performance of the grid and its critical components.
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 (AMaaS) 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.