BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research provides a comprehensive overview of the global market for utility smart grid information technology (IT) systems, including global market forecasts for utility smart grid IT software and services through 2024.
IT systems and analytics are projected to account for a significant—and growing—portion of utility smart grid investment over the next 10 years. While utility investment in new IT solutions are likely to happen in an incremental fashion in most regions, total spending is expected to climb steadily as those charged with managing the grid turn increasingly to sophisticated IT systems. Click to tweet: According to a new report from Navigant Research, worldwide revenues for smart grid IT software and services are expected to grow from $8.5 billion annually in 2014 to $17.1 billion in 2024.
“Power grid operators worldwide face new and growing challenges—to stability, reliability, and even economic viability,” says Richelle Elberg, principal research analyst with Navigant Research. “Modern IT solutions can help managers leverage the growing connectivity of grid equipment and devices in order to automate control and maintenance functions and better engage with customers.”
Despite exciting advances in the IT solutions available to utilities that leverage smart grid technology, the market has not ramped as sharply as previously forecast, according to the report. Utility executives, or their regulators, may not yet believe that the return on investment is compelling enough for widespread deployment. As more deployments provide market validation, investment in these systems is expected to accelerate, the report finds.
The report, Smart Grid IT Systems, provides a comprehensive overview of the global market for utility smart grid IT systems. The study discusses the potential benefits and challenges to utilities deploying new IT systems and describes a dozen major utility IT applications. Global market forecasts for utility smart grid IT software and services, segmented by category (software purchases and upgrades, software maintenance fees, services, and software as a service, or SaaS), application, and region, extend through 2024. The report also provides in-depth profiles of numerous vendors involved in the utility smart grid IT space. 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global professional 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 deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Smart Grid IT Systems, 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.
