BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market for supergrids, assessing key drivers and barriers to development and providing details on current projects, while forecasting the size of the market through 2025.
As global demand for electricity continues to grow, and as concerns over climate change mount, the importance of meeting power needs while reducing costs and climate impacts is increasing. One emerging solution is the concept of supergrids—carefully planned networks of high-voltage transmission systems that span countries, continents, and eventually the globe that enable the integration of renewable power on a bulk scale. Click to tweet: According to a new report from @NavigantRSRCH, global supergrid investments are expected to increase from $8.3 billion in 2016 to $10.2 billion by the end of 2025.
“While regional supergrids could bring cleaner, more efficient, and more cost-effective electric power systems, their development is complicated by a number of factors,” says Jessica Lewis, senior research analyst with Navigant Research. “These include limited political will, lack of harmonized standards, complex authorization and permitting procedures for cross-border transmission projects, and a conventional view of energy security as a national imperative, with individual countries reluctant to leave their supply security in the hands of others.”
Though complications exist, the idea that coordinated supergrids would allow high-volume electricity trade across long distances and facilitate development of renewables where the resource potential is strongest, rather than where it is most convenient, is driving interest. According to the report, Asia Pacific currently represents the largest regional market for supergrid investment—accounting for an estimated 66 percent through 2025.
The report, Supergrids, analyzes the market for supergrids, assessing key drivers and barriers to supergrid development and forecasting the size of the supergrid market through 2025. The study evaluates the trajectory of supergrid development by region and highlights examples of supergrid proposals at different geographic scales. Examples of supergrid initiatives covered in this report range from transmission corridors to carry renewable power to distant load centers within the same country to calls for a global supergrid linking wind power in the Arctic and solar power at the equator to end users around the world. 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.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Supergrids, 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.