BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for smart grid technologies, including global market forecasts for revenue, broken out by technology, application, component, and region, through 2023.
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. Click to tweet: 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. The report also provides profiles of key grid infrastructure vendors and includes information on 150-plus other types of companies, major global utilities, and smart grid-related industry associations. 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 provide services that extend from expert and advisory work through implementation and outsourcing. 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 Technologies,” 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.