|By Business Wire||
|May 19, 2014 12:14 PM EDT||
For the power sector to realize the full benefits of the smart grid revolution, advanced networking and communications technology must span the entire power grid. For many smaller utilities, however, the lack of access to adequate financial and human resources may limit their ability to invest in smart grid solutions at the desired level. Hosted or managed services solutions, also known as smart grid as a service (SGaaS), will help bridge that gap in coming years. Click to tweet: According to a new report from Navigant Research, annual utility spending on SGaaS technology will grow from $1.7 billion in 2014 to $11.2 billion in 2023 – totaling $57.6 billion over that period.
“Smart grid as a service solutions are a small part of the market today, but they have substantial growth potential,” says Richelle Elberg, senior research analyst with Navigant Research. “These flexible models allow utilities with financial constraints to spread project costs over several years, and can provide skilled IT professionals to utilities that may otherwise have difficulty attracting talent.”
SGaaS offerings are now available for a range of smart grid applications in several categories, according to the report, including home energy management (HEM), advanced metering infrastructure (AMI), distribution and substation automation (DA and SA) communications, asset management and condition monitoring, demand response (DR), and software solutions and analytics. While initial adoption will come from smaller utilities, over time, even large utilities may find the business cases for certain functions to be compelling.
The report, “Smart Grid as a Service”, analyzes the global market for SGaaS offerings and describes how and where they are being used by utilities. The report discusses significant market drivers and applications and outlines challenges to market acceptance. Global market forecasts for managed services for applications in six smart grid categories – HEM, AMI, DA and SA communications, substation asset monitoring, DR, and IT and analytics – are presented through 2023. For the United States, forecasts are segmented by investor-owned utility (IOU), municipal utility, and cooperative utility. The report also provides in-depth profiles of key vendors and examines 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, “Smart Grid as a Service,” 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.
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