Global revenue for power grid asset management and condition monitoring devices and solutions is expected to grow from today’s $2.6bn to $6.5bn by 2025.
In a new report, analysts at consultancy Navigant Research forecast that in the coming decade, the total market for these solutions will more than double, as more utilities incorporate sensing or monitoring technology into their networks to improve operational and capital costs, facilitate intermittent renewables, and meet more stringent reliability standards in the face of disruptive loads and changing weather patterns.
“Utilities are now becoming interested in applying cross-departmental approaches to gathering information that can help to develop a more holistic asset management strategy,” said Navigant analyst Lauren Callaway.
“These approaches entail a better understanding of asset states and use this knowledge to develop a predictive risk-based management strategy.”
Navigant states that although some challenges have arisen for early movers that have invested in using smart grid technologies to gather information from across their grids, these are increasingly outweighed by business cases that support the expansion of strategic grid monitoring to both optimize real-time operations and increase access to data that can improve the lifecycle management of the asset fleet.
According to the report, this new data has enabled organizations to begin to monitor asset conditions either directly or indirectly and then formulate strategies to maintain assets based on their actual condition.