BOULDER, Colo.--(BUSINESS WIRE)--The creation of the smart grid remains a colossal undertaking. Many complex smart grid programs are underway, but the scale of what remains to be done is enormous. The challenges ahead translate into strong growth for vendors of smart grid technologies – transmission upgrades, automation of substations and distribution, smart grid IT, and smart meters. According to a new report from Pike Research, a part of Navigant’s Energy Practice, the market for smart grid technologies will grow from $33 billion annually in 2012 to $73 billion by the end of 2020, totaling $494 billion in cumulative revenue over that period.
“The overlay of modern smart grid technologies onto existing grids promises numerous benefits to utilities, including increased reliability and capacity, reduced energy losses, and deferring or eliminating the need for new generation resources,” says senior research analyst Bob Lockhart. “These benefits reach far beyond the business of any particular utility to underlie economic growth, social well-being, and the shift to energy sources that are less damaging to the environment.”
There is no single “smart grid solution” that will work for all utilities, according to the report. Utilities are likely to take individual approaches to smart grids, some starting with smart metering while others begin with transmission upgrades. However, the number of smart meter deployments (estimated at a total of 832 million smart meters during the 2011-2020 timeframe) implies that quite a few utilities have yet to set out on an advanced metering infrastructure course but are likely to do so over the coming seven years.
The report, “Smart Grid Technologies”, examines the market dynamics and most important technology issues for smart grid technologies for the period from 2012 through 2020. The report profiles the key players in smart grid technologies, in eight categories: influential utilities, control system vendors, telecommunications vendors, smart metering vendors, application and services vendors, systems integrators, cyber security vendors, and standards associations. Analysis and forecasts are presented year-by-year and cumulatively through 2020, dissecting the market by smart grid application and by region, with further technology segmentation within each application. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of 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, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
About Navigant
Navigant (NYSE: NCI) 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 Technologies,” is a summary and reflects Pike 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 Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.