Global revenue for power grid asset management and condition monitoring devices and solutions is expected to grow from $2.6 billion in 2016 to $6.5 billion in 2025, according to a new report from Navigant Research.
A new report from Navigant Research explores the global market for asset management and condition monitoring solutions, with market forecasts for condition monitoring sensors in the grid and asset management software solutions, through 2025.
Utility asset management has evolved alongside the technological and conceptual developments that have characterized the smart grid movement, including the extension of telemetry, big data analytics, and advanced sensor technologies. In the coming decade, the total market for AMCM solutions is expected to 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,” says Lauren Callaway, research analyst with Navigant Research. “These approaches entail a better understanding of asset states and use this knowledge to develop a predictive risk-based management strategy.”
Though some challenges have arisen for early movers that have invested in using smart grid technologies to gather information from across their grids, these challenges 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.