TMCnet News
Smart Grid Protective Relay Revenue is Expected to Total $73 Billion from 2015 to 2024, According to Navigant ResearchA recent report from Navigant Research analyzes the global market for advanced protective relays (ADVPRs), including global market forecasts for revenue, segmented by technology and region, through 2024. The use of advanced protective grid relays is changing the management and control of transmission and distribution (T&D) grids throughout the world, collecting information on grid status at regular intervals. These relay technologies are continuing to evolve, adding new features and capabilities such as sub-second monitoring and data collection that are allowing utilities unprecedented insight into changing grid conditions. Click to tweet: According to a recent report from Navigant Research, global revenue from smart grid protective relay systems is expected to total $73 billion from 2015 to 2024. "Almost all of the previous generation of protective relays on the grid today are nearing the end of their useful life and are failing," says James McCray, senior research analyst with Navigant Research. "These technologies are now considered obsolete, and the markets associated with them are expected to collapse over the next 5 years; this is opening up opportunities for utilities to make much-needed upgrades." The stability of T&D networks has become highly visible in the political landscape in recent years due to the effect outages can have on economic development and growth, according to the report. This increased focus is expected to spur increased demand for ADVPRs as a means of ensuring the reliability and resiliency of the grid. The report, Smart Grid Protective Relays, analyzes the global market for ADVPRs, with a focus on four classes of technologies: mechanical, solid-state, and digital protective relays and integrated digital protection systems. The study provides an analysis of the market issues, including market drivers and barriers, as well as regional trends and opportunities, associated with digital protective relay technologies. Global market forecasts for revenue, segmented by ADVPR technology and region, extend through 2024. The report also examines the key technologies related to digital protective relays, as well as the competitive landscape. 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. About Navigant Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments - Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com. * The information contained in this press release concerning the report, Smart Grid Protective Relays, 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. View source version on businesswire.com: http://www.businesswire.com/news/home/20150910005652/en/ |
